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Understanding Lending Practices: Notes, Mortgages, and Trust Deeds

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kennedy-howe
18 diapositives · 362 Views · Nov 19, 2014

Dive into the essential aspects of lending practices, focusing on various loan types such as term loans, amortized loans, budget mortgages, and balloon loans. Learn about early payoff options, loan-to-value ratios, and key fees like origination and discount points. Explore the differences and similarities between VA and FHA loans, and understand private mortgage insurance (PMI) along with its impact on borrowers. Enhance your knowledge of mortgage financing and the processes involved in securing loans, whether for residential or agricultural properties.

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Understanding Lending Practices: Notes, Mortgages, and Trust Deeds
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  1. Chapter 10 Lending Practices

  2. In This Chapter You will review the money aspects of notes, mortgages, and trust deeds.

  3. Loans • Term loan– interest payments only until due. • Amortized loan– regular equal payments for life of loan including both principal & interest. • Budget Mortgage – principal + interest + taxes + insurance • Balloon loan– any loan that has a final payment larger than any of the previous. • Partially amortized loan– series of amortized payments with a balloon payment at maturity.

  4. Early Payoff • 15-Year Loan • Biweekly Payments • Existing Loans

  5. Repaying a 6-year, $1,000 Loan

  6. Interest per Year on the Loan

  7. Balance Owed Each Year of the Loan

  8. Amortization Table MonthlyPayment per $1,000 of Loan

  9. Balance Owing on a $1,000Amortized Loan

  10. Loan-to-Value Ratio • The relationship between the amount the lender is willing to loan and the market value of the property. • Market value = $100,000 Loan = $80,000What is the loan-to-value ratio? 80%

  11. Equity – the difference between the value of the property and outstanding debt. Loan Points– one percent of the loan amount. Origination fee– a fee lender charges for making loan usually stated in terms of a percentage of loan amount. Discount points– lender’s charge to raise the return on the loan usually stated as a percentage of the loan amount.

  12. VA and FHA in Comparison FHA VA 1944 Guarantees loans Funding fee Veterans only Rate negotiable Points No down payment 100% L-T-V 1934 Insures loans UFMIPAnyone qualified Rate negotiable Points 3.5% down 96.5% L-T-V

  13. VA and FHA Similarities • Owner-occupied • 1-4 family dwellings • Refinancing allowed • Assumption allowed (with approval)

  14. Want to know more? • FHA • http://www.hud.gov • DVA • http://www.homeloans.va.gov/veteran.htm • Conventional • http://www.ourbroker.com/limits.htm

  15. Private Mortgage Insurance • PMI insures only the top 20% to 25% of a loan. • Insures lenders against foreclosure losses. • If the principal of the loan is 80% or less of the current fair market value of the home, the borrower may have the right to cancel the insurance.

  16. Rural Housing Services Administration • offers programs to help purchase or operate farms

  17. Key Terms • Amortized loan • Balloon loan • Conventional loans • Equity • FHA • Impound account • Loan origination fee • Loan-to-value ratio • Maturity • PITI • PMI • Point • Principal • UFMIP • VA