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Q1. The closing is conducted by the seller’s agent.
- True
- False
Q2. Select the list that has the steps of the closing process in the right order.
- 1. Do final walk-through – Purchase homeowners insurance – Sign closing documents – Apply for mortgage
- 2. Apply for mortgage – Do final walk-through – Sign closing documents – Purchase homeowners insurance
- 3. Apply for mortgage – Purchase homeowners insurance – Do final walk-through – Sign closing documents
Q3. Select the best description of the mortgage note.
- 1. It commits you to paying your loan
- 2. It lists all costs associated with your loan
Q4. Which one of these documents itemizes the closing costs and explains the terms of your loan?
- 1. Appraisal
- 2. Closing disclosure
- 3. Deed
- 4. Affidavit
The mortgagor has to inform to the lender of rights granted by a third party in that mortgaged asset. In the event that the mortgaged property serves as collateral to more than one obligation the mortgagor has to notify each mortgagee who follows of previous mortgages.
Q1: False
Closing takes place by the closing agent.
Q2. 3. Apply for mortgage – Purchase homeowners insurance – Do final walk-through – Sign closing documents
First, the buyer must complete the application. Then, he or she must purchase the insurance. The final walk-through is completed by signing the closing documents.
Q3: 2. It lists all the costs associated with your loan
A mortgage note is a promise to repay a loan amount and interest at a certain rate for a specified time.
Q4: 2. Closing disclosure
The closing disclosure includes the terms and monthly payments, as well as the fees and costs.