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What must be disclosed in the Projected Payments section of the Loan Estimate form?
Mortgage Insurance
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Key Terms
Term
Definition
What must be disclosed in the Projected Payments section of the Loan Estimate form?
Mortgage Insurance
What is the minimum downpayment on a VA loan?
0% of the sales price
What is the process of creating a new mortgage loan called?
Origination
What type of organizations are credit unions?
Not-for-profit organizations that exist to serve their members.
What does the front ratio compare?
The borrower's proposed house payment to their gross monthly income.
What is the age of a property based on its maintenance and upgrades called?
Effective age
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| Term | Definition |
|---|---|
What must be disclosed in the Projected Payments section of the Loan Estimate form? | Mortgage Insurance |
What is the minimum downpayment on a VA loan? | 0% of the sales price |
What is the process of creating a new mortgage loan called? | Origination |
What type of organizations are credit unions? | Not-for-profit organizations that exist to serve their members. |
What does the front ratio compare? | The borrower's proposed house payment to their gross monthly income. |
What is the age of a property based on its maintenance and upgrades called? | Effective age |
What is the loan to value ratio? | The percentage of value that a lender is willing to finance. |
What is a collateral-dependent loan also known as? | Hard money loan |
What does FHA insurance do for lenders? | It provides default insurance that will pay a claim to a lender in the event of default. |
What is the most probable sale price of a property known as? | Market Value |