Mortgages and financing

Question 0

To secure a loan, the borrower conveys legal title to the property to a distinguished third-party for safekeeping. In the situation, the document requires a denominated

Answer 0

Trust deed

Question 1

Susan wants to buy certain condo. In order to pay for the unit, the furniture all the appliances she needs a

Answer 1

Package mortgage

Question 2

A developer receives a loan that converts several parcels of the real estate and provides for the release of the mortgage liens on each parcels when it’s sold and a agreedupon the amount of original loan is paid. this type arrangement is call

Answer 2

Blanket loan

Question 3

In case of a mortgage, this certificate is issued by the mortgagee to the mortgagor. They stabilish a financial obligation.
Unpaid balance
It’s interest rate in any other information.
It is used to preclude the possibility of a claim that the actual unpaid balance or applicable interest rate is different

Answer 3

Estoppel certificate.

Question 4

VA

Answer 4

VA loans are made by private lenders.
The main advantage of the VA loan it is no downpayment.
To VA guaranty on the loan protects the lender against loss payments are not made

Question 5

Susan gets a loan from the bank by house and offers the property as security for the loan in this case Susan is know as

Answer 5

The mortgagor!

Question 6

The clause in which the holder of the mortgage permits a subsequent mortgage to take priority is know as

Answer 6

Subordination clause

Question 7

Redemption Clause

Answer 7

The right of the mortgage or to recover mortgaged property on repayment of full mount resulting in a complete on the element of the lenders claim on the property in writing.

Question 8

Which of the following clauses is not found in the VA or FHA mortgage?

Answer 8

Prepayment penalty Clause

Question 9

Which of the following clause is not typically contained in the promissory note with a mortgage

Answer 9

Habendum clause

Question 10

The department off VA stabilish loans limits

Answer 10

Maximum entitlement

Va loan guarantee

Question 11

individual who takes out a mortgage to buy a property holds the title to the property is no as

Answer 11

Lien theory state

Question 12

Front – and qualifying Ratio is calculated as

Answer 12

Individual monthly housing expenses divided by her monthly gross income

Question 13

Sam is purchasing a house of 20000 thousand. The down 25% and gets a loan to cover the balance off the purchase price. Sam’s required to pay two points on his new loan. Sam’s points are very likely

Answer 13

And origination fee