A Little Quiz for You?

By
Services for Real Estate Pros

 Here's a matching exercise to help you learn some mortgage terms:              

  

1.     ___ Appraisal

2.     ___ Up-front charges

3.     ___ Closing

4.     ___ Closing costs

  5.   ___ Deed

  6.   ___ Earnest money

  7.   ___ Mortgage note

  8.   ___ PITI

     9.      ___ Points

     10.    ___ Title insurance

     11.    ___ Conventional mortgage

 

A.     Right of ownership and possession of a property.

B.     Document that transfers the title from the seller to the buyer.

C.     Fees charged at beginning of home-buying process, such as appraisal of the property.

D.     Money paid by buyer to seller at time an offer to purchase the home is presented.

E.     Professional estimate of what a home is worth, based on style, appearance, construction quality,              improvements, usefulness, and comparable value of nearby properties. 

F.     Principal, interest, taxes, and insurance-the 4 main parts of a monthly mortgage payment.

G.     Policy that protects buyer against errors, omissions, or defects in the title.

H.     Signed promise to repay mortgage loan in payments under pre-agreed terms and conditions.

I.      Final settlement of transfer of property.                                                       

J.      Fees and other charges paid by buyer and seller at closing.

K.     One point equals 1% of total mortgage amount.

L.     Mortgage not insured by government (such as FHA or VA loan).

Answer Key: 1(E), 2(C), 3(I), 4(J), 5(B), 6(D), 7(H), 8(F), 9(K), 10(G), 11(L).

 

There is no cost or obligation to have a mortgage consultation. It's as easy as a phone call.  Just call me, Dmitry Perlovich, at Dimper Funding at 386-627-1348 between 10 am and 6 pm Monday through Friday. I am looking forward to becoming your mortgage consultant for life.

                                                           

P.S. Mortgage Process can be very confusing and complicated for the first time home buyers. I would love to have an opportunity to answer all your questions. 

I help clients who are looking to purchase  new or refinance their existing home in Palm Coast, Ormond Beach, Daytona Beach, Orlando, Miami, St. Augustine or anywhere in Florida. I also can help customers from New Jersey, Tennessee, California, Georgia, Arkansas, Colorado, Illinois, Indiana, Iowa , Kansas, Michigan, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Wisconsin.

I proudly serve Palm Coast, Flagler County Florida Waterfront and Golf Communities, Hammock Beach, Hammock Dunes, Ocean Hammock, Cinnamon Beach, The Conservatory at Hammock Beach, The Gardens at Hammock Beach, Yacht Harbor Village, Grand Haven, Palm Coast Plantation, The Sanctuary, The Tidelands, Canopy Walk, Oceanside Luxury Condos, European Village, Palm Coast Resort, The Surf Club, and More!

                                                                     

 

                                                                          

 

Comments (1)

Randy Sanger
Keller Williams Partners Realty/High Altitude Homes - Colorado Springs, CO

I like the blog.  Interactive=thumbs up.

May 28, 2008 09:04 AM