1.The closing is conducted by the seller’s agent.True or False
2.Select the list that has the steps of the closing process in the right order.
1. Do final walk-through Purchase homeowners insurance Sign closing documents Apply for mortgage 2. Apply for mortgage Do final walk-through Sign closing documents Purchase homeowners insurance
3.Apply for mortgage Purchase homeowners insurance Do final walk-through Sign closing documents 3. Select the best description of the mortgage note. 1.It commits you to paying your loan 2.It lists all costs associated with your loan
4. Which one of these documents itemizes the closing costs and explains the terms of your loan? 1.Appraisal 2.Closing disclosure 3.Deed 4.Affidavit
1: False
Closing is conducted by closing agent.
2: 3.Apply for mortgage Purchase homeowners insurance Do final walk-through Sign closing documents
In the home closing process, first the application is made, then the buyer buys the home insurance. Thereafter the final walk through is done by signing the closing documents.
3: 2.It lists all costs associated with your loan
The mortgage note written promise to repay a specific loan amount plus interest at a given rate and length of time.
4: 2 Closing disclosure
The closing disclosure lists the terms of the loan and the monthly payments as well as fees and costs of loan.
1.The closing is conducted by the seller’s agent.True or False 2.Select the list that has the...
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...
11) 11) Frank and Diane want to buy a house. Which of the following do they need before they purchase a house? A) Down payment. B) Handyman Mortgage principal D) Mortgage interest. E) Renter's insurance. 12) What should a home buyer consider when evaluating a house? A) Location of businesses and future construction projects. B) Zoning laws. Property values of the community. D) School system. E) All of these should be evaluated. 13) - 13) When Ingrid was selling her...
Complete the simplified settlement statement form (Excel spreadsheet provided) for the transaction described below. The various closing costs will be allocated between the parties in the customary way unless otherwise noted. Use a 360-day year and 30-day months for your prorations. Round dollar amounts to two decimal places for each step in your calculations. (Digits from 1 through 4 should be rounded down; digits from 5 through 9 should be rounded up.) The house at 314 Baker Street...
zoom if needed, please. Missing the last question, the system
says I have it wrong
Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $287,000. Her bank requires a 30% down payment. Sue Willis, an attorney, has notified Sharon that besides the 30% down payment there will be the following additional costs: (Use Table 15.1.). Recording of the deed A credit and appraisal report Preparation of appropriate documents $42.00 167.00 60.00 Other closing expenses include a transfer tax...
Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 154,00. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at the time of...
Part II -Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 154,000. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years...
Part II-Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her bonge 60 months ago. The amount of loan equals 154,000. She paid cash to cover the 5% down payment plus all required closing costs closing costs include application fee, appraisal fee. loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at...
TRUE/FALSE, Write T if the statement is true and 'F' if the statement is false. 1) The Real Estate Settlement Procedures Act (RESPA) requires that loan applicants be given an estimate of the closing costs after the actual closing. 1) - 2) A disadvantage of home ownership is the deductibility of mortgage interest and real estate tax payments. 2) 3) When interest rates are high and the demand for homes is low, prices of homes will likely be higher 4)...
$225,000. The new mortgage will be for the an nit together earn $72,000 per year, David and Mary would like to buy a home for The new mortgage will be for the amount of $200,000 at 6.5% for 30 years for $1,264.14 per month. Annual property taxes are $1,800 and property insurance on the home will cost $1,200 per year. They have enough cash for the down payment and closing costs. a) 1. What is the maximum percentage of mortgage...
do I have it right
Part 1: Mortgage A mortgage is a loan used to purchase a home. It is bedover a period of 1,20 or 30 years. The interest rate is determined by the term of the l e ngth of time to pay back the loan) and the credit rating of the person borrowing the money Once a person signs the documents to borrow money for a home the presented we amortization table or schedule for the mortgage...