Review Jeopardy Objective 2.03. DefinitionsSituationsMoney and numbers 100 200 300 400 500.

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Presentation transcript:

Review Jeopardy Objective 2.03

DefinitionsSituationsMoney and numbers

Question 100 What is an origination fee?

Answer 100 The fee paid for the lender to process your loan

Question 200 What is an appraisal?

Answer 200 Determining the value of property

Question 300 What is a title search and what is its importance?

Answer 300 Making sure the seller actually owns the property it is trying to sell.

Question 400 What are the two types of inspections and what do they cover?

Answer 400 Termite, which checks for termites and water damage and puts the seller in responsibility, and general home checks for structural soundness, roofing, and electrical systems.

Question 500 What is an agreement of sale?

Answer 500 The seller agrees to sell and the buyer has agreed to buy on the same terms.

Question 100 If someone is in the military and doesn’t have much money for a down payment what loan/mortgage type would be best for them?

Answer 100 VA mortgage

Question 200 What kind of mortgage is for the people with low to moderate credit?

Answer 200 FHA mortgage

Question 300 What is the maximum amount people can afford on PURCHASING a house?

Answer 300 Two and a half times their annual income

Question 400 When based on your monthly income, how much can you afford on a mortgage?

Answer % of your gross monthly income

Question 500 If you have someone come out and inspect your foundation for water damage and/bugs, what kind of inspection is that?

Answer 500 Termite inspection

Question 100 If you sell your current home for $250,000 and you owe your mortgage company $122,456, what is the EQUITY of your home?

Answer 100 $127,544 Equity is how much your house is worth minus the amount you owe

Question 200 You have to make a 12% down payment on your home that costs $175,000. How much will you down payment be?

Answer 200 $21,000 You take the cost of the house and multiple it by the percent. $175,000 X 12% (.12)

Question 300 Your monthly income is $5,000. How much can you afford on monthly house payments?

Answer 300 $1,400 You take you monthly income and multiple it by 28% $5,000 X 28% (.28)

Question 400 You make $125,000 annually. What is the maximum amount you can afford to purchase a house?

Answer 400 $312,5000 You can afford 2 and a half times your annual income. 2.5 X $125,000

Question 500 How much can you afford when buying a new home and lot to put the house on?

Answer and a half times your total annual income