Real Estate Finance 2024 | Champions School | Tested and Verified

Real Estate Finance 2024 | Champions School | Tested and Verified Ballon payments - ansArrange so that after making a certain number of regular payments the borrower must pay off the remaining loan balance and it's entirety Negative Amortization - ansPayments do not cover interest annual premium - ansInsurance cost based on the loan-to-value ratio Tenure - ansEqual monthly payments as long as at least one borrow lives and continues to occupy the property as a principal residence Term - ansEqual monthly payments for a fixed period of months Selected Line of credit - ansUnscheduled payments or installation at times and in an amount of your choosing into the line of credit is exhausted Modified tenure - ansCombination of line of credit and scheduled monthly payments for as long as you remain in the home Modified term - ansCombination of line of credit plus monthly payments for a fixed period of months so I could buy the borrower VA qualification - ansIs based upon two separate valuations residual income and debt to income ratio you both are considered to be a guide to underwriting and will resident income is the primary consideration it must be considered along with other credit factors Residual income - ansIs the amount of money that is left over each month after all the borrowers major expenses are paid debt to income ratio - ansIs a racial of total monthly debt payments to gross monthly income Credit scoring - ansIs a systematic process that uses the test call methods to assess individuals credit worthy of Smith based on their credit history and current credit accounts Verification of Employment (VOE) - ansIn the process used by mortgage lenders to review the employment history of a borrower to determine the borrowing Jobson stability and cross-reference income history with that stated on the uniform residential loan application Market value - ansIs the most probable price I probably shouldn't bring in a competitive open market under all conditions requires it to eight for sale on the guidelines published by big ones Duchenne Fannie Mae and Freddie Mac chronological age - ansThe actual age of the property in years Effective age - ansThe praisers estimate of the age of the house based upon his ongoing maintenance and upgrades a house might have been well-maintained an updated over the years therefore the appraiser made to terminate one-year-old house I have a 10 year effective age Default - ansIs a breach or non-performance of the terms of a note of the covenants of a mortgage forbearance - ansLet the bar we pay part of the delinquency each month along with the regular monthly installment Recasting - ansLenders may lower the interest rate and extend the term of the mortgage and in some cases made you both Deed in Lieu - ansIs a mortgage modification option in which a borrow voluntary Deeds their collateral property in exchange for a release from all of your obligations under the mortgage Home Affordable Foreclosure Alternatives Program HAFA - ansDesign for borrowers who cannot afford their current mortgage and have a pressing need to transition to more inexpensive housing Judicial Foreclosure - ansThe wonder follow suit with The judicial system and the borrower will receive a note in the mail demanding payment the borrower Dan has only 30 days to respond with a payment in order to avoid foreclosure if a payment is not made after a certain time. The mortgage the property is being sold through an option to the highest better carried out by local courier shares office Power of sale - ansAlso known as statutory foreclosure is allowed by many states if the mortgage include a power of sale clause after a homeowner has defaulted on mortgage payments if you want to send out notice demanding payment went to stab list waiting period has passed the mortgage company rather than vocal chords are shares office. At a public auction nonjudicial foreclosure auctions are often more expedient know may be subject to judicial review to ensure that all the elegy of the Strict Foreclosure - ansIf the power cannot pay the mortgage within a specific timeline ordered by the court ownership of the property is transferred directly to the mortgage holder mortgage Broker - ansFunctions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - ansProvide their own funds for the purpose of providing mortgage financing Correspondent Lender - ansSmaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - ansThe process of creating a new mortgage loan