Condensed Chapter 19 Slides

Condensed Chapter 19 Slides - Chapter 19 Residential Real...

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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Chapter 19 Residential Real Estate Finance: Mortgage Choices, Pricing and Risks
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Major Topics Primary and secondary mortgage markets FRMs and ARMs Conventional, FHA and VA mortgages The Effect of Points on Mortgage Choice Tax Effects of Mortgage Deductions Mortgage Underwriting Criteria Impact of the Internet on Residential Finance
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Introduction Home ownership is a national policy in the United States Instruments such as the adjustable rate mortgage which reduce interest rate risk for lenders and increase this risk for borrowers are a common alternative to fixed rate loans Another major development impacting the way home purchases are financed today is the emergence of a dominant secondary market for home mortgage loans and the securitization of these loans
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Economy”: Norman G. Miller and David M. Geltner Residential Financing The fully amortizing fixed rate loan or FRM is the most traditional loan format for residential mortgages It is characterized by loan payments (usually paid monthly) that are constant throughout the term of the mortgage The typical loan classifications are conventional loans, FHA loans, and VA loans There are also “jumbo loans” that are based on the mortgage limit for secondary market sale to Freddie Mac
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Condensed Chapter 19 Slides - Chapter 19 Residential Real...

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