Home loan borrowing power
Chapter 05 Consumer Credit: Advantages, Disadvantages ...
130. (p. 149) Acme Home Lending offers home equity loans up to 75 percent of the home value for its customers. If Sally Johnson has a home valued at $200,000 and a current mortgage of $65,000, how much can she borrow in a home equity loan …
[DOCX File]Lesson 2-1: Using Credit - High School Financial Planning ...
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STUDENT LEARNING PLAN. Lesson 2-1: Using Credit. LEARNING OUTCOMESIn this lesson you will weigh the benefits and risks of borrowing. Along the way you will:Discuss why people borrow.Give examples of acceptable and unacceptable situations to use credit.Explain how borrowing impacts spending power…
[DOC File]Pamphlet 26-7, Chapter 1. The Lender
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5 Secondary Borrowing. 9-9. 6 Purchase of Property with Encumbrances. 9-11. 7 Liens Covering Community-Type Services and Facilities. 9-12. 8 Power of Attorney (POA) 9-14. 9 Lender Review of …
[DOC File]Module 2 – BORROWING: Using Credit Wisely
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1. SECURED LOANS – collateral (property) needed to “back up” the loan in case you don’t pay it back. a. Car Loans – up to 6 years, but I recommend only up to 3 years!! 12-72 months. b. Mortgage Loan (1st mortgage) – a loan …
[DOC File]Appendix A - Questions and Answers
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Answer: A lender will generally make a VA loan for up to four times the veteran's remaining entitlement without requiring a downpayment. For example, $15,000 remaining entitlement times four equals $60,000 in borrowing power …
[DOC File]Get Loan Preapproval - Columbia Gorge Real Estate
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"Preapproval" means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a preapproval letter, which shows your borrowing power.
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