Out of the following list, what is the most important way that a private mortgage benefit borrowers? Select one: a. It offers a lower interest rate compared to institutional mortgages. b. It provides an alternative source of financing when institutional mortgages are unavailable. c. It requires less paperwork compared to institutional mortgages. d. It is harder to obtain compared to institutional mortgages. Farouq, a mortgage agent level 1, is creating a private mortgage commitment letter for her investor for her borrower, Clive. She's unsure of what to include with regard to the legal fees as she has never done a private mortgage before. Given this scenario which of the following statements is most correct? Select one: a. Farouq should include that two lawyers are required b. Farouq should include that independent legal advice is recommended c. Farouq can't do a private mortgage transaction d. The mortgage commitment letter is always created by the investor
Out of the following list, what is the most important way that a private mortgage benefit borrowers? Select one: a. It offers a lower interest rate compared to institutional mortgages. b. It provides an alternative source of financing when institutional mortgages are unavailable. c. It requires less paperwork compared to institutional mortgages. d. It is harder to obtain compared to institutional mortgages. Farouq, a mortgage agent level 1, is creating a private mortgage commitment letter for her investor for her borrower, Clive. She's unsure of what to include with regard to the legal fees as she has never done a private mortgage before. Given this scenario which of the following statements is most correct? Select one: a. Farouq should include that two lawyers are required b. Farouq should include that independent legal advice is recommended c. Farouq can't do a private mortgage transaction d. The mortgage commitment letter is always created by the investor
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
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Transcribed Image Text:Out of the following list, what is the most important way that a private mortgage
benefit borrowers?
Select one:
a. It offers a lower interest rate compared to institutional mortgages.
b. It provides an alternative source of financing when institutional mortgages
are unavailable.
c. It requires less paperwork compared to institutional mortgages.
d. It is harder to obtain compared to institutional mortgages.
Transcribed Image Text:Farouq, a mortgage agent level 1, is creating a private mortgage commitment letter
for her investor for her borrower, Clive. She's unsure of what to include with regard
to the legal fees as she has never done a private mortgage before. Given this
scenario which of the following statements is most correct?
Select one:
a. Farouq should include that two lawyers are required
b. Farouq should include that independent legal advice is recommended
c. Farouq can't do a private mortgage transaction
d. The mortgage commitment letter is always created by the investor
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