mortgage Paper 7

1

Florida operates under the idea that a borrower in a mortgage loan situation retains title to the property. This is known as the






2

The terms and conditions of the promise to pay back money borrowed to buy a house is found in the






3

The process by which a mortgage loan is paid off in equal payments consisting of principal and interest is called






4

What does a discount point do to the effective yield that a lender gets from a mortgage loan?






5

Equity is most accurately defined as the






6

A mortgage lender requires a borrower to make monthly payments—in addition to the mortgage payments—to a special account to cover taxes and hazard insurance costs for the property. This type of account is commonly called a(n)






7

Buyer A borrows money to buy a house. As part of the repayment plan, when he sells the house he will have to turn over a portion of the profit he makes on the house to the lender. This type of mortgage is called a






8

What is the loan-to-value ratio above which a borrower will typically have to purchase private mortgage insurance?






9

A conforming loan is defined as one






10

An acceleration clause in a mortgage loan






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