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Chapter 12 Quiz

2019.04.26 21:04 Views : 281

1 of 11 - Which of the following is a low loan-to-value ratio?
Jake is getting a VA loan with no down payment.
 
Sandy and Bill are putting 30% down on their home purchase.
Alice is getting a conventional loan and making a 15% down payment.
Tim and Gail have qualified for an FHA loan.
You answered correctly
2 of 11 - In which of the following types of loans is the payment allocated only to interest?
 
Straight
Balloon
Amortized
Adjustable rate
You answered correctly
3 of 11 - Which statement is true?
 
A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment.
Private mortgage insurance is available for FHA loans.
 
A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value.
A lender can continue to collect PMI payments until the homeowner's equity reaches 25%.
You answered incorrectly
PMI is required on conventional loans when the borrower can't afford a 20% down payment. The borrower will be required to pay for the insurance until the equity equals 20% of the purchase price or appraised value and may then request the PMI be canceled.
4 of 11 - Lenders can charge all of the following except which fee when a borrower gets a loan?
Loan origination fee
Points
 
Survey fee
Discount points
You answered correctly
5 of 11 - Which of the following is not true about reverse annuity mortgages?
The lender makes payments to the borrower.
This mortgage type is popular among the elderly.
 
The borrower pays a fixed rate of interest.
 
The loan must be repaid before the borrower's death.
You answered incorrectly
With RAMs, the lender makes payments to older property owners based on the equity in the home. In return, the owner pays a fixed interest rate and repays the loan either when the home sells or from the borrower's estate upon his or her death. The loan is repaid before the borrower's death only if the borrower sells the home.
6 of 11 - A blanket mortgage:
 
Covers more than one piece of property.
Entails entering into two agreements simultaneously.
Is subordinate to a first mortgage.
Reduces the monthly payment for a borrower during the initial years.
You answered correctly
7 of 11 - Which of these is also called a contract for deed?
Purchase money mortgage
Lease purchase
Second mortgage
 
Installment land sales contract
You answered correctly
8 of 11 - Mark gets a home loan and the lender will charge him 3 points at closing. If the loan is for $68,000, what will Mark be assessed in points?
$680
$1,360
 
$2,040
$2,720
You answered correctly
9 of 11 - A growing equity mortgage:
Is an adjustable rate loan.
 
Allows quick repayment of the loan through accelerated payments.
Includes a margin.
Has a payment cap.
You answered correctly
10 of 11 - Which of these statements is true about a CalVet loan?
Loan terms are from 15 to 25 years.
 
If the loan is VA guaranteed, no down payment is required.
There is a 6-month pre-payment penalty for paying off the loan early.
Interest rates are typically fixed rate.
You answered correctly
11 of 11 - Which loan covers the period of time between the end of one mortgage and the beginning of another?
Construction
Wraparound
 
Open-end
 
Bridge
You answered incorrectly
A bridge loan is typically used between the end of a construction loan and the issue of a permanent loan or to fund the purchase of a new home before the current home is sold. The bridge loan works well for these situations because it is a short-term loan that covers the period between the end of one loan and the beginning of another.
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