Full Name

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What does APR mean, and how is it different from interest rate?

Annual Property Return; excludes closing costs

Annual Percentage Rate; includes fees and interest rate

Average Payment Ratio; includes taxes and insurance

Which loan type requires a funding fee, unless exempt?

FHA

USDA

VA

What is typically not included in a mortgage payment?

Insurance Premium

HOA Fee

Property Taxes

What is earnest money?

A bribe

A hidden fee

A serious intent to buy

What income source cannot be used under standard guidelines?

Child Support

Future Income

Unverified Cash

What does not impact the interest rate in a loan application?

Downpayment (loan to value)

Age of Borrower

Credit Score

What are "points" in a loan?

Points awarded for good credit

Scores lenders use to evaluate you

Fee paid to buy down your interest rate

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