Mortgage Process Question and Answers
APART FROM: The following organizations purchase securitized loans in the secondary market.
Explanation:
Private student loan provider Sallie Mae offers loans to both full-time and part-time students. When a cosigner is included, 95% of student loans are approved. All educational-related purchases, such as classes, books, and lodging, are eligible for its loans.
According to established lender policies, the process of determining whether to approve a loan is known as:
Explanation:
In order to give final approval on your loan application, your lender must verify your income, assets, debts, and property information through the procedure known as underwriting.
A borrower's primary residence, where they spend at least 75% of their time, is regarded as:
Explanation:
A primary residence is a home that the borrower plans to live in for the majority of the year. To qualify as owner-occupied, the property must have at least one borrower sign both the mortgage note and the security instrument.
First mortgages issued by lenders that are not federally insured are:
Explanation:
Any sort of home buyer's loan that is not provided by or secured by the government is referred to as a conventional mortgage or conventional loan. Instead, private lenders including banks, credit unions, and mortgage firms offer regular mortgages.
In _______________, residents share ownership of communal outdoor spaces and ownership is limited to the interior of the dwelling.
Explanation:
Condominiums are distinguished by inhabitants sharing ownership of exterior communal facilities and limited ownership of the internal residence.
The following three organizations control the secondary market:
Explanation:
Fannie Mae, Freddie Mac, and Ginnie Mae are the three companies that predominate the secondary market.
Identify the organization that provides loan insurance in place of private mortgage insurance.
Explanation:
In the whole United States and its territories, the Federal Housing Administration (FHA) offers mortgage insurance on loans for single-family, multifamily, mobile home, and hospital properties.