Untitled Flashcards Set

What is ad valorem: taxes

Mortage and note neutral third party: deed of trust

30 days to close residential loan

Kind of mortgage that has personal property: package mortgage

Taxes benefit: roads schools

Lender is allowed to collect rent: assignment of rights

Foreclose and can take property right away: right of redemption?

All can be given credit report what act: fair credit act

Superior mortgage and junior mortgage

Buyers walkthrough purpose: to confirm that agreed-upon repairs have been made and there are no new issues with the home.

Usury relates to: cant charger higher interest rates

Budget mortgage: PITI

Truth and lending protects: buyers

Adjusted rate mortgages are tied into: are typically tied to a benchmark interest rate, also known as an index.

Big loans over 800,000: jumbo loans

Does VA require down payment: no

Whose the person who sits with buyer and seller: escrow title company

Deed of trust trustee purpose: The trustee in a deed of trust serves as a neutral third party who holds the legal title to the property on behalf of the lender and borrower until the loan is fully repaid.

What is secondary market purpose: buy and sell them

To gets tax exemption how long do you have to be in property: 2 years

When I put money down what’s the ratio called: loan to value

Short term loan to build houses: construction

When I get qualified for loan look at income, credit etc.

Account called where all money is held: escrow