Across
- 3. credit capacity cash collateral
- 5. sum of the index and the mortgage margin
- 8. 1 percent of the loan amount paid up front to lower interest rate
- 11. type of refinance that borrowers converts home equity into cash
- 14. home equity line of credit
- 15. total monthly obligations divided by total gross monthly income
- 17. loan amount divided by the appraised value
- 18. third party holds funds or assets until the transaction is completed
- 20. fund purchase of more than one piece of property
Down
- 1. loans that exceed fannie and freddies guidelines
- 2. guaranteed through the department of agriculture
- 4. payments are much higher than 30 year mortgages
- 6. scheduled payments that require you to pay only the interest for a specified amount of time
- 7. total monthly housing expense for the borrowers primary residence divided total gross monthly income
- 9. also known as wet funding
- 10. all current balances owed divided by the appraised value
- 12. the place where investors buy and sell securities they already own
- 13. must be 62 years old or older to qualify
- 16. how much the GFE estimated charges can increase at closing
- 19. average prime offer rate