Mortgage 1 Quiz Posted on March 21, 2018April 22, 2020Author Ray Foster 0 Welcome to your Mortgage 1 Quiz. Please click "Next" to continue. Kim is a mortgage broker not currently working with Veterans. Which of the following statements would best excite Kim to start working with Veterans? Kim, Veterans need a lot of help. Kim, Veterans generally do not fully understand the generous benefit of the VA Home Loan program, and we would be honored if you join our program and help get the word out. Kim, Veterans know what they want, and they want you. Kim, are you sure you want to ignore the Veteran market? You'll close on more loans.The VA Guaranty Home Loan requires what percentage down payment? 3.5% 5% 0%What are the benefits for Veterans who use the VA Home Loan? (Choose all that apply) They can get more home for their money They do not need to have a down payment They do not need to have mortgage insurance The VA Home loan can be used again and again The VA Home Loan is easier for them to qualify forThe VA Guarantee Home Loan cannot be used to refinance an existing mortgage. True FalseHow large is the potential VA Home Loan market? 1.43 million 1.5 million Over 24 millionWhat did the term "mortgage" originally stand for? "Death Tax" "Home Loan" "Dead Pledge" "Land Loan"An independent mortgage broker often works with a number of local real estate agents. True FalseHow is this fact important to mortgage lenders: On average, Veterans qualify for home loans at a greater rate than non-veterans. (Choose all that apply) Equals more loans per 100 applicants More overall costs selling to Veterans Less overall costs selling to VeteransAs a VNN sales agent working with a prospective mortgage lender, which of the following is not something you should say: Due to their sacrifices to our country, Veterans have an easier time qualifying for a VA Home Loan We guarantee Veterans will seek your help, so long as you are willing to support their efforts Because Veterans using the VA Home Loan have more lenient credit qualifications, you potentially save time.As a VNN agent working with a potential mortgage lender partner, it is important to focus solely on the facts rather than emotion. True FalseTwo brothers, John and Bob, both qualify for a 30 year mortgage at $1600 per month. John is a Veteran using the VA Home Loan. Bob is not a Veterans and is using a conventional loan. Why was John able to purchase a more expensive home? The lender working with John is also a Navy Veteran Bob's credit wasn't up to par and couldn't qualify for a bigger loan John and Bob live in different states Bob needed to pay mortgage insurance, while John did notSince 1/6th of the eligible home buyer market is Veterans and military, what statement do you think is the best Killer One-Liner? Since Veterans and military make up 1/6th of the entire home buyer market, doesn't it just make sense to show your support with a Sponsorship Ad? Since VA Home Loan buyers have more lenient credit qualifications, you really do not have to advertise to them. Since VA Home Loan buyers do not have to have a down payment, or pay mortgage insurance is doesn't make sense to advertize to them. Name Unit Time is Up!