Which of the following is NOT a factor considered by mortgage underwriters when evaluating a loan application in Delaware?
Why The borrower's religious affiliation Is Correct
Answer C: The borrower's religious affiliation
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
People Also Study
Related Delaware Questions
- Paired sales analysis is used in appraisal to:Property Valuation
- What is the debt-to-income ratio for a Delaware borrower with $1,850 housing payment, $350 car payment, $250 student loan payment, and $6,500 gross monthly income?Real Estate Math
- A Delaware property's potential gross income is $96,000. Vacancy is 7%. Operating expenses are $38,000. What is the debt service coverage ratio (DSCR) if annual mortgage payments are $42,000?Real Estate Math
- A Delaware property is appraised at $310,000. The lender will loan 80% of appraised value. What is the maximum loan amount?Finance
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:Finance
- What is an adjustable-rate mortgage (ARM)?Finance
- External (economic) obsolescence affecting a Delaware property could be caused by:Property Valuation
- A conventional mortgage loan is one that is:Finance
Key Terms to Know
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →