Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/30

Click to flip

30 Cards in this Set

  • Front
  • Back
SECU can loan up to _____% of the documented sales price.
110%
The Credit Union offers a fixed rate loan for new vehicles for a term of up to _____________.
6 year (72 months)
What is the $140 processing fee for second mortgage loans used for?
1) to obtain a title opinion on your property deed
2) to record the Deed of Trust for the loan, and
3) to obtain a flood zone certification
The maximum term for a variable rate second mortgage loan is ____ years.
10
The origination fee for a second mortgage loan is 1% the amount of the loan. (True or False)
False - There is no origination fee for second mortgage loans.
The cost to process an SECU second mortgage loan is usually $____, plus appraisal fees.
$140
The interst rate on a variable rate second mortgage loan is subjest to change by a maximum of ____% per quarter, and the cap over the life of the loan is ____%.
1% and 18%
Loan amounts for closed-end variable rate second mortgage loans on improved land are based on the same guidelines set forth for ____________ loans.
home equity
A closed-end variable rate second mortgage loan to finance unimproved land must be secured with a first Deed of Trust and the maximum loan-to-value is ____% for raw land and ____% if the property is in a subdivision setting.
50% and 75%
The property financed by a closed-end variable rate second mortgage loan for unimproved property should generally be less than ____ acres.
10
You can establish a credit line of up to ____% of the value of your home, less the first mortgage balance.
90%
The Credit Union offers a fixed rate second mortgage loan with a maximum term of ____________.
6 years(72 months)
What fees are required with an unsecured Courtesy Deed of Trust loan?
Title opinion, flood certification and recording fees
The expense associated with a courtesy deed of trust is a recording fee of $____.
$18
The usual minimum monthly payment on a home equity loan is $____ per $1000 borrowed.
$12
Your maximum interest rate for a home equity loan is ____% or less depending on your initial interest rate.
18%
The rate for a home equity loan may not change more than ____ percentage point each quarter or ____ percentage points over the life of the loan.
1/2% and 5%
The minimum rate for home-equity loans repaid by payroll deduction or funds transfer is _____%
7.75%
The interest rate on SECU's home equity loan is subject to change how often?
quarterly
The maximum loan amount for a home-equity loan at 90% LTV is $________________.
$300,000.
A home equity loan is an open-end loan you may use over and over, for up to ____ years.
15
Home equity loans in excess of $__________ are limited to an ____% loan-to-value.
$300,000, 80%
If the property used for a home-equity loan is for rental purposes, the maximum loan-to-value is ____%.
70%
The maximum loan-to-value for an unsecured COurtesy Deed of Trust is ____%.
100
The rate for a home-equity loan is based on the one-year Constant Maturity Treasury yield. (True or False)
False - it is based on the 26-week Treasury Bill rate plus a margin of 3% or 3.5%.
If disability insurance is desired in conjunction with life insurance, the payments on your home equity loan will be $____ per thousand higher.
$2
To qualify for a new vehicle loan, a car must have lass than ____________ miles on the odometer.
10,000
The maximum loan amount for a fixed rate second mortgage is $_____________.
$15,000
Unsecured Courtesy Deed of Trust loans are available on your primary residence. The loan is closed-end with a maximum term of ____ years and a maximum loan amount of $_________.
6 years, $20,000
The Credit Union requires that you maintain collision and comprehensive insurance protection on your new vehicle during the entire laon. The maximum deductible allowed is $____.
$500