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16 Cards in this Set
- Front
- Back
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$417,000
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28% front end and 36% back end
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A non-conforming mortgage loan that is intended for borrowers that have good credit, but don't meet other guidelines of conforming mortgages.
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AConforming mortgage that doesn't carry much risk.
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If the borrower puts a 10% or more down payment.
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A mortgage loan that doesn't meet the guidelines or loan limits of Fannie Mae and Freddie Mac.
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An adjustable rate mortgage that offers the borrower flexible payment options.
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A Hyrid ARM.
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With 2 years tax returns.
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The rising rate of foreclosures in the U.S. as well as the need for rigorous underwriting analysis on certain loans.
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2 or more in the past 12 months.
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Reduced documentation loans, simultaneous second lien loans, subprime loans, and purchase loans on an investment properties.
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31% front end and 43% back end
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660 or below.
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A FHA 30 year fixed loan.
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A legal document that states the borrower's promise to repay the mortgage loan.
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3.5%
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Retrictive covenant.
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0%
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Impound fund.
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If the maturity of the balloon is less than 5 years.
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The elevated chance of payment shock to the borrower.
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Consumers that are 62 years of age or older that want to refinance their primary residence.
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A balloon mortgage.
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Type of mortgage loan that is made by a private investor and based solely on the value of the home.
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A clause in a mortgage or deed of trust that allows the lender to call the loan due upon the borrowers default.
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A clause in a mortgage or deed of trust that allows the lender to call the loan due upon fraud or misrepresentation by the borrower.
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A lender.
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FHA, VA, or USDA mortgage loan.
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Prepaid finance charge
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Non-judicial foreclosure
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When Your Home is on the Line Disclosure
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