Which two of these should you do if your lender rejects your loan application?
Which two of these should you do if your lender rejects your loan application?
Ask your home inspector why
Ask your lender why
File a dispute with the Fair Credit Agency
Shop for a different lender or type of mortgage
Homework Answers
The answer to the given question is:
b) Ask your lender why, and
d) Shop for a different lender or type of mortgage
Add Answer to:
Which two of these should you do if your lender rejects your loan application?
Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes...
Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes an APR of 3.28%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase. After 10 years of payments, what is the balance outstanding on your loan? Do not round at intermediate steps in your calculation. Round your answer to the nearest penny. Do not type the $ symbol.
DQuestion 14 When evaluating your credit application, a lender may NOT Request a list of the...
DQuestion 14 When evaluating your credit application, a lender may NOT Request a list of the ages of your dependents. Ask your date of birth. Ask your marital status. Deny you credit if you receive public assistance. Inquire if you ever received credit before from that lender. Question 15 Credit bureaus get their information from all of the following sources except O References. Finance companies. O Stores. O Credit card companies Banks.
Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes...
Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes an APR of 4.71%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase. What would be your monthly mortgage payment?
Closing Costs. What are closing costs List and briefly describe the different closing costs you might...
Closing Costs. What are closing costs List and briefly describe the different closing costs you might incur when applying for a mortgage Closing costs are those costs: (Select the best answer below.) O A. that are incurred in the loan application process O B. that are incurred in making repairs according to the home inspection O c. that are paid to the realtor for the assistance provided. O D . All of the above. List and briefly describe the different...
1. Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender...
1. Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes an APR of 5.79%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase. What would be your monthly mortgage payment? Do not round at intermediate steps in your calculation. Round your answer to the nearest penny. Do not type the $ symbol. 2. Suppose that you are just about to retire, and you just turned...
A home equity loan can be risky because the lender can foreclose if you don’t make your payment.
A home equity loan can be risky because the lender can foreclose if you don’t make your payment.TRUE or FALSE.
please help 1. You are applying for a business loan. The two reports that your loan...
please help
1. You are applying for a business loan. The two reports that your loan officer is most likely to require are: a. Transaction Detail Report and Accrual Basis Report b. Income Statement (Profit and Loss Statement) and Transaction Detail Report c. Income Statement (Profit and Loss Statement) and Balance Sheet Report d. Transaction Detail Report and Cash Basis Report 2. In QuickBooks, 'Units of Measure' is used to define: a. Whether QuickBooks will use Imperial or Metric measurements...
#1 Your local lender offers you a fixed-rate mortgage with the following terms: $250,000 at 5.25%...
#1 Your local lender offers you a fixed-rate mortgage with the following terms: $250,000 at 5.25% for 30 years, monthly payments. The lender will charge you two discount points and the loan has a 4% prepayment penalty for the first 8 years of life. C. Suppose that your effective cost over a five-year holding period is 6.50%. What amount of other fees did you pay?
Your local lender offers you a fixed-rate mortgage with the following terms: $220,000 at 4.75% for...
Your local lender offers you a fixed-rate mortgage with the following terms: $220,000 at 4.75% for 30 years, monthly payments. The lender will charge you two discount points and the loan has a 3% prepayment penalty. A. (1 pt) What is the annual percentage rate (APR) of the loan? Answer: _______ B. (1 pt) How many points are required to yield an APR of 5.25%? Answer: _______ Suppose you take a fixed-rate mortgage for $200,000 at 5.00% for 30 years,...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...
DQuestion 14 When evaluating your credit application, a lender may NOT Request a list of the ages of your dependents. Ask your date of birth. Ask your marital status. Deny you credit if you receive public assistance. Inquire if you ever received credit before from that lender. Question 15 Credit bureaus get their information from all of the following sources except O References. Finance companies. O Stores. O Credit card companies Banks.
Closing Costs. What are closing costs List and briefly describe the different closing costs you might incur when applying for a mortgage Closing costs are those costs: (Select the best answer below.) O A. that are incurred in the loan application process O B. that are incurred in making repairs according to the home inspection O c. that are paid to the realtor for the assistance provided. O D . All of the above. List and briefly describe the different...
please help
1. You are applying for a business loan. The two reports that your loan officer is most likely to require are: a. Transaction Detail Report and Accrual Basis Report b. Income Statement (Profit and Loss Statement) and Transaction Detail Report c. Income Statement (Profit and Loss Statement) and Balance Sheet Report d. Transaction Detail Report and Cash Basis Report 2. In QuickBooks, 'Units of Measure' is used to define: a. Whether QuickBooks will use Imperial or Metric measurements...
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