Unit 13 Exam: Florida Real Estate Exam Flashcards

Unit 13 Exam: Florida Real Estate Exam Flashcards

A partially amortized mortgage has a final payment required to completely pay off the loan called A balloon payment Which statement is TRUE regarding VA mortgage loans?The VA funding fee may be added to the loan amount and financed over the life of the loan.A prospective borrower has a projected PITI of $1,000, an MIP of $260, a monthly car payment of $290, and a student loan payment of $175 per month. The borrower's gross monthly income is $4,200. What is the borrower's HER?30% In an adjustable-rate mortgage, the calculated interest rate is the index + Margin Which individual must be state licensed as a mortgage loan originator?Employee who works as a loan originator for a mortgage brokerage company that is not federally regulated Which qualifying ratio applies to conventional mortgage loans?

36% TOR

The interest portion on the first monthly payment of a 30-year 6% mortgage is $650. If the loan-to-value ratio is 80%, how much did the owner pay for the house?

$162,500

The law requiring lenders to furnish borrowers with the APR disclosure is the Truth in Lending Act A commercial bank sold a group of 2,000 mortgages directly to Fannie Mae. This is an example of secondary market activity