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Chapter 11 - Principles II

Pioneer School of Real Estate
Horizontales
__ is one of the largest mortgage insurers in the world according to HUDs Office of Housing.
The initial rate on an adjustable-rate mortgage is sometimes called the __ rate.
If a primary mortgage market lender does not sell the loan, it is known as a/an __ loan.
The VA usually requires no __ payment.
In an adjustable-rate mortgage, the interest rate is adjusted in accordance with a prearranged __.
Commercial banks make loans to its borrowers using __ from other customers.
The effective rate of interest, which includes interest expense and other fees associated with obtaining the loan, is known as __ percentage rate or APR.
It is possible to have loans taken out subsequently to the first mortgage and this is what is known as __ financing.
A number that indicates a borrowers ability to repay a loan is the borrowers __ score.
A mortgage __ is a company, individual, or institution that originates mortgages.
__-End Ratio, also known as Debt-to-Income Ratio, represents the percentage of a borrowers income that will be applied to all outstanding debt.
__ of a loan requires that systematic payments be made to reduce the balance of the loan as well as provide for the payment of interest on the loan.
Bi-Monthly Payment - Splits monthly payment into __ half payments.
The primary lender may service the loan or contract with a /an __ servicing company.
The __ guarantees loans. They do not make loans.
__ rate mortgages have a rate that can move up or down depending on the index that the rate is tied to.
In a mortgage, the lender is the __.
Verticales
__-End Ratio - Represents the percentage of a borrowers income that will be applied to housing expense.
In a fully amortizing loan, the principal balance is __ at the end of the term.
A home owner may want to refinance if the rates have __.
Interest calculated on the loan balance plus accrued interest is __ interest.
To provide borrower default security, FHA provides insurance and charges the borrower a/an __ premium.
The __ provides low- interest loans to purchase land that is wholly within the state of Texas.
Total Assets minus outstanding debt equals __ worth.
The borrower's monthly payment to the lender for __ and interest is called the P&I payment.
For conventional loans, it is desirable that the borrower pay down at least __%.
A/An __ loan is one that is not backed by a government agency.
The __ mortgage market consists of lenders who originate mortgage loans directly to borrowers.
A mortgage __ is a middleman who brings mortgage borrowers and mortgage lenders together but does not use its own funds to originate mortgages.
A/An __ payment mortgage is a type of fixed-rate mortgage with an amortization schedule that provides lower payments early on that then increase over time.
A credit __ is one of the primary mortgage markets.
__ contract is an alternate term for Contract for Deed.
In a mortgage, the borrower is the __.