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Mortgage Terms
Mortgage Facts
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100
What is a mortgage?
What is the changing of real property by a dbtor to a creditor as security for a debt.
100
What year did the mortgage crisis start?
What is 2005.
100
Jill wants to buy a $700,000.00 house. She graduated from college two years ago and has had a solid job ever since. She makes $80,000.00 a year. Her broker wants her to pay $1,200.00 a month which equals $14,400.00 a year. Who this be a good mortgage?
What is Yes.
100
How do you spell Dr. Bob's last name?
What is Namvar.
200
What is a MBS?
What is Mortgage Backed Security.
200
What percentage of loans were not qualified by the investment banks that sold the security?
What is 46%.
200
Hailey wants to buy a $500,000.00 house. She graduated from college one year ago, but hasn't been able to keep a job for more than 3 months since. Her broker wants her to pay $1,000.00 a month which equals $12,000.00 a year. Would this be a smart mortgage?
What is NO.
200
What are both of your presenters names?
What is Nisha and Alyssa.
300
What is ARM?
What is Adjustable Rate Mortgage.
300
Who was benefiting from the mortgage crisis?
What is Mortgage Brokers.
300
Ben wants ro refinance his home. He saw in an add that he can refinance his home for 1.2% a month with a ARM compared to 5.7% he is paying now. Would this be a smart choice for Ben?
What is NO.
300
What is the definition of macroeconomics?
What is The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity
400
Who is a subprime borrower?
What is somone whose credit is less than desirable.
400
What would mortgage originators do to qualify home buyers?
What is Fill in applications with exagerated income.
400
Theresa wants to refiance her home. She is now playing 4.9% a month and her broker told her that she could refinace at 1.2% and pay off the rest of her loan that following month. Would this be a good choice for Theresa?
What is Yes. ARM's were designed in the 1980's for people who didn't want to spend a lot of money in the beginning but wanted to pay it off all at once a little later.
400
What year was CBU originated?
What is 1950.