(13) Types Of Mortgages And Sources And Financing Flashcards
1
Q
What best describes the secondary mortgage market
A
its where loans are sold
2
Q
The FHA __ loans. VA loans are ____
A
Insures
Guaranteed
3
Q
Lenders who make conventional loans where the buyer provides less than 20% down payment will normally require that the borrower pay which of the following
A
Private Mortgage Insurance (PMI)
4
Q
The Federal National Mortgage Association (Fannie Mae) was originally created by ___ loans
A
FHA
5
Q
The primary market is where loans are _____
A
Originated
6
Q
A loan secured by the equity in a home and generally must be repaid over a fixed loan period
A
Home equity loan
