Chapter 25 Flashcards
The loan amount available after paying your upfront finance charge
Amount financed
Use this tablet to see what has changed from your loan estimate
Calculating cash to close
what do cost closings include?
Loan costs other cost, and lender credits
What is a demand feature?
This permits your lender to require early repayment of this loan
What is an escrow account?
Also called impound or trust account to pay the property cost listed below
Finance charge
The dollar amount the loan will cost you
Home loan tool kit
Mortgage lenders must provide customers with this 28 page tool kit specifies if home ownership is right for them as well as info on CFPB
Liability after foreclosure
If your lender foreclose on this property in the foreclosure does not cover the amount of the unpaid balance on this loan, state law may protect you from liability for the unpaid balance, unless you refinance or take on additional debt on the property
Loan calculations
Include total of payments, finance charge, amount finance, APR, your cost, and tip
Loan costs
The borrower paid at closing and before closing, the seller paid before, and after closing, and the other paid before and at closing
Loan disclosures assumptions
If you seller transfer this property to another person, your lender will allow under certain conditions this person to assume this loan on the original terms
Projected payment section
Payment calculation principle and interest mortgage insurance estimated escrow
What is TIP?
Total interest percentage
The total amount of interest you will pay over the loan term
Transaction information
Barro’s name, address address, sellers name and address and the lender
What is a balloon payment?
Your loan is due before the authorization period is complete most common in commercial loans
The closing information section discloses
Date issued, closing date, disbursement, date, settlement, agent, file number, property, and appraised property value
Prepayment penalty
A penalty charge for paying the loan off early
The section on the closing disclosure where the buyer can locate, whether or not the loan is assumable is on
Page 4
The section on the closing disclosure where an agent will find their commission itemize can be found in
Section h
The bottom line on page one cash the clothes is itemized on what page
Page 4
The first section on page 5 of the closing disclosure is the
Loan calculations
The first section on page 4 of the closing disclosure is the
Loan disclosures
The first section on page 3 of the closing disclosure is the
Calculate in cash close
The first section on page 2 of the closing disclosure is the
Loan costs
The first section on page one of the closing disclosure is the
Loan terms
Federal law requires that the closing disclosure be given to a buyer at least how many days prior to settlement
Five days
Federal law requires that the closing disclosure be given to a buyer at least how many days prior to settlement
Five days
