Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

10 Questions

0 Views

10. Applying for a Residential Loan

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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 Signup and view all the answers

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

Principal, Interest, Taxes, and Insurance 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 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 Signup and view all the answers

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

TILA-RESPA Integrated Disclosure 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 Signup and view all the answers

How is the 'cap' related to residential loans?

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