Podcast
Questions and Answers
What does 'DTI' stand for?
What does 'DTI' stand for?
- Debt to Income (correct)
- Deposit to Income
- Document to Income
- Duration to Insure
What is the significance of a rebate in mortgage lending?
What is the significance of a rebate in mortgage lending?
- It increases the total loan cost
- It signifies a penalty
- It can be used to cover closing costs (correct)
- It is a reward for early repayment
What does a 'No-Cost Loan' typically involve?
What does a 'No-Cost Loan' typically involve?
- No repayment required
- No interest payments
- Higher interest rates to cover loan costs (correct)
- No documentation
What key information is typically found at the top or bottom of a lender's rate sheet?
What key information is typically found at the top or bottom of a lender's rate sheet?
Why is the date issued on a rate sheet important?
Why is the date issued on a rate sheet important?
What can price adjustments affect on a rate sheet?
What can price adjustments affect on a rate sheet?
What does 'Min.FICO =>720' indicate on a rate sheet?
What does 'Min.FICO =>720' indicate on a rate sheet?
Where are loan programs generally shown on a rate sheet?
Where are loan programs generally shown on a rate sheet?
What is off-sheet pricing used for in mortgage and loan terms?
What is off-sheet pricing used for in mortgage and loan terms?
What does an origination fee represent?
What does an origination fee represent?
How are points expressed when they are less than a full point?
How are points expressed when they are less than a full point?
What is a No-Cost Loan?
What is a No-Cost Loan?
What does 'PTD' stand for?
What does 'PTD' stand for?
What is the purpose of a rate lock?
What is the purpose of a rate lock?
What does a 'lock' in mortgage lending refer to?
What does a 'lock' in mortgage lending refer to?
What does an origination fee represent?
What does an origination fee represent?
What does 'PTD' stand for?
What does 'PTD' stand for?
What is the purpose of a rate lock?
What is the purpose of a rate lock?
What does 'ARM' stand for in mortgage terms?
What does 'ARM' stand for in mortgage terms?
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