NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials!

NMLS MATH QUESTIONS AND ANSWERS A+
GRADED.Buy Quality Materials!

What does biweekly mean and how many pay periods are within a year?
paid every other week; 26 pay periods
What does bimonthly mean and how many pay periods are within a year?
twice a month; 24 pay periods
Loan Amount * note Rate (Interest Rate) =
Annual Interest Amount
Annual Interest Amount
Loan Amount * note Rate (Interest Rate) =
Loan Amount * Note Rate (Interest Rate) =
Monthly Interest Amount
Monthly Interest Amount
Loan Amount * Note Rate (Interest Rate) =
Annual Private Mortgage Insurance (PMI)
Loan Amount * PMI Factor
Monthly Private Mortgage Insurance (PMI)
Loan Amount * PMI Factor / 12
Gross Monthly Income (hourly wage)
Hourly wage x hours worked per week x
Gross Monthly Income (weekly)
Number of weeks x
Gross Monthly Income (Bi-weekly)
biweekly pay x
Gross Monthly Income (Bi-monthly/semi-weekly)
Bimonthly pay x 24 (or divided by 2) / 12
Another word for down payment
minimum investment
FHA insured loans require a ________ payment
3.5% down
VA and USPA guaranteed loans require a ______ payment
Do not require a payment
Loan-to-Value (LTV)
1st Loan / Lesser of the sale price or appraised value = LTV %
Combined Loan-to-Value (CLTV)
1st loan + 2nd loan / lesser of the sale price or appraised value = CLTV %
Acquisition cost
The total amount needed to purchase property, including down payment, loan amount,
and any allowable buyer-paid closing costs.
Another name for front-end ratio:
Housing Expense Ratio (HER)
What does HER stand for
Housing Expense Ratio