(10) Mortgage Loan Products

10.1- What is a Fixed Mortgage? Explain Characteristics of a fixed-rate mortgage

10.2- Draw Comparisons of types of loans (scenarios). Explain Situations that affect a fixed rate mortgage payment

10.3- How does the Percentage of pay down impact monthly payments?

10.4- What is a Fixed-rate mortgage loan with escrow?

10.5- What is an Adjustable rate Mortgage? What are Payment options for an adjustable-rate mortgage? Explain Facts on margin with respect to adjustable-rate mortgages

10.6- Explain Facts on the index with respect to adjustable-rate mortgages

10.7- What is the Definition of “fully indexed rate”?

10.8- Give some Examples of adjustable-rate mortgages. Explain some Scenarios resulting in a change in monthly payments and Facts on ARM loans

10.9- Explain Fully indexed rate scenarios

10.10- Explain Scenarios reflecting payments increasing/decreasing on “change date”

10.11- What is the Timeline for notifying a customer of a rate change?

10.12- Explain Factors when determining interest rates

10.13- How is a borrower’s monthly payment Calculated on Balloon mortgage loan products? Explain Facts about balloon mortgages

10.14- Explain Types of balloon mortgages

10.15- What are Lender requirements on Baloon mortgages? Explain Scenarios to determine when a balloon loan may be appropriate for a borrower

10.16- What is a Reverse mortgage? Explain Facts on reverse mortgages

10.17- Explain Timeline for calculating interest on home equity conversion mortgage loans

10.18- What Payments are required after closing on a conversion mortgage loan?

10.19- What is the Age requirements for conversion mortgages?

10.2- What is the Amount of title insurance required?

10.20- Explain some Facts on “construction-to-permanent” financing programs

10.21- What is the Permissible percentage of total equity allowed for withdrawal?

10.22- Explain Scenarios that cause the full balance to become due

10.22- Explain Scenarios that cause the full balance to become due

10.24- What are "Purchase Money Second Mortgages"? What are required disclosures?

10.25- What is Home Equity Line of Credit (HELOC)? What are the required disclosures?

10.26- Give some Examples of open-ended credit loans

10.27- What is HELOC? Explain Characteristics of a HELOC

10.28- What are Fundamentals of Construction Mortgages?

10.29- What is Definition of “construction loan”? What is the required payment on a construction loan?

10.30- How is the the disclosure of financing classified by the same creditor when constructing a home?

10.31- What is an Interest-only Mortgages? Explain Facts about interest only loans

10.32- Explain facts on interest only payments