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Finance (TYPES OF LOANS (Special Lending Agreements (Graduate Payment…
Finance
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LAND CONTRACT (contract for deed)
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TYPES OF LOANS
Fixed Rate 10, 15, 30 yrs
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Secondary Loans
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Wraparound Mortgage - Junior mortgage that balance includes newly borrowed funds along with the balance owed on an older, previously existing mortgage.
Home Equity Loans - laons that may be 1st, 2nd, or 3rd mortgage secured by equity in real estate.
Open-End Mortgage - secured by real property, like an open line of credit. - only pay interest
PRIMARY MORTGAGE MARKET
Network of Direct lenders / prime lenders/ originators who make mortgage loans directly to borrowers.
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CLAUSES
ACCELERATION CLAUSE - IF BORROW VIOLATES COVENANTS, ENTIRE LOAN IS DUE(ACCELRATED TO END)
ALIENATION CLAUSE - LENDER MAY DEMAND BALANCE OF DEBT UPON TRANSFER OF OWNERSHIP, TITLE, OR INTEREST IN PROPERTY.
DEFEASANCE CLAUSE - CANCELLATION OF MORTGAGE OR DEED ENTIRE DEBT IS PAID.
PREPAYMENT CLAUSE - PENALTY IF ENTIRE LOAN AMOUNT IS PAID BEFORE A DATE.
SUBORDINATION CLAUSE - 1ST MORTGAGE AGREES TO TAKE A SUBORDINATE OR JUNIOR POSITION TO A NEW LIEN.
EXCULPATORY CLAUSE - LENDER WAIVES ANY RIGHT TO COURT ORDER AGAINST A BORROWER.
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CALCULATIONS
AREA
-- 1 YARD - 3 FEET
-- 1 ACRE = 43,560 SQUARE FEET
-- 1 MILE = 5,280 FEET
-- 1 ACRE = 4,840 SQ YARDS
-- 1 SQ MILE = 640 ACRES
EQUATIONS
--LENGTH X WIDTH = AREA
--PROPERTY TAXES/ASSESSED VALUE = TAX RATE
--LOAN AMOUNT/PROPERTY VALUE = LTV
-- POINTS POINT DOLLAR AMOUNT / LOAN AMOUNT = # OF POINTS
$1,250 / $50,000 = .025 = 2.5% POINTS
EQUITY DOWN PAYMENT + (OG LOAN AMOUNT - CURRENT LOAN AMOUNT) = EQUITY
COMMISSIONS
COMMISSION AMOUNT / SALES PRICE = COMMISSION RATE