David Saks: January 2010

Real Estate Practice : Lesson 514

                                                           #514

A rule of thumb for a lender when considering a loan application is that the borrower should have been continuously employed on the same job for a  minimum of five years.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. False

As a general rule the lending underwriter will prefer to see that the applicant has been on the same job for at least two years.

Earth

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0 commentsDavid Saks • January 25 2010 02:52AM
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#513 When a lender issues a letter stating the maximum loan amount that the lender will authorize this is know as preconclusion of process Is this fact true or false Please take your time. The solution is posted below the wildlife photo… more
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#512 When we talk about loan discount points we're talking about payment for costs which are typically associated with a loan origination fee Is this fact true or false Take your time. The soultion is postd below the wildlife photo… more
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#510 Credit report fees, loan origination fees and appraisal fees are all costs that show up in the loan's APR. Is this fact true or false Take your time. The solution is posted below the wildlife photo. A. False Points paid by the… more
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#509 When a portion of a borrower's monthly mortgage payment is held to be applied later towards property taxes and insurance the money will be held by a trustee. Is this true or false Take your time. The solution is posted below the… more
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#508 If the lender agrees to guarantee a specific interest rate for a specific period of time this is known as discounting the float Is this true or false Please take your time. The solution is posted below the wildlife photo. A… more
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#507 Fees that normally pay the overhead costs of a lender are the loan discount fees associated with the loan. Is this fact true or false Take your time. The soultion is posted below the wildlife photo. A. False Fees than pay the… more
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#506 What factor is most likely to influence the demand for real estate A. Employment opportunities and the wage levels offered. If wages are low and the opportunity for employment is scarce, the demand for real estate becomes low. If… more
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#505 When a lender takes a loan application the most important thing the lender is concerned with is the applicants employment history for the last 15 years. The applicants current housing expenses are of little interest. Is this true or… more