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부동산

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. 
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188 Chapter 10 Conclusion 2019.04.16 91
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185 Chapter 10 Quiz 2019.04.16 172
184 Chapter 10 Conclusion 2019.04.16 105
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180 Chapter 9 Conclusion 2019.04.15 80
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173 Real Estate Practice - 17 (Understanding-Answers) 2019.04.14 46
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