Mortgage Final Welcome to your Mortgage Final Final Exam. Click "Next" to continue. Assumptive closing involves moving toward a closing process, which usually starts with gathering the information needed to finalize a sale. True False What is one of the primary qualifications a person must meet in order to get a mortgage loan? They need to sign their name on the loan agreement. They need to be at leas 21 years of age. They need to meet a minimum credit requirement. They need to show copies of their utility bills to prove residence. Certain Veterans are eligible for a grant up to what amount to purchase, build, modify, or pay down a existing mortgage? $13,355 $6,535 $81,080 Hint An independent mortgage broker often works with a number of local real estate agents. True False As opposed to conventional loans, a lender will require what documentation for the VA Guaranty Loan? Pre-Qualification or Pre-Approval Letter Appraisal Inspection Certificate of Eligibility The more loans a lender can legitimately approve, the more money they make. True False Subscription pricing is only available to existing customers who are renewing. True False A vast majority of home loan applications are approved. True False If a mortgage lender approves a home loan for $300,000 with a 1.5% commission rate, how much will he or she earn in commission? $3000 $3500 $4000 $4500 None of the above With which type of mortgage does the owner make payments on the interest, but not the principal? Long-Term Mortgage Adjustable Rate Mortgage Balloon Mortgage Principal Only Mortgage 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 What did the term "mortgage" originally stand for? "Death Tax" "Home Loan" "Dead Pledge" "Land Loan" You tell a mortgage lender that he can earn more commission by working with every Veteran in his community because they don't pay mortgage insurance and can get more home for their money. Is this true? Absolutely Absolutely not It depends on how bad I need the sale Real Name Phone Name Unit Name Email Address Time's up Posted on August 24, 2019April 24, 2020 By admin