Credit Score
What do you do when you notice an error on your credit report?
Dispute the Error
Document received after meeting with a loan officer that the client brings to the real estate agent to start shopping.
Preapproval Letter
The amount of my spending plan that should go towards needs?
50%
Individual who is trained to provide advice and counseling to homebuyers and homeowners.
Housing Counselor
Who should be involved when creating a disaster plan?
The Whole Family
True or False
Shopping around to different lenders will hurt my credit score?
FALSE
If my down payment was less than 20% I can expect this to be added to my mortgage payment.
Mortgage Insurance
The amount of my spending plan that should go towards Wants?
30%
Individual that analyzes the loan application, borrower information, property information & determines risk for the lender.
Underwriter
Who is responsible for the up keep and maintenance on the home?
You
Which section of your credit report shows your payment history?
Account Information
When shopping for a home loan, I should check with at least this many lenders
3
The standard amount of savings for living expenses.
3-6 months worth of living expenses
Individual that makes the homebuyer aware of any safety or structural hazards.
Home Inspector
What monthly expense do you have that will help you cover losses in the event of a natural disaster?
Home Insurance
Reporting predatory lending practices and fair housing violations is a waste of time?
WRONG
DTI stands for what
Debt to Income Ratio
Individual that estimates a property's fair market value.
Appraiser
Your Lender will call you when you are this many days late on your mortgage
36
Something you should never do when preparing to obtain a mortgage.
co-sign on (or take out) another loan
My lender will do an appraisal so I don't need to pay for an inspection because those are basically the same thing, right?
WRONG
DTI (debt to income ratio) is calculated by dividing these two things?
Monthly Debt obligations and Gross Monthly income
Person who will show you different houses and help you make an offer.
Realtor
When I am this many days late my case will be referred to a foreclosure attorney
121