Module 13

Module 13 contains an overview of mortgages and financing, including the features of different loans, characteristics of different loan programs, types of mortgages, the mortgage underwriting process, how the money market functions, primary market lenders, the secondary mortgage market, and federal laws regarding fair credit and lending procedures.

When you finish reading this module you will be able to:

  1. Describe the features of term loans, amortized loans, and biweekly loans as well as the mechanics and components of an adjustable rate mortgage.
  2. Distinguish among the three major loan programs — conventional, FHA, and VA — and describe their characteristics.
  3. Describe miscellaneous mortgage types such as budget mortgages, construction loans, purchase money mortgages, package and chattel mortgages, blanket mortgages, reverse annuity mortgages, and home equity loans.
  4. Describe the various elements of the mortgage underwriting process including the loan qualifying process.
  5. Describe how the money market functions.
  6. Distinguish among the primary market lenders.
  7. Describe the role of the secondary mortgage market and know the features of the major agencies active in that market.
  8. Describe the major provisions of the federal laws regarding fair credit and lending procedures.
  9. Amortize a level-payment-plan mortgage when given the principal amount, the interest rate, and the monthly payment amount.

 

< Module 12

Module 1

Module 2

Module 3

Module 4

Module 5

Module 6

Module 7

Module 8

Module 9

Module 10

Module 11

Module 12

Module 13

Module 14

Module 15

Module 16

Module 17

Module 18

Module 19

Module 20

Other Courses

Become a Reseller
Florida Insurance License