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RE Prinicple Chp. 14
| Question | Answer |
|---|---|
| A charge of three discount points on a $120,000 loan equals | $3600 |
| A borrower receives a loan and in return gives a promissory note and mortgage to the lender | Mortgagor |
| Lender is also a | Mortgagee |
| The borrower under a deed of trust is known as the | Trustee |
| A loan in which the borrower makes only interest payments is called an | Straight loan |
| A state law prohibits lenders from charging more than 24% interest on any loan. This kind of law is called | A usury law |
| A clause used in leases and mortgages that cancels a specified right upon the occurence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan. | Defeasance Clause |
| A clause would give a lender the right to have all future installments become due upon default? | Acceleration |
| What document is available to the mortgagor when the mortgage debt is completely repaid? | Satisfaction of mortgage |
| A loan by which a homeower receive a lump sum, monthly payments, or a line of credit based on the homeowner's equity in the property secured by the mortgage. The loan must be repaid at a prearranged date, upon the death of the owner, or upon the sale of t | Reverse Mortgage |
| acceleration clause | |
| ARM | adjustable-rate mortgage |
| Alienation clause | |
| amortized loan | |
| assumption of mortgage | |
| balloon payment | |
| beneficiary | |
| CLUE | Comprehensive Loss Underwriting Exchange |
| DTI | debt to income |
| deed in lieu of foreclosure | |
| deed of reconveyance | |
| deed of trust | |
| defeasance clause | |
| deficiency judgement | |
| discount points | |
| equity | |
| foreclosure | |
| growing-equity mortgage | |
| homeowners insurance | |
| hypothecation | |
| index | |
| interest | |
| interest-only loan | |
| lien theory | |
| loan origination fee | |
| LTV | loan-to-value ratio |
| margin | |
| mortgage | |
| mortgagee | |
| mortgagor | |
| negative amortization | |
| negotiable instrument | |
| note | |
| novation | |
| PITI | (principal, interest, taxes and insurance) |
| prepayment penalty | |
| promissory note | |
| release deed | |
| reverse mortgage | |
| satisfaction of mortgage | |
| short sale | |
| straight loan | |
| "subject to" | |
| title theory | |
| trustor |
Created by:
latoya509