Mortgage

What do borrowers use to secure a mortgage loan check all that apply

What borrowers use to secure a mortgage loan are credit card and down payment. To get your mortgage approved you need to check your credit score first so you are sure that everything is in order.

Why do some lenders require borrowers to secure credit?

Why do some lenders require borrowers to secure credit? … It tracks the use of credit for lenders.

Which of these are ways that identity theft can happen Check all that apply by forgery?

Answer: 1- The correct answers are 1, 2, 3 and 5. Identity theft can happen through forgery, phishing, fraud, or social engineering.

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What statement best describes a college education?

Thus, the statement that describes college education is “The student pays for it, and it is required in many professions”. The correct answer is letter B. A college education comes after high school, and the student decides what he/she wants to study about, and also where he/she wants to study at.

Which best describes a way people can use personal loans to buy a house to buy a bicycle?

If a person wants to buy a bicycle, a motor loan can be taken. This option is not correct as the personal loan is not taken for buying a bicycle.

Where do banks get money to lend to borrowers?

Banks generally make money by borrowing money from depositors and compensating them with a certain interest rate. The banks will lend the money out to borrowers, charging the borrowers a higher interest rate, and profiting off the interest rate spread.

Is a down payment cash?

A down payment is the cash you pay upfront to make a large purchase, such as a car or a home, and is expressed as a percentage of the price. … However, there are exceptions, such as with VA loans and USDA loans, which are backed by the federal government, and usually do not require down payments.

Which formula should be used to correctly calculate the monthly mortgage payment?

Use the formula P= L[c (1 + c)n] / [(1+c)n – 1] to calculate your monthly fixed-rate mortgage payments. In this formula, “P” equals the monthly mortgage payment.

Which type of loan most often involves long term repayment over 30 years?

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Which type of loan most often involves long-term repayment over 30 years quizlet? Amortized loans are usually fixed-interest, long-term loans of 15 to 30 years. At the end of the loan term, the full amount of the principal and all of the interest are totally paid off and the balance is zero.

How can you protect yourself from identity theft?

  1. 10 Ways To Protect Yourself From Identity Theft.
  2. Destroy private records and statements.
  3. Secure your mail.
  4. Safeguard your Social Security number.
  5. Don’t leave a paper trail.
  6. Never let your credit card out of your sight.
  7. Know who you’re dealing with.
  8. Take your name off marketers’ hit lists.

What is the minimum sentence for identity theft?

Aggravated identity theft is punishable by a mandatory minimum sentence of imprisonment for two years or by imprisonment for five years if it relates to a terrorism offense. At least thus far, the government has rarely prosecuted the five-year terrorism form of the offense.

How do you prove identity theft?

  1. The Identity Theft Affidavit you filed with the FTC;
  2. Government-issued photographic ID (such as a state ID card or driver’s license);
  3. Proof of your home address (like a utility bill or rent agreement);
  4. Proof of the theft (bills from creditors or notices from the IRS); and.

Which are ways to pay for a college education check all that apply tuition?

Answer Expert Verified They include; paying with scholarship and Grants, paying by working while attending, paying for college using the student loans, lowering tuition costs and through lowering your living expenses.

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When someone is considering a career as a lawyer future earnings are the?

When someone is considering a career as a lawyer, future earnings are the: net cost.

Which statement best describes how lenders determine borrowing conditions for a customer?

Which statement best describes how lenders determine borrowing conditions for a customer? They access the customer’s credit reports. They see how large of a down payment the customer makes. They look into how much the customer has saved for emergencies.

Is Conventional better than FHA?

FHA loans allow lower credit scores than conventional mortgages do, and are easier to qualify for. Conventional loans allow slightly lower down payments. … FHA loans are insured by the Federal Housing Administration, and conventional mortgages aren’t insured by a federal agency.

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