Van Ed Unit 6 Financing and Settlement Correctly Answered Latest Update
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Van Ed Unit 6 Financing and Settlement Correctly Answered Latest Update
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| Uploaded on: | May 13, 2025 |
| Last updated: | May 13, 2025 |
| Number of pages: | 13 |
| Written in: | 2025/2026 |
| Type: | Exam (elaborations) |
| Contains: | Questions & Answers |
| Tags: | Van Ed Unit 6 Financing and Settlement Correctly Answered Latest Update |
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Van Ed Unit 6: "Financing and Settlement" | Q&A Latest 2025/2026 | 100% PASS The rules were that what you borrowed, plus interest, must be paid back the next year or at some other agreed upon time. This is called a _______. - Answer -Term Loan A word that literally means to kill off. Each payment is an ___________ partially pays off BOTH principal and interest. - Answer -Amortize. Amortized Loan. A borrower's personal promise to repay a debt according to the agreed terms. - Answer -Promissory Notes. Secured by a Deed of Trust. In some states, lenders prefer to use a three-party security instrument known as _________. This conveys bare legal title, naked title, that is, title without the right of possession, from the borrower to a third party, called the trustee. - Answer -Deed of Trust. This clause requires that the borrower pay a ___________ against the unearned portion of the interest for any payments made ahead of schedule, typically during the first years of the loan. - Answer Prepayment Penalty. A financing document used in many states that makes property security for the repayment of debt. - Answer -Mortgage.
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