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URL:https://www.learndesk.us/class/4746122453057536/lesson/ee983ee782dcaa047736fde9f8c72a95?ref=outlook-calendar
SUMMARY:Types of Mortgages and Sources of Financing Snapshot Review
DTSTART;TZID=America/Los_Angeles:20260527T190000
DTEND;TZID=America/Los_Angeles:20260527T200000
LOCATION:https://www.learndesk.us/class/4746122453057536/lesson/ee983ee782dcaa047736fde9f8c72a95?ref=outlook-calendar
DESCRIPTION: QUALIFYING FOR A LOAN
Equal Credit Opportunity Act
● lender must evaluate the applicant according to the applicant's own income and credit information
Loan application process
● use required form; provide required information
Loan underwriting
● evaluate ability to repay; appraise property value; set loan terms; LTV: ratio of loan amount to property value
Qualifying the buyer
● income ratio and debt ratio qualify borrower's income; income ratio applied to gross income determines housing expense maximum; debt ratio takes revolving debt into account ● lender verifies the applicant's sources of cash for a down payment; extra cash enhances income qualification evaluation ● net worth: the extent to which the applicant's assets exceed liabilities as a further source of reserves ● credit evaluation: lender obtains credit reports to evaluate the applicant's payment behavior
Loan commitment
● written pledge by the lender to grant loan under specific terms; firm, lock-in, conditional,...

https://www.learndesk.us/class/4746122453057536/lesson/ee983ee782dcaa047736fde9f8c72a95?ref=outlook-calendar
STATUS:CONFIRMED
SEQUENCE:3
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