Which of the following is true of the right of redemption for mortgages?

Which of the following gives a mortgagor the right to regain title to property after default

The right of redemption gives mortgage holders the chance to reclaim their real estate and halt a foreclosure sale, or, in some circumstances, even to repurchase their property after the sale has already taken place.

How much do you need for a down payment in order to avoid paying PMI

Youll need to have at least 20% of the homes purchase price set aside for a down payment, or $50,000 if youre purchasing a $250,000 home, in order to avoid PMI. Another option is a piggyback mortgage.

Which one of the following is also called the legal mortgage

If the borrower repays the loan in accordance with the terms and conditions of the home loan agreement, the title to the property is returned to the borrower. A registered mortgage, also known as a “Deed of Trust,” satisfies all legal requirements to establish a mortgage or a charge.

What are the two parts to a mortgage loan

A mortgage loan has two components: a pledge to pay and collateral, which gives the lender the right to foreclose if the borrower defaults.

Do mortgage brokers qualify borrowers

A broker gathers loan options from various lenders for a borrower to consider, while also prequalifying the borrower for a mortgage with those lenders, whether the borrower is purchasing a new home or refinancing.

What is mortgage loan Mcq

A facility created on movable property for a deposit received by a bank, a security created on immovable property for a loan provided by a bank, or both.

What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure

The IRS considers the amount of your forgiven debt to be income, so if you use a deed in lieu, you may be subject to taxes on it. The taxable amount is the total debt at the time it was forgiven minus the fair market value of the home at the time.

Did Dodd Frank amend Tila

By mandating that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual%age increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA.

Which of the following requires that all advertising that references mortgage financing terms contain certain disclosures

answer is primary mortgage market, secondary mortgage market, and government influences, particularly the Federal Reserve System. Which of the following requires that all advertising that refers to mortgage financing terms contain certain disclosures?

What document is available to the mortgagor when the mortgage debt is completely repaid

A satisfaction of mortgage, also known as a satisfaction piece, is a document that the mortgagor can access once the mortgage debt has been fully repaid. According to title theory, the mortgagor actually transfers what is known as legal title to the mortgagee.

Which of the following must be disclosed according to Regulation Z

Regulation Z, also known as the Truth in Lending Act, was developed to safeguard consumers from predatory lending practices. It mandates that lenders disclose borrowing costs upfront and in plain language so that consumers can make informed decisions.

How many discount points would the lender need to charge if the lender wishes to increase the yield on the loan from 9% to 10.25 %

If the lender wants to raise the yield on the loan from 9% to 10.25%, how many discount points would they need to charge? Rationale: Each discount point increases the yield by.125.

What is a mortgage deficiency

When lenders cant sell foreclosed homes at a price high enough to cover all of the debt that borrowers still owe on their mortgage loans, they incur a loss on the sale known as a deficiency, which is referred to as a loss.

What does the loan origination fee cover

An origination fee is a charge made by a mortgage lender to cover the cost of processing, underwriting, and executing your loan. It typically equals about 1% of your total loan balance. Almost all lenders charge origination fees.

When a buyer assumes the outstanding balance of a sellers existing mortgage loan

Questions and Answers About Assumable Mortgages Assumable refers to when one party assumes the obligation of another; in the case of an assumable mortgage, the buyer assumes the sellers existing mortgage, at which point the seller is frequently no longer liable for the debt.

When compared with a 30 year payment period taking out a loan with a 20 year payment period would result in all of the following except

With the exception of higher escrow amounts, taking out a loan with a 20-year payment period would result in all of the following when compared to a 30-year payment period.

What is not a common way that mortgage funds are shifted

The Federal Reserve purchasing mortgages from smaller member banks is not a typical way mortgage funds are shifted, so lenders must be transparent with customers about the true cost of credit in order to avoid misrepresenting the cost of credit to them.

What do discount points do

Points, also known as discount points, lower your interest rate in exchange for paying an upfront fee. Lender credits, which lower your closing costs in exchange for accepting a higher interest rate, raise your interest rate, allow you to make tradeoffs in how you pay for your mortgage and closing costs.4 Sept 2020