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% Document Info
\author{khanlamisa}
\pdfinfo{
  /Title (chapter-5-real-estate-finance.pdf)
  /Creator (Cheatography)
  /Author (khanlamisa)
  /Subject (Chapter 5: Real Estate Finance Cheat Sheet)
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\noindent
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Chapter 5: Real Estate Finance Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{khanlamisa} via \textcolor{DarkBackground}{\uline{cheatography.com/124035/cs/25992/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}khanlamisa \\
  \uline{cheatography.com/khanlamisa} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 6th January, 2021.\\
   Updated 6th January, 2021.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{x{2.04057 cm} x{2.93643 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Types of Mortgages}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Conventional Mortgage}} & a loan secured by real property through the use of a mortgage note \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{ ARM}} & a mortgage loan with the interest rate on the note periodically adjusted \tn 
% Row Count 7 (+ 4)
% Row 2
\SetRowColor{LightBackground}
{\bf{FHA Mortgage}} & backed loans that usually require a lower down payment and may sometimes have a lower interest rate \tn 
% Row Count 12 (+ 5)
% Row 3
\SetRowColor{white}
{\bf{Reverse Annuity Mortgage}} & lender makes periodic payments to the borrower using the borrower's equity in the home as satisfaction of mortgage \tn 
% Row Count 18 (+ 6)
% Row 4
\SetRowColor{LightBackground}
{\bf{Balloon Mortgage}} & a mortgage which does not amortize over the term of the note, thus leaving a balance due at maturity \tn 
% Row Count 23 (+ 5)
% Row 5
\SetRowColor{white}
{\bf{Blanket Mortgage}} & used to fund the purchase of more than one piece of real property \tn 
% Row Count 26 (+ 3)
% Row 6
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{\bf{Package Mortgage}} & a method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items \tn 
% Row Count 32 (+ 6)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Types of Mortgages (cont)}}  \tn
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\SetRowColor{LightBackground}
{\bf{Shared Equity Mortgage}} & Joint ownership of real estate by both lenders and property dwellers \tn 
% Row Count 3 (+ 3)
% Row 8
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{\bf{Wrap-Around Mortgage}} & The seller extends to the buyer a junior mortgage which wraps around the existing in addition to any superior mortgages already secured by the property \tn 
% Row Count 10 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{10/1 ARM - fixed 10 yrs/adjust every yr \newline ARM best suited for people who move; fixed overall is better}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Key Terms}}  \tn
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{\bf{point}} & a loan fee equal to 1\% of the mortgage amt \tn 
% Row Count 2 (+ 2)
% Row 1
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{\bf{Private Mortgage Insurance (PMI)}} & insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan \tn 
% Row Count 8 (+ 6)
% Row 2
\SetRowColor{LightBackground}
{\bf{HELOC}} & a line of credit extended to a homeowner that uses the borrower's home as collateral \tn 
% Row Count 12 (+ 4)
% Row 3
\SetRowColor{white}
{\bf{usury}} & on a loan, claiming a rate of interest greater than that permitted by law \tn 
% Row Count 16 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Subprime Loans: \newline -high interest rates \& closing costs \newline -balloon payments \newline -geared towards unqualified buyers \newline -refinancing (flipping)}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Other Things to Remember}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{LTV is based on the appraised value or contract price, whichever is less} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Housing expense ratio (PITI) = front-end ratio (shouldn't be greater than 33\%)} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Need to be at least 62 yrs old for reverse annuity loan} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Fixed rate mortgage offers the least amount of risk and is preferred among long term homeowners} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{FHA Mortgage is best suited for first time home buyers who lack the funds for a large down payment} \tn 
% Row Count 10 (+ 2)
% Row 5
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\mymulticolumn{1}{x{5.377cm}}{Banks look for appraisal and title in a property} \tn 
% Row Count 11 (+ 1)
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Missed/Unsure Questions}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{What type of mortgage is often recommended for buyers seeking to live in the house for only a short period of time?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}adjustable rate mortgage} \tn 
% Row Count 4 (+ 4)
% Row 1
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\mymulticolumn{1}{x{5.377cm}}{If Michael wants the lowest starting interest rate, what ARM should he get?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}3/1 ARM} \tn 
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\mymulticolumn{1}{x{5.377cm}}{Which ARM has the closest starting interest rate to a 30 yr fixed mortgage?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}10/1 ARM} \tn 
% Row Count 10 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{What is the typical annual cap on ARM?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}2\%} \tn 
% Row Count 12 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{What valuation method does a lender typically use when determining the value of a property?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}Market approach} \tn 
% Row Count 15 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{What parameters do appraisers typically use to determine the value of a property using sales comparison approach?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}Properties w/in 1 mile radius, sold w/in the last 6 months} \tn 
% Row Count 20 (+ 5)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{What are known as the limits to the interest rate on an ARM?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}Rate Caps} \tn 
% Row Count 23 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}