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 Lesson Four
Escrow Overview
• Why Should I Be Concerned About Holding Title?
• What Are The Most Common Ways To Hold Title?
• What Is The Procedure For Completing And Recording A Quitclaim Deed?
• May I Change The Way I Hold Title After Escrow Closes?
• What Other Ways Are Available For People To Hold Title?
• What Is A Living Trust? Can I Hold Title In A Living Trust?
Important Terms:
• community property
• corporations
• joint venture
• living trust
• partnership
• quitclaim deed
• right of survivorship
• sole tenancy
• title
• tenancy by entirety
• tenancy-in-common
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Lesson Five
Finance Principles
• Why Is Financing So Important And Why Should I Shop Around For Financing?
• How Much Will A Lender Lend Me?
• What Types Of Loans Are Available From Institutional Lenders?
• How Should I Prepare To Get A Loan?
• How Should I Go About Shopping For A Loan?
• What Information Do Institutional Lenders Generally Require?
• What Can I Do If I Have Bad Credit? Can I Still Qualify For A Loan?
• Can I Still Qualify For A Loan If I Am Self-Employed?
• How Do I Get Prequalified For A Loan?
• Are There Going To Be Faster Ways To Quality And Obtain A Loan?
• Are There Any Helpful Hints To Consider When Taking Out Loans?
• How Might I Calculate How Much Cash I'll Need To Close My Escrow?
• What Is A Note?
• Why Is A Mortgage Deed Or A Deed Of Trust Used?
• How Does A Foreclosure Work?>
• What Is A Due On Sale Clause?
• How Can I Tell Whether A Loan Is Assumable?
• How Many I Obtain: "Short-Term" Financing To Help Me Through Escrow?
• How May I Pay Off My Existing High-Interest Loan And Obtain A Newer Low-Interest Loan?
Important Terms:
• amortization
• appraisal
• balloon payment
• collateral
• conventional loan
• credit repositories
• credit report
• deed of trust
• deficiency judgment
• due-on-sale clause
• Fannie Mae
• FHA
• foreclosure
• fully amortized
• installment note
• loan fees
• mortgage
• non-conforming loan
• notice of default
• prepayment penalties
• straight note
• trustee's deed
• refinance
• VA loan
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Lesson Six
Finance Practice
• How Does A Variable Or Adjustable-Rate Loan Work?
• Besides Fixed-Rate Loans And Adjustable-Rate Loans, Are There Any Other Financing Arrangements Available Through Institutional Lenders?
• Is There A Loan For A First Time Homebuyer?
• What Is A "Jumbo" Loan?
• How Does A Loan Approval Proceed?
• What Loan Fees Do Lenders Charge?
• What Is Private Mortgage Insurance And How Can It Help Me Buy A House?
• How Do I Know Whether The Lender Is Computing Everything About The Loan Correctly?
• When Does The Lender Submit Escrow Instructions?
• With First Loan Approved, Where Might Obtain Additional Needed Financing?
• What Is "Subject-To" Financing?
• Are There Any Other Ways To Finance A Property Purchase?
• How Do Assumptions Work?
• How Does An Assumption Differ From A "Subject-To"?
• What Is A Wraparound Loan?
• Why Haven't Lenders Challenged The Use Of Wraparounds?
• What's Happened On The Due-On-Sale Front Since Wellenkemp?
• Why Should A Request For Notice Of Default Be Recorded?
• Are Land Contracts "Creative Financing"?
• Are There Any Guidelines For A Land Contract?
• When I Pay Off A Loan, What Fees Must I Pay?
• Is There Anything I Can Do To Avoid Paying The Reconveyance Fee?
• Is There Anything I Can Do To Avoid A Prepayment Penalty?
• What Does A Prepayment Clause Look Like?
• How Do I Get The Payoff Information?
• What Is A Home Equity Loan?
Important Terms:
• annual percentage
rate (APR)
• assumption
• convertable loans
• creative financing
• deed of reconveyance
• Federal National
Mortgage Association
(Fannie Mae)
• fixed-rate loan
• graduated-payment
mortgage (GPM)
• grant deed
• home equity loan
• index rate
• junior loan
• land contract
• loan application
• mortgagee
• mortgagor
• negative amortization
• non-conforming loan
• points
• portfolio lenders
• private mortgage
insurance (PMI)
• rate caps
• Regulation 'Z'
• second mortgage
• "subject to"
• trustee
• trustor
• truth-in-lending law
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