Who is responsible for conducting the final walk-through of the property?
Correct Answer
B) The borrower, typically with their real estate agent
The final walk-through is typically conducted by the borrower, often accompanied by their real estate agent, to verify the property's condition before closing. This is the borrower's opportunity to ensure the property is in the expected condition.
Why This Is the Correct Answer
The final walk-through is typically conducted by the borrower, often accompanied by their real estate agent, to verify the property's condition before closing. This is the borrower's opportunity to ensure the property is in the expected condition.
More Mortgage Knowledge Questions
A borrower is comparing two loan offers: Loan A has no points and 4.5% interest rate, Loan B has 2 points and 4.0% interest rate. The loan amount is $400,000. How much will the borrower pay upfront for the points on Loan B?
A lender charges a 1% origination fee on all loans. For a borrower obtaining a $250,000 mortgage, what is the maximum origination fee that can be charged without violating the points and fees test under the ATR/QM rule for a first-lien mortgage?
Under what circumstances can a Qualified Mortgage include a prepayment penalty?
A borrower is considering paying discount points to reduce their interest rate. Each point costs 1% of the loan amount and reduces the rate by 0.25%. On a $300,000 loan, how much would the borrower pay for 2 discount points?
A borrower asks about the difference between discount points and origination fees. What is the most accurate explanation?
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Previous Question
A borrower wants to refinance their $300,000 mortgage and also pay off $25,000 in credit card debt. The new loan will be for $330,000. However, the credit cards were used exclusively for home improvements completed within the past 12 months. How might this transaction be classified?
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A borrower has two existing mortgages totaling $200,000 and wants to refinance into a single loan of $195,000, paying off both existing mortgages. What type of transaction is this?