IV. Loan Products and Programs

This class was created by Brainscape user Antonio Rullo. Visit their profile to learn more about the creator.

Decks in this class (7)

Conventional Mortgages
One of the most important mortgage products that lenders sell is conventional mortgages, so this section starts chapter four with a logical series of questions to test your knowledge of this very topic. You’ll know exactly what type of clients suit this loan type when you are done
9  cards
Government-Insured Mortgages (FHA, VA, USDA)
everything to do with government loans as well as ensure you know the differences between the big three.
10  cards
Jumbo Mortgages
One of the smallest numbers of mortgages that you’ll issue as a lender, unless you specialize in this type of loan is the jumbo mortgage. This section will test your knowledge on this unique non-conforming mortgage and ask questions related to what types of people get these loans and why they are better suited to this than others.
10  cards
Non-conforming Mortgages
This section focuses on this unconventional loan type more broadly and tests your knowledge on being able to define and identify what this mortgage type is as well as offer it to people in exceptional circumstances. You will also come to understand why these mortgages are riskier than others.
6  cards
Adjustable-rate mortgages (ARMs)
This section will test your knowledge of ARMs and why you may offer these to a borrower who is after a certain type of loan. You will begin to see how mortgages can vary a lot not just by their name, but the inner workings of adjusted interest rates and other extras depending on the client.
6  cards
Fixed-Rate Mortgages
Leading on from the previous section, this one focuses on the opposite side of the interest rate scale, a fixed-rate mortgage. You will be presented with various questions to test your knowledge of interest rates, how to select the right one for your client’s needs and pick out examples from lending scenarios.
5  cards
Balloon Mortgages
the balloon mortgage which is appropriate for the repayment structure. You will learn why this mortgage isn’t very popular, but why some types of borrowers may benefit vastly from it. If you are familiar with this mortgage then you will be tested on what it is, what it does, and how it may be riskier for the lender and client more than other loans.
5  cards

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IV. Loan Products and Programs

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