Correct answer: Illegal rates of interest
Each jurisdiction has its own cap for the highest interest rate that lenders may charge. Rates over that ceiling are considered usurious and unlawful. No legitimate lender surpasses such rates, and those who do so are often referred to as loan sharks.
Correct answer: The veteran agrees to stay.
Although the regulations and terms are subject to change, the low down payment and below-market interest rate characteristics of VA loans are contingent on the borrower residing in the property.
Correct answer: is the major proof of a debt.
A borrower accepts the loan and all of its terms and conditions when he or she signs a promissory note. It is the primary instrument in almost all types of loans.
Correct answer: When appraising a medical building
When assessing a medical building, an appraiser would be unconcerned with the status of the economy. Because money availability has no direct impact on people's health.
Correct answer: Increases as the interest payment falls
The amount of each payment devoted to interest reduces while the amount of each payment applied to principle grows on a Level Payment Loan.
Correct answer: There will be no principle payments over the loan's term, except for the final payment.
There are no principle payments made on a Straight Note. At maturity or the end of the loan, the whole principle amount is paid off. (The interest is paid off at the end or throughout the period of the note.)
Correct answer: The mandatory payment of the whole outstanding debt
Balloon Loan is a loan that is partially amortized. It has a fixed interest rate over a certain length of time. The borrower must refinance or pay off the remaining debt at the conclusion of the balloon period. To put it another way, the whole balance will be payable.
Correct answer: Allows for the release of sections of the property supplied as security from the mortgage lien upon performance of a specified act.
A condition in a blanket mortgage that allows the property owner to pay down a portion of the debt, therefore freeing up some of his property from the mortgage.
Correct answer: The majority of syndicate investors put a lot of their own money into their investments.
Correct answer: REMIC
Correct answer: A loan for a single-family home
Correct answer: Conventional
Correct answer: Highway accessibility
Correct answer: Reverse
Correct answer: Personal Property
Correct answer: 1% of the loan amount
Correct answer: Seller
Correct answer: Minimum down payment
Correct answer: The purchaser assumes responsibility for the debt.
Correct answer: Mortgage is sold to an investor
