Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
A percentage of the loan paid at closing to increase the lenders yield on the loan. |
Discount Points |
|
|
A fee that a lender Charges to cover the administration costs of processing a loan. |
Origination fee |
|
|
Required for FHA loans |
MIP Mortgage insurance premiums |
|
|
Requires lenders to give loans applicants a disclosure statement on loan costs |
Truth in lending act and Reg Z |
|
|
Expresses the relationship between total cost of loan and the total loan amount |
APR |
|
|
Which has lower interest rates 15 year loan, or 30 |
15 |
|
|
This is based either on the sale price or appraisal, whichever is lower |
Loan to value ratio |
|
|
Unpaid interest added to the loan |
Negative amortization |
|
|
What does the FHA do |
Insured loans |
