Chapter 25

Question 1

The loan amount available after paying your upfront finance charge

Answer 1

Amount financed

Question 2

Use this tablet to see what has changed from your loan estimate

Answer 2

Calculating cash to close

Question 3

what do cost closings include?

Answer 3

Loan costs other cost, and lender credits

Question 4

What is a demand feature?

Answer 4

This permits your lender to require early repayment of this loan

Question 5

What is an escrow account?

Answer 5

Also called impound or trust account to pay the property cost listed below

Question 6

Finance charge

Answer 6

The dollar amount the loan will cost you

Question 7

Home loan tool kit

Answer 7

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

Question 8

Liability after foreclosure

Answer 8

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

Question 9

Loan calculations

Answer 9

Include total of payments, finance charge, amount finance, APR, your cost, and tip

Question 10

Loan costs

Answer 10

The borrower paid at closing and before closing, the seller paid before, and after closing, and the other paid before and at closing

Question 11

Loan disclosures assumptions

Answer 11

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

Question 12

Projected payment section

Answer 12

Payment calculation principle and interest mortgage insurance estimated escrow

Question 13

What is TIP?

Answer 13

Total interest percentage
The total amount of interest you will pay over the loan term

Question 14

Transaction information

Answer 14

Barro’s name, address address, sellers name and address and the lender

Question 15

What is a balloon payment?

Answer 15

Your loan is due before the authorization period is complete most common in commercial loans

Question 16

The closing information section discloses

Answer 16

Date issued, closing date, disbursement, date, settlement, agent, file number, property, and appraised property value

Question 17

Prepayment penalty

Answer 17

A penalty charge for paying the loan off early

Question 18

The section on the closing disclosure where the buyer can locate, whether or not the loan is assumable is on

Answer 18

Page 4

Question 19

The section on the closing disclosure where an agent will find their commission itemize can be found in

Answer 19

Section h

Question 20

The bottom line on page one cash the clothes is itemized on what page

Answer 20

Page 4

Question 21

The first section on page 5 of the closing disclosure is the

Answer 21

Loan calculations

Question 22

The first section on page 4 of the closing disclosure is the

Answer 22

Loan disclosures

Question 23

The first section on page 3 of the closing disclosure is the

Answer 23

Calculate in cash close

Question 24

The first section on page 2 of the closing disclosure is the

Answer 24

Loan costs

Question 25

The first section on page one of the closing disclosure is the

Answer 25

Loan terms

Question 26

Federal law requires that the closing disclosure be given to a buyer at least how many days prior to settlement

Answer 26

Five days

Question 27

Federal law requires that the closing disclosure be given to a buyer at least how many days prior to settlement

Answer 27

Five days