8280 Utica Avenue Suite 160-B, Rancho Cucamonga, CA 91730

Do You Know Your Mortgage Terms?

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Definition of APR:

Correct! Wrong!

The fees charged for services performed, including the home appraisal, loan origination, flood certificate, the title survey, etc.:

Correct! Wrong!

This is paid by the buyer to the seller to bind a transaction or assure payment:

Correct! Wrong!

Definition of Escrow:

Correct! Wrong!

Definition of Home Equity:

Correct! Wrong!

A federal law that allows consumers to review information on known or estimated settlement costs once after application and once prior to or at a settlement:

Correct! Wrong!

Definition of Origination Fees:

Correct! Wrong!

Definition of Private Mortgage Insurance (PMI):

Correct! Wrong!

The process during which the decision is made whether to approve a loans rates and terms based on the borrowers’ credit, employment, assets, and other factors:

Correct! Wrong!

Definition of Appraisal:

Correct! Wrong!

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