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10. Applying for a Residential Loan

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Questions and Answers

What does the abbreviation 'APR' stand for in the context of residential loans?

Asset Percentage Rate
Annual Payment Rate
Asset Protection Ratio
Annual Percentage Rate (correct)

Which term refers to borrowers or loans with poor credit ratings offered at rates well above the prime rate?

Equity loans
Subprime loans (correct)
Discount loans
Margin loans

What does 'LTV' stand for in the context of residential loans?

Liability to Venture
Loan-to-Value (correct)
Lender Transaction Volume
Loan Term Value

What is the purpose of a 'credit score' in the loan application process?

To assess creditworthiness (A) Signup and view all the answers

What does the abbreviation 'PITI' represent in residential loan terminology?

Principal, Interest, Taxes, and Insurance (B) Signup and view all the answers

What is the purpose of 'points' in the context of residential loans?

To increase upfront yield on the loan (D) Signup and view all the answers

What does the term 'margin' represent in the context of residential loans?

A fee charged to increase the upfront yield on the loan (B) Signup and view all the answers

What does the abbreviation 'TRID' stand for in relation to residential loans?

TILA-RESPA Integrated Disclosure (D) Signup and view all the answers

What is the significance of 'discout points' in residential loans?

A fee to boost the upfront yield on the loan (A) Signup and view all the answers

How is the 'cap' related to residential loans?

An upper limit on interest rate changes (B) Signup and view all the answers