NCh7 Lender Requirements Flashcards
1
Q
What is the loan amount, as a percent of either the price or appraised value, which ever is lower called
A
LTV or loan-to-value
2
Q
What is 1% of the loan amount called?
A
A point
3
Q
A prepaid interest which is also tax deductible is called a
A
Discount point
4
Q
What is another name for loan processing fees?
A
Origination points
5
Q
What is the difference between the market value of a property, and the outstanding debt called?
A
Equity
