Mortgage 1 Welcome to your Mortgage 1 Quiz. Please click "Next" to continue. Two brothers, John and Bob, both qualify for a 30 year mortgage at $1600 per month. John is a Veteran using the VA Home Loan. Bob is not a Veterans and is using a conventional loan. Why was John able to purchase a more expensive home? The lender working with John is also a Navy Veteran Bob's credit wasn't up to par and couldn't qualify for a bigger loan John and Bob live in different states Bob needed to pay mortgage insurance, while John did not None An independent mortgage broker often works with a number of local real estate agents. True False None VNN offers Real Estate Professionals which of the following? a) Veteran Leads b) Huge amount of phone calls c) Exposure to millions of visitors to our website d) Personalized VA Benefit handbooks to use as training and as gifts e) Both c and d None Kim is a mortgage broker not currently working with Veterans. Which of the following statements would best excite Kim to start working with Veterans? Kim, Veterans need a lot of help. Kim, Veterans generally do not fully understand the generous benefit of the VA Home Loan program, and we would be honored if you join our program and help get the word out. Kim, Veterans know what they want, and they want you. Kim, are you sure you want to ignore the Veteran market? You'll close on more loans. None An agent can assist the VA Loan homebuyer apply for their COE in which manner? (Select all that apply) a) Online b) Mail c) FAX d) Text Message What did the term "mortgage" originally stand for? "Death Tax" "Home Loan" "Dead Pledge" "Land Loan" None The VA Guarantee Home Loan cannot be used to refinance an existing mortgage. True False None As a VNN agent working with a potential mortgage lender partner, it is important to focus solely on the facts rather than emotion. True False None Since 1/6th of the eligible home buyer market is Veterans and military, what statement do you think is the best Killer One-Liner? Since Veterans and military make up 1/6th of the entire home buyer market, doesn't it just make sense to show your support with a Sponsorship Ad? Since VA Home Loan buyers have more lenient credit qualifications, you really do not have to advertise to them. Since VA Home Loan buyers do not have to have a down payment, or pay mortgage insurance is doesn't make sense to advertize to them. None What are the benefits for Veterans who use the VA Home Loan? (Choose all that apply) They can get more home for their money They do not need to have a down payment They do not need to have mortgage insurance The VA Home loan can be used again and again The VA Home Loan is easier for them to qualify for How is this fact important to mortgage lenders: On average, Veterans qualify for home loans at a greater rate than non-veterans. (Choose all that apply) Equals more loans per 100 applicants More overall costs selling to Veterans Less overall costs selling to Veterans As a VNN sales agent working with a prospective mortgage lender, which of the following is not something you should say: Due to their sacrifices to our country, Veterans have an easier time qualifying for a VA Home Loan We guarantee Veterans will seek your help, so long as you are willing to support their efforts Because Veterans using the VA Home Loan have more lenient credit qualifications, you potentially save time. None Name Unit Time's up Posted on August 24, 2019April 24, 2020 By admin
