Financing Residential Real Estate
|
|
|
- Clifton Manning
- 8 years ago
- Views:
Transcription
1 Financing Residential Real Estate Chapter 1: Finance and Investment Borrowing Money to Buy a Home Investments and Returns Types of Investments Ownership Investments Debt Investments Securities Investment Risk Key Investment Characteristics Diversification Lending Risks Market Interest Rates Chapter 2: The Primary and Secondary Markets The Two Mortgage Markets The Primary Market The Secondary Market The Secondary Market Agencies Historical Background Fannie Mae and Freddie Mac Today Chapter 3: Residential Mortgage Lenders Types of Mortgage Lenders Commercial Banks Savings Banks Savings and Loan Associations Credit Unions Mortgage Companies Private Lenders Government Intervention in Mortgage Lending The Depression and the Mortgage Industry The Savings and Loan Crisis Mortgage Industry Trends Technological Changes Nationwide Lending Wholesale Lending Subprime Lending
2 Financing Residential Real Estate 2 Chapter 4: Government Policy and Real Estate Finance Fiscal Policy Spending and Debt Financing Taxation Monetary Policy The Federal Reserve System Economic Growth and Inflation Tools for Implementing Monetary Policy Changes in Monetary Policy Chapter 5: Finance Instruments Promissory Notes Basic Provisions of a Note Negotiability Types of Notes Security Instruments The Purpose of Security Instruments Historical Background Mortgages Deeds of Trust Foreclosure Land Contracts Finance Instrument Provisions Subordination Clauses Late Charge Provisions Prepayment Provisions Partial Release Clauses Acceleration Clauses Alienation Clauses and Assumptions Types of Real Estate Loans Chapter 6: Basic Features of a Residential Loan Amortization Repayment Period Loan-to-Value Ratio Mortgage Insurance or Loan Guaranty Fixed or Adjustable Interest Rate How ARMs Work ARM Features Explaining ARMs Loan Features and Financing Options
3 Financing Residential Real Estate 3 Chapter 7: The Financing Process Shopping for a Loan Assessing the Buyers Circumstances Choosing a Lender Loan Costs Evaluating Financing Options Applying for a Loan The Loan Interview The Loan Application Form Disclosure Statements Locking In the Interest Rate Application Processing The Underwriting Decision Closing the Loan The Closing Agent Steps in the Closing Process Chapter 8: Qualifying the Buyer The Underwriting Process Qualifying Standards Automated Underwriting Evaluating Creditworthiness Characteristics of Income Stable Monthly Income Calculating Stable Monthly Income Income Ratios Net Worth Funds for Closing Assets Liabilities Gift Funds Credit Reputation Credit Reports Length of Credit History Payment Record Major Derogatory Incidents Credit Scores Explaining Credit Problems Other Factors in Underwriting
4 Financing Residential Real Estate 4 Chapter 9: Qualifying the Property The Lender s Perception of Value Appraisal Standards The Appraisal Process Appraisal Methods Key Considerations in a Sales Comparison Appraisal Neighborhood Considerations Property Features Replacement Cost Method Income Method Final Value Estimate Dealing with Low Appraisals Chapter 10: Conventional Financing Conforming and Nonconforming Loans Conventional Loan Characteristics Property Types and Owner-Occupancy Rules Loan Amounts Repayment Periods Amortization Loan-to-Value Ratios Private Mortgage Insurance Qualifying Standards Evaluating Risk Factors Net Worth Credit Reputation Special Programs and Payment Plans Buydown Plans Loans with Lower Initial Payments Low-Downpayment Programs Accelerated Payment Plans Chapter 11: FHA-Insured Loans The FHA Insurance Plan Characteristics of FHA Loans FHA Loan Programs FHA Insurance Premiums Sales Concessions and FHA Loans with FHA Loans Assumption of FHA Loans FHA Underwriting Assets for Closing Other FHA Closing Requirements
5 Financing Residential Real Estate 5 Chapter 12: VA-Guaranteed Loans Characteristics of VA Loans Eligibility for VA Loans VA Guaranty Guaranty Amount The Veteran s Liability Substitution of Entitlement Remaining Entitlement Entitlement and Co-Ownership Refinancing with a VA Loan VA Loan Amounts Making a Downpayment Underwriting Guidelines Income Ratio Analysis Residual Compensating Factors Chapter 13: Seller Financing How Seller Financing Works When and Why Seller Financing Is Used Seller Seconds Supplementing a New Loan Supplementing an Assumption Seller Financing as Primary Financing Unencumbered Property Encumbered Property: Wraparound Financing Alternatives to Seller Financing Buydowns Contributions to Closing Costs Equity Exchanges Lease Arrangements The Agent s Responsibilities in Seller-Financed Transactions Disclosures Liability Chapter 14: Fair Lending and Consumer Protection Fair Lending Laws Equal Credit Opportunity Act Fair Housing Act Home Mortgage Disclosure Act Consumer Protection Laws Truth in Lending Act Real Estate Settlement Procedures Act Predatory Lending Predatory Lending Practices Targeted Victims Predatory Lending Laws Other Efforts to Stop Predatory Lending
Financing Residential Real Estate: SAFE Comprehensive 20 Hours
Financing Residential Real Estate: SAFE Comprehensive 20 Hours COURSE ORGANIZATION and DESIGN Roy L. Ponthier, Ph.D., Ed.D., CDEI, DREI Executive Director Module 1: Finance and Investment Mortgage loans
Lesson 13: Applying for a Mortgage Loan
1 Real Estate Principles of Georgia Lesson 13: Applying for a Mortgage Loan 2 Choosing a Lender Types of lenders Types of lenders include: savings and loans commercial banks savings banks credit unions
Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans
Financing Residential Real Estate Lesson 12: VA-Guaranteed Loans Introduction In this lesson we will cover: characteristics of VA loans, eligibility requirements, VA guaranty, VA loan amounts, and underwriting
Broker. Financing Real Estate. Chapter 12. Copyright Gold Coast Schools 1
Broker Chapter 12 Financing Real Estate Copyright Gold Coast Schools 1 Learning Objectives Describe the difference between a note and a mortgage Explain the benefits of having the first recorded lien on
Financing Residential Real Estate Final Exam
Financing Residential Real Estate Final Exam 1. Which of the following provisions in a mortgage allows the lender to demand immediate payment of the entire outstanding loan balance if the borrower defaults?
Chapter 13: Residential and Commercial Property Financing
Chapter 13 Outline / Page 1 Chapter 13: Residential and Commercial Property Financing Understanding the Mortgage Concept - secured vs. unsecured debt - mortgage pledge of property to secure a debt (See
Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans
Financing Residential Real Estate Lesson 12: VA-Guaranteed Loans Introduction In this lesson we will cover: characteristics of VA loans, eligibility requirements, VA guaranty, VA loan amounts, and underwriting
Mortgage Terms Glossary
Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see
Real Estate Principles Chapter 12 Quiz
Real Estate Principles Chapter 12 Quiz 1. A prudent lender who is deciding whether or not to make a real estate loan to a prospective borrower will ensure that: A. the market value of the property is greater
Chapter 19. Residential Real Estate Finance: Mortgage Choices, Pricing and Risks. Residential Financing: Loans
Chapter 19 Residential Real Estate Finance: Mortgage Choices, Pricing and Risks 10/25/2005 FIN4777 - Special Topics in Real Estate - Professor Rui Yao 1 Residential Financing: Loans Loans are classified
Chapter 15 Questions Real Estate Financing: Practice
Chapter 15 Questions Real Estate Financing: Practice 1. Kahlid has been making periodic payments of principal and interest on a loan, but the final payment will be larger than the others. This is a(n)
HOME BUYING101 TM %*'9 [[[ EPXEREJGY SVK i
HOME BUYING101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,
HOME BUYING101. 701.255.0042 www.capcu.org i
HOME BUYING101 701.255.0042 www.capcu.org i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended,
Mortgage Terms. Accrued interest Interest that is earned but not paid, adding to the amount owed.
Mortgage Terms Accrued interest Interest that is earned but not paid, adding to the amount owed. Negative amortization A rise in the loan balance when the mortgage payment is less than the interest due.
Dr. Debra Sherrill Central Piedmont Community College
Dr. Debra Sherrill Central Piedmont Community College 1 2 Describe the benefits and pitfalls of renting versus owning a home. List the steps required to obtain a mortgage loan. Identify mortgage options
MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.
MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default
Mortgage Terms. Appraisal An estimate of the value of property, made by a qualified professional called an "appraiser".
Mortgage Terms Acceleration The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower), or by using the right vested
Definitions. In some cases a survey rather than an ILC is required.
Definitions 1. What is the closing? The closing is a formal meeting at which both the buyer and seller meet to sign all the final documentation required for the buyer's mortgage loan. Once the closing
Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
Mortgage Glossary 203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low
Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM).
Glossary A Adjustable Rate Mortgage - An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally,
GLOSSARY OF TERMS. Amortization Repayment of a debt in regular installments of principal and interest, rather than interest only payments
GLOSSARY OF TERMS Ability to Repay (ATR) The Ability to Repay rule protects consumers from taking on mortgages that exceed their financial means, by mandating the documentation / proof of income and assets.
Glossary of Lending Terms
Glossary of Lending Terms Adjustable Rate Loan or Adjustable Rate Mortgage (ARM) A loan with an interest rate that changes during the term of the loan. The payments generally increase or decrease with
Nontraditional Mortgage Products
Chapter 8 Nontraditional Mortgage 1 Nontraditional Mortgage SAFE Act Anything other than a 30-year fixed rate mortgage Interagency Guidance on Nontraditional Mortgage Product Risks Mortgage products that
20-Hour Mortgage Loan Originator SAFE Comprehensive Course Mortgage Loan Originator Pre-Licensing / National Topics
20-Hour Mortgage Loan Originator SAFE Comprehensive Course Mortgage Loan Originator Pre-Licensing / National Course Provider RDH Education Services 877-734-4347 info@rdheducation.com www.rdheducation.com
MORTGAGE DICTIONARY. Amortization - Amortization is a decrease in the value of assets with time, which is normally the useful life of tangible assets.
MORTGAGE DICTIONARY Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) is a product with a floating or variable rate that adjusts based on some index. Amortization - Amortization is a decrease
Conventional Financing
Chapter 6 Conventional Financing 1 Chapter Objectives Identify the characteristics of a conventional loan. Define amortization. Identify different types of conventional loans. Discuss the use of private
Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA)
![Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA)](/thumbs/25/5268134.jpg "Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA)")
Chapter 42 Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA) INTRODUCTION Besides conventional loans discussed
Sales Associate Course
Sales Associate Course Chapter Thirteen Types of Mortgages & Sources of Finance Copyright Gold Coast Schools 1 Types of Mortgages FHA - Federal Housing Administration VA - Veterans Administration Conventional
First Time Home Buyer Glossary
First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make
Energy Efficient Mortgage Program DOYLE Loan #: 3001716496 Case #: 045-8129173-703
Date: MAY 28, 2014 U.S. Department of Housing and Urban Development Energy Efficient Mortgage Program Case #: 045-8129173-703 FHA's Energy Efficient Mortgage program (EEM) helps homebuyers or homeowners
Real Estate Professionals Selling to Veterans. St. Petersburg Regional Loan Center
Real Estate Professionals Selling to Veterans St. Petersburg Regional Loan Center Agenda Overview and History of VA Home Loan Program Understanding VA Home Loan Entitlement Occupancy Requirements Qualifying
Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.
MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that
How To Understand The Law Of The Landline Phone
Mortgage Lending P&P 100-Question Final Exam Answer Key 1. C 2. B 3. A 4. B 5. A 6. C 7. C 8. C 9. D 10. C 11. D 12. B 13. D 14. A 15. D 16. D 17. B 18. D 19. A 20. C 21. D 22. D 23. B 24. D 25. A 26.
Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually.
Glossary Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually. Amortization the way a loan is paid off over time in installments, detailing
Sponsored by: EQUITY. Sid Shah Director, Mortgage Origination SShah@callequity.net 614-571-3893 RESOURCES, INC. mortgages
Sponsored by: EQUITY RESOURCES, INC. mortgages Sid Shah Director, Mortgage Origination SShah@callequity.net 614-571-3893 Exempt from Qualified Mortgage rule/law Any Veteran can refinance their Conventional,
How To Understand The History Of Mortgage Lending
20-Hour Mortgage Loan Originator SAFE Comprehensive Syllabus NMLS CLASSROOM EQUIVALENT Published in the United States of America By: State Continuing Education 1-800-994-3040 Copyright 2009: State Continuing
Appraisal A written analysis prepared by a qualified appraiser and estimating the value of a property
REAL ESTATE BASICS Affordability Analysis An analysis of a buyer s ability to afford the purchase of a home, reviews income, liabilities, and available funds, and considers the type of mortgage a buyer
QUICK MORTGAGE GUIDE
QUICK MORTGAGE GUIDE TABLE OF CONTENTS FNMA CONVENTIONAL LOANS - Page 3 FHA LOANS - Page 7 VA LOANS - Page 11 ADJUSTABLE RATE MORTGAGES - Page 15 CONTACT INFORMATION - Page 16 FNMA CONVENTIONAL LOANS The
Glossary of Terms. Here are some helpful definitions to common terms.
Glossary of Terms Here are some helpful definitions to common terms. 1003 Loan application 4506 IRS form requesting copy of tax return Abstract of title A historical summary provided by a title insurance
Common Mortgage and Foreclosure Terms
H ELP FOR N EW Y ORK S TATE H OMEOWNERS C ONCERNED A BOUT F ORECLOSURE Common Mortgage and Foreclosure Terms Talking about mortgages can feel like speaking a foreign language and is even more confusing
REALTORS AND FHA WORKING TOGETHER TO HELP PEOPLE FULFILL THE AMERICAN DREAM
Shopping for a Mortgage? FHA Improvements Benefit You FHA Insured Mortgages Realtors and FHA: Partners in Homeownership National Association of REALTORS FHA REALTORS AND FHA WORKING TOGETHER TO HELP PEOPLE
Mortgages and Mortgage -Backed Securiti curi es ti Mortgage ort gage securitized mortgage- backed securities (MBSs) Primary Pri mary Mortgage Market
Mortgages and Mortgage-Backed Securities Mortgage Markets Mortgages are loans to individuals or businesses to purchase homes, land, or other real property Many mortgages are securitized Many mortgages
What s s New With FHA?
What s s New With FHA? Presented By: Bill Ladewig 866.204.9733 http://www.mortgage- FHA Calculator Calculates everything needed to quote or qualify FHA loans Click to Open: http://www.themtgmentor.com/fha_mortgage_calculator.html
Lesson 15: Closing Real Estate Transactions
1 Real Estate Principles of Georgia Lesson 15: Closing Real Estate Transactions 2 Closing Closing: Final stage in real estate transaction. Also called settlement. Buyer pays seller; seller transfers title
California Land Title Association
California Land Title Association Title Consumer Series: Understanding the Language of Real Estate To the unfamiliar, it can often confuse and bewilder. Fannie Mae and Freddie Mac. ARMS and APR. Clear
GLOSSARY OF TERMS. Adjustment Date: The date that the interest rate changes on an adjustable-rate mortgage.
GLOSSARY OF TERMS A Acceleration: The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgager (borrower), or by using the right
HOMEBUYER S MORTGAGE GUIDE
WWW.WINTRUSTMORTGAGE.COM WINTRUST.COM/MYHOME HOMEBUYER S MORTGAGE GUIDE HELPFUL INFORMATION ABOUT THE MORTGAGE PROCESS TO GUIDE YOU AS YOU PURCHASE YOUR NEW HOME. www.wintrust.com/myhome WHY WINTRUST?
MORTGAGE TERMINOLOGY DEFINED
MORTGAGE TERMINOLOGY DEFINED 1-year Adjustable Rate Mortgage Mortgage where the annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin, chosen by
Mortgage Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Mortgage Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z adjustable-rate mortgage (ARM) A mortgage that changes interest rate periodically based upon the changes in a specified index. adjustment
Chapter 10 6/16/2010. Mortgage Types and Borrower Decisions: Overview Role of the secondary market. Mortgage types:
Mortgage Types and Borrower Decisions: Overview Role of the secondary market Chapter 10 Residential Mortgage Types and Borrower Decisions Mortgage types: Conventional mortgages FHA mortgages VA mortgages
Title Insurance Glossary
Title Insurance Glossary Abstract of Title A condensed history or summary of all transactions affecting a particular tract of land. Adjustable Rate Mortgages Mortgages with an interest rate that may change
MARCH 7, 2007. Madame Chairwoman and members of the Subcommittee, I appreciate the
STATEMENT OF KEITH PEDIGO, DIRECTOR LOAN GUARANTY SERVICE VETERANS BENEFITS ADMINISTRATION BEFORE THE SUBCOMMITTEE ON ECONOMIC OPPORTUNITY HOUSE COMMITTEE ON VETERANS AFFAIRS MARCH 7, 2007 Madame Chairwoman
Today, nearly half of all residential real estate lending is completed
6 C h a p t e r 6 Conventional Financing In This Chapter Today, nearly half of all residential real estate lending is completed with conventional financing programs, and there are various financing tools
FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement
Training: Origination Through Post-Closing/ Endorsement 1 Module 8A Programs and Products: Refinance Single Family Housing Policy Handbook 4000.1 Title II Insured Housing Program Forward Mortgages Origination
Test 3 Spring 2015: Chapters 8 (Land Contract) through 14 and 26 Jacobus
Finance 382 Real Estate Principles and Practice Instructor: Jan E. Beran Student s Name Version A FILL IN YOUR NAME (Lastname, Firstname) WHERE INDICATED, BE SURE TO FILL IN THE CORRESPONDING BUBBLES.
A mortgage is a loan that is used to finance the purchase of your home. It consists of 5 parts: collateral, principal, interest, taxes, and insurance.
A mortgage is a loan that is used to finance the purchase of your home. It consists of 5 parts: collateral, principal, interest, taxes, and insurance. When you agree to a mortgage, you enter into a legal
amortization The repayment of a mortgage loan by installments with regular payments to cover the principal and interest.
adjustable-rate mortgage (ARM) A mortgage whose interest rate changes periodically based on the changes in a specified index. View a list of common indices. adjustment date The date on which the interest
Principal Lending Manager Education Curriculum Outline 40 Hours
Principal Lending Manager Education Curriculum Outline 40 Hours Utah Division of Real Estate PO Box 146711 Salt Lake City, UT 84114-6711 Subject Matter Number of Hours 1. General Mortgage Industry Knowledge
VA HOME LOANS A QUICK GUIDE FOR HOMEBUYERS AND REAL ESTATE PROFESSIONALS
VA HOME LOANS A QUICK GUIDE FOR HOMEBUYERS AND REAL ESTATE PROFESSIONALS Disclaimer: The information contained herein is strictly provided as information only. Veterans seeking more detailed information
California Real Estate Practice
California Real Estate Practice Chapter 1: Real Estate Agency Relationships Agency and Agency Law Agency Relationships Agent s Duties to the Principal Agent s Duties to Third Parties Other Legal Effects
Mortgage Glossary. Mortgage loans under which the interest rate is periodically adjusted based upon terms agreed to at the inception of the loan.
Adjustable Rate Mortgage (ARM): Alternative Documentation: Amortization: Annual Percentage Rate (APR): Appraisal: Appraisal Amount or Appraised Value: Appreciation: Balloon Mortgage: Bankruptcy: Cap: Cash-out
Financing Glossary. A mortgage loan subject to changes in interest rates; when rates change, ARM monthly
203(b) 203(k) Adjustable Rate Mortgage (ARM) Adjustment Date Adjustment Period Amenity Amortization FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase
Contents. VA Credit Overlays
Contents... 1 Introduction... 3 Links... 3 Transaction Types... 3 Purchase Transactions... 3 Refinance Transaction Regular Refinance... 3 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL...
PORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents
Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised
6/18/2015. Sources of Funds for Residential Mortgages
Sources of Funds for Residential Mortgages McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. 11-2 11-3 11-4 Formerly backbone of home mortgage finance Dominated mortgage
ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY
1. PRODUCT DESCRIPTION Conventional Conforming five year/one year adjustable rate mortgage Servicing retained 30-year term Fully amortizing Non-convertible ARM Plan ID 2725 Manufactured homes not eligible
Fifth Third Home Buying Guide. A Guide to Residential Home Buying.
Fifth Third Home Buying Guide A Guide to Residential Home Buying. Important Contacts and Numbers. Use this page to record important information as you move through the homebuying process. Realtor/Builder
Which Home Loan is Right for You?
Conventional Which Home Loan is Right for You? Minimum down payment: 3% for Primary Residences/ investors minimum of 20%, unless condo the down payment = 25% Co-Signers allowed in specific situations Options
Multiple (5-10) Financed Properties Retail and Wholesale
Multiple (5-10) Financed Properties Retail and Wholesale Revisions Date Revisions 2/3/15 Updated Sections: Overview, Subject Property is Second Home or Investment Property, Delayed Financing Exception,
How to Purchase Your First Home
Young Alumni Network Webinar How to Purchase Your First Home Presented by: Mike Graves Residential Wholesale Mortgage What to consider when looking to buy your first home? 1. Long term investment: 5 years
RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE
RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE Whether you are buying a house or refinancing an existing mortgage, this information can help you decide what type of mortgage is right for you. You
Homebuyer s Guide. Brought to you by:
Homebuyer s Guide Brought to you by: AmeriSouth Mortgage Company NMLS ID: 67050 Phone: (704) 845-9400 info@amerisouth.com www.amerisouth.com The basics What is a mortgage? A mortgage is a loan secured
Private Mortgage Insurance (PMI)
Private Mortgage Insurance (PMI) Private Mortgage Insurance (PMI) New Law Requires Lenders to Cancel PMI If you are a homeowner, you will want to be aware of a new law that establishes rights for homeowners
Consolidated by Commercial Bank Schedule D Loans Origination
6/30/2015 (a) First mortgage FHA-15 yrs 138 $ 13,642 $ 9 $ 11 3.36 (b) First mortgage VA-15 yrs 25 3,422 1 5 3.30 (c) First mortgage conventional conforming 15 yrs 508 57,084 344 164 3.06 (d) First mortgage
A Consumer s Guide to. Buying a Co-op
A Consumer s Guide to Buying a Co-op A Consumer s Guide to Buying a Co-op In the United States, more than 1.2 million families of all income levels live in homes owned and operated through cooperative
MORTGAGE BANKING TERMS
MORTGAGE BANKING TERMS Acquisition cost: Add-on interest: In a HUD/FHA transaction, the price the borrower paid for the property plus any of the following costs: closing, repairs, or financing (except
CRMS Exam Study Guide
CRMS Exam Study Guide The following five sections of this study guide provide questions similar to the ones you will encounter in the CRMS exam. The number of questions appearing below is proportional
CFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE
CFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE January 02, 2015 In case of any queries regarding the information available in this guide, please reach us at qmteam@swmc.com. Sun West Mortgage Company,
The Road Map Back to Home Ownership after. Short Sale, Foreclosure and/or Bankruptcy
The Road Map Back to Home Ownership after Short Sale, Foreclosure and/or Bankruptcy Danny Poulos, Mortgage Banker The Elite Lending Team at FEMBI Copyright 2013 When Can I Buy a House Again? Alright, so
ReNew Grant Guidelines
Brooklyn Center ReNew Buyer Incentive Program Greater Metropolitan Housing Corporation Program Summary The Economic Development Authority (EDA) of Brooklyn Center, Minnesota (EDA) has partnered with the
1-866-667-6724 Where homeownership education takes flight!
100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation
1-866-667-6724 Where homeownership education takes flight!
100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation
Section 2.08 - Jumbo Solution Second Mortgage
- In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 3 Loan Terms... 4 Assumptions... 4 Eligible First and Second Mortgage Products...
Q & A with Lykken on Lending Team and Glen Corso
Blog Talk Radio Show July 12, 2010 Q & A with Lykken on Lending Team and Glen Corso General Questions Q: Throughout the MBA analysis of this legislation the term loan originator is used. Sometimes it seems
VHDA. Homeownership Program Guidelines for Realtors & Lenders. Updated 04/04
VHDA Homeownership Program Guidelines for Realtors & Lenders Updated 04/04 2 Benefits of a VHDA Loan: Creative financing programs Reduced interest rates Lower monthly payments More house for less money
Summary of the Housing and Economic Recovery Act of 2008
Summary of the Housing and Economic Recovery Act of 2008 On July 30, President Bush signed major housing legislation, HR 3221, the Housing and Economic Recovery Act of 2008. The bill restructures regulation
V600 Introduction to Mortgage Lending. Robin J Wybenga, CFO, TBA Credit Union robinw@tbacu.com 231.946.7090
V600 Introduction to Mortgage Lending Robin J Wybenga, CFO, TBA Credit Union robinw@tbacu.com 231.946.7090 Introduction Objectives 1. Identify the key benefits your CU gains by offering real estate lending
Homebuyer Education: What You Need to Know
Homebuyer Education: What You Need to Know Today s Objectives Prepare your finances for home ownership Steps to mortgage prequalification Shopping for a home- who are the major players? Choosing the correct
Glossary of Foreclosure Fairness Mediation Terminology
Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.
NATIONAL INTERACTIVE STUDY GROUP UNIT 8 QUESTIONS
NATIONAL INTERACTIVE STUDY GROUP UNIT 8 QUESTIONS National Interactive Study Group 2 SESSION 8 JOHN MATHIS Notes for Tonight 1. To MUTE your phone line use *6 2. To UNMUTE your phone line use #6 3. Chat
Promissory Notes and Security Instruments
Introduction Imagine buying a house and being required to pay the total price in cash. With the average price of a single-family home being so high, buying a home would be unthinkable without the practical
FHA Fixed. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG
NOTES Primary Residence Units Minimum Credit Score SERIES G Max Loan Amount Continental US PURCHASE LTV CLTV Max Debt-to- Income Ratio 1-2 560 (e) Varies by County (a) 90% (e) 90% (e) 31/43% (e) 1-4 580
VA-Home Loan Guaranty Program: An Overview
Order Code RS20533 Updated March 13, 2008 Summary VA-Home Loan Guaranty Program: An Overview Bruce E. Foote Analyst in Housing Domestic Social Policy Division Meredith Peterson Information Research Specialist
SHOPPING FOR A MORTGAGE
SHOPPING FOR A MORTGAGE The Traditional Fixed-Rate Mortgage Key characteristics: Level payments, fixed interest rate, fixed term. This mortgage is the one which most of us know, and it is still the loan
How Mortgage Insurance Works A GUIDE FOR LENDERS
How Mortgage Insurance Works A GUIDE FOR LENDERS 2 What Is Mortgage Insurance? It s a financial guaranty that reduces the loss to the lender or investor in the event the borrowers do not repay their mortgage
How To Understand The Mortgage Brokerage Industry
QCommission Sample Plans Mortgage Broker Industry Introduction The mortgage industry is primarily involved in providing loans to consumers. This industry is made up of many parts, governmental entities
Preparing for homeownership
Preparing for homeownership What we ll cover 1. Getting ready for homeownership 2. Mortgage basics 3. What you need to buy a home 4. Finding the right home 5. Resources 2 Getting ready for homeownership
A Strategic Approach to Residential Mortgage Lending
A Strategic Approach to Residential Mortgage Lending Presented by Tracy Jean Ashfield Strategic Mortgage Solutions The Consulting and Training Division of Prime Alliance Solutions, Inc. October 19, 2009
WikiLeaks Document Release
WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS20533 VA-Home Loan Guaranty Program: An Overview Bruce E. Foote, Domestic Social Policy Division; Meredith Peterson,
BUYING A HOME. Looking for the Best Mortgage. Obtain Information from Several Lenders
OFFICE OF THE STAFF JUDGE ADVOCATE 48 TH FIGHTER WING, RAF LAKENHEATH, UK Looking for the Best Mortgage BUYING A HOME Shopping around for a home loan or mortgage will help you to get the best financing