The flashcards below were created by user
The charge for using another's money is called?
When a lender charges a rate of interest above that allowed by law it is called?
Fee charged by the lender for making a loan is the?
Fee charged by the lender to get a lower interest rate for the borrower is a?
When a buyer assumes the current loan under the same terms and conditions of the original borrower it is an?
Substituting a new obligation for an old one or for new parties to an existing obligation is?
Legal instrument verifying the exact loan amount, the current rate of interest and the date to which interest is paid is an?
Ratio of a mortgage principal to the property appraised value or its sales price, whichever is lower is?
Loan To Value (LTV)
Standardized conventional loan that meets the requirements of Fannie Mae and Freddie Mac is?
Loan that fails to meet the requirements is?
Borrower must be shown appraisal and if not may withdraw from sale penalty free is called?
FHA Escape Clause
Lending Practices Key Terms p.115