10 Questions
What costs paid by the buyer aren't included in the finance charge?
Lender fees
Which loan feature might enable buyers to qualify for a larger loan amount?
Short loan term
What is included in the finance charge?
Title insurance fees
What is considered an asset for an applicant?
Credit card debt
When is an interest rate guaranteed for a certain period?
At loan origination
What information does the Uniform Residential Loan Application ask about?
$20,000 in credit card debt
What does a 15-year loan term do to a buyer's buying power?
Reduce it
What tax-related document does the buyer pay himself?
Escrow account statement
What is the main role of an escrow agent in a real estate transaction?
To hold money and documents on behalf of the buyer and seller until the transaction is ready to close
What is the term for the interest paid at closing for the period between the closing date and the end of the month in which closing occurs?
Interim interest
This lesson covers the benefits of preapproval, steps in the prequalification process, loan costs, the Truth in Lending Act, the loan application process, underwriting process, and closing procedures in financing.
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