Xinnix SOAR Mock Exam | 70 Questions with 100% Correct Answers

A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. Correct Answer: True A veteran may exchange a portion of their entitlement for cash. Correct Answer: False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) Correct Answer: True Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. Correct Answer: False A simultaneous second mortgage is obtained at the same time as a first mortgage. Correct Answer: True A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. Correct Answer: True Most loans do not have a prepayment penalty. Correct Answer: True What are the four General Styles of Communication? Correct Answer: Expresser, Relater, Driver, Analytic VA requires connection to a public or community water/sewer disposal system if required by local building, planning, or health authorities. Correct Answer: True A 3/1 ARM will have an initial fixed rate for 3 years, then adjust annually. Correct Answer: True HOA dues are included in the PITI calculation. Correct Answer: False All of the following documents must be provided by the builder to the mortgage company on an FHA new construction loan prior to the loan being cleared to close EXCEPT: Correct Answer: Appraisal Certificate DU does not consider non-occupant income as qualifying income. Correct Answer: True To sympathize with a customer lets them know you identify with the way they feel. Correct Answer: True FNMA and FHLMC are fully backed by the U.S. Government. Correct Answer: True What is the qualifying rate for a 3/1 ARM with a