The first step you need to take before meeting with a realtor is...
get pre-approved
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trap
No points!
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gold
Win 50 points!
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rocket
Go to first place!
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baam
Lose 20 points!
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15
What type of a mortgage loan may a very wealthy person have?
jumbo
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15
Name two other types of mortgage loans besides ARM and fixed rate
jumbo, VA, FHA...
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15
What does PMI stand for?
Private mortgage insurance
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15
The legal right to ownership of a property.
title
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thief
Give points!
5
10
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20
25
fairy
Take points!
5
10
15
20
25
rocket
Go to first place!
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lifesaver
Give 15 points!
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15
An ARM and fixed rate are types of what?
mortgage
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15
The seizure of property from borrowers who are unable to repay their loans.
foreclosure
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15
When I take out a loan, the actual loan amount is called ____
principal
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15
I might hire a professional to evaluate the structural and mechanical condition of a property before I purchase it. What is this process called?
Home inspection
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15
How do you become a realtor?
4 classes + pass state/national tests
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15
Current mortgage rates are ...
6%-7%
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15
The expenses which owners and sellers incur during the purchase/sale of a home in addition to the price of the property (recording fees, escrow fees, title insurance, etc.)
closing costs
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15
The difference between the value of your house and the amount that you owe is
