Across
- 2. Pre-________: A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home.
- 4. ______ ratio: One of two debt-to-income ratios that a lender analyzes to determine a borrower’s eligibility for a home loan. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income.
- 5. Tax _______: The government’s legal claim against property when the homeowner neglects or fails to pay a tax debt.
- 6. The name of your next real estate agent.
- 7. ______ loan: A combination of loans bundled to avoid private mortgage insurance. One loan covers 80% of the home’s value, another loan covers 10% to 15% of the home’s value, and the buyer contributes the remainder.
Down
- 1. A buyer’s final inspection of a home before closing.
- 3. A process a lender follows to assess a home loan applicant’s income, assets and credit, and the risk involved in offering the applicant a mortgage.