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Check Your Understanding-Answers

  1. Define the term loan-to-value ratio. 
    • The term loan-to-value ratio means the ratio of debt to the value of the property. If the loan-to-value ratio is low, the borrower is paying a higher down payment on the property. If the loan-to-value ratio is high, the borrower is making a low down payment. 
  2. When is a lender required to terminate a borrower's private mortgage insurance? 
    • After the borrower has accumulated 22% of equity in the property and is current with the loan payments. 
  3. What is the difference between an FHA loan and a VA loan? 
    • FHA insures loans and VA guarantees them.
  4. What is the major difference between a CalVet loan and other loans? 
    • Unlike other loans, the CalVet loan is actually a land contract. When a veteran is approved for a CalVet loan, the state purchases the property and resells it to the veteran using a contract of sale. The state retains the title to the property until the loan is paid off, after which California will issue a grant deed to transfer legal title to the veteran. 
No. Subject Date Views
Notice 부동산 용어사전 2019.04.15 2202
Notice 부동산 용어 (A to Z) 2019.03.03 1440
261 Chapter 9 Conclusion 2019.04.15 80
260 Chapter 9 Quiz 2019.04.15 169
259 Real Estate Practice - 21 (Understanding-Answers) 2019.04.16 64
258 Real Estate Practice - 22 (Understanding-Answers) 2019.04.16 90
257 Chapter 10 Conclusion 2019.04.16 105
256 Chapter 10 Quiz 2019.04.16 172
255 Real Estate Practice - 23 (Understanding-Answers) 2019.04.16 80
254 Real Estate Practice - 24 (Understanding-Answers) 2019.04.16 60
253 Chapter 10 Conclusion 2019.04.16 91
252 Chapter 11 Quiz 2019.04.16 231
251 Real Estate Practice - 25 (Understanding-Answers) 2019.04.26 864
» Real Estate Practice - 26 (Understanding-Answers) 2019.04.26 71
249 융자 프로그램의 종류 2019.04.26 68
248 Real Estate Practice - 27 (Understanding-Answers) 2019.04.26 89
247 Chapter 12 Conclusion 2019.04.26 180
246 Chapter 12 Quiz 2019.04.26 287
245 Real Estate Practice - 28 (Understanding-Answers) 2019.04.26 104
244 Real Estate Practice - 29 (Understanding-Answers) 2019.04.27 70
243 Real Estate Practice - 30 (Understanding-Answers) 2019.04.27 79
242 Chapter 13 Conclusion 2019.04.27 205
241 Chapter 13 Quiz 2019.04.27 205
240 Real Estate Practice - 31 (Understanding-Answers) 2019.04.27 97
239 Real Estate Practice - 32 (Understanding-Answers) 2019.04.27 86
238 Chapter Conclusion Chapter 14 2019.04.27 154
237 Chapter 14 Quiz 2019.04.27 601
236 Real Estate Practice - 33 (Understanding-Answers) 2019.04.29 99
235 Chapter 15: Using Real Estate Assistants Summary 2019.04.29 90
234 Chapter 15 Quiz 2019.04.29 163
233 Real Estate Practice - 34 (Understanding-Answers 2019.04.29 90
232 Real Estate Practice - 35 (Understanding-Answers 2019.04.29 94