Module #2 – The Four C’s of Mortgage Qualification

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* 1. Name

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* 2. Phone Number

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* 3. Email

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* 4. Of the Four C’s of Mortgage Qualification; Our ability to pay back the loan- A relationship between our Income and our Debt, is best defined as:

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* 5. These are guidelines applied by lenders to determine the allowable loan amount to grant to a potential homebuyer (select one):

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* 6. 35% of our credit score is reflective of our:

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* 7. The maximum percentage of our gross monthly income that can be used to make our monthly mortgage payment (just our housing payment) is typically between:

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* 8. Our debt-to-income ratio is the maximum percentage of our gross monthly income that can be used for our house payment, plus (select one):

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* 9. Using the fixed interest rate table on page 13 of your manual: What best represents the monthly payment on a mortgage in the amount of $200,000 at 4.5%

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* 10. The biggest negative impact on our credit score occurs when this is reported to the credit bureaus:

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* 11. Keys to creating a successful budget include:

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