Answer:
A. Prequalification
Explanation:
First, the Options to the Question
a. Prequalification
b. A contingency clause
c. A Multiple Listing Service
d. Due diligence
What is a PreQualification in Mortgage Processing
Because most persons who are interested in buying a home do not have hundreds of thousands of dollars in cash to purchase the home of their dreams, the concept of mortgage is to approach a lender who will then advance the needed sum for the purchase and then the borrower will pay the advanced sum over some time (most times up to 30 years) at an interest rate.
A PreQualification is a process through which the lender evaluates the creditworthiness of the borrower and also decide the amount of loan the borrower is entitled to. This is done through the financial documents and records made available to the lender by the borrower
One important takeaway from a prequalification is that it is an approximation of what a borrower is entitled to base solely on the information given to the lender. It is, therefore, an approximation which can be less or more when the official application for the loan is submitted.
As stated in the question, getting a prequalification helps Matt to identify and understand the areas of problems and credit report errors that may arise and then he can use the prequalification information to attend to these errors and ensure a proper application is submitted that will allow him to maximise the amount of loan that can be made available to him.
Once Matt has corrected errors and identified problems that may arise on his mortgage application, he then gathers the relevant document and goes for the first formal process in mortgage processing which is the preapproval.
Answer:
Followings are the example of new reality of American life during the Depression or war year is given below in the explanation part
Explanation:
The example is given below:
- Millions of American people made slum areas over the America in free land and fields because they lost their homes
- country people tried to find jobs in other countries, they did not find the job there.
- Faintness inverted people from farms to cities
Depression completely changed the way of Americans live
Answer:
The amount used in the buyer's accounting records to record this acquisition is $60,000.
Explanation:
Amount in the buyer's accounting records to record this acquisition = Cash paid + Note payable
= $20,000 + $40,000
= $60,000
Therefore, The amount used in the buyer's accounting records to record this acquisition is $60,000.
The answer to a multiplication problem
Answer:
1. The disagreement between these economists is most likely due to
a. differences in values
2. Despite their differences, with which proposition are two economists chosen at random most likely to agree?
a. Lawyers make up an excessive percentage of elected officials.
Explanation:
Economists chosen at random do not usually agree on economic events and realities, instead, they are more likely to agree on issues that are not economic. They offer differing opinions based on similar principles. Most of their disagreements stem from differences in what they place their values on. Some value market-oriented approaches while others value government interventions in market situations, with other variants in-between.
