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Questions and Answers
What costs paid by the buyer aren't included in the finance charge?
What costs paid by the buyer aren't included in the finance charge?
- Title insurance fees
- Appraisal fees
- Lender fees (correct)
- Credit report fees
Which loan feature might enable buyers to qualify for a larger loan amount?
Which loan feature might enable buyers to qualify for a larger loan amount?
- Adjustable interest rate
- Short loan term (correct)
- Low loan-to-value ratio
- Fixed interest rate
What is included in the finance charge?
What is included in the finance charge?
- Discount points
- Interest
- Title insurance fees (correct)
- Credit report fees
What is considered an asset for an applicant?
What is considered an asset for an applicant?
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When is an interest rate guaranteed for a certain period?
When is an interest rate guaranteed for a certain period?
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What information does the Uniform Residential Loan Application ask about?
What information does the Uniform Residential Loan Application ask about?
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What does a 15-year loan term do to a buyer's buying power?
What does a 15-year loan term do to a buyer's buying power?
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What tax-related document does the buyer pay himself?
What tax-related document does the buyer pay himself?
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What is the main role of an escrow agent in a real estate transaction?
What is the main role of an escrow agent in a real estate transaction?
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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?
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?
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