Finance
A 'hard inquiries' on a buyer's credit report in Nebraska occurs when:
AThe buyer checks their own credit score
BA lender pulls the buyer's credit report as part of a loan application✓ Correct
CThe title company reviews public records
DA real estate agent requests financial information
Explanation
A hard inquiry occurs when a lender reviews a consumer's credit file as part of a credit application. Multiple mortgage inquiries within a short window (14-45 days) are typically counted as a single inquiry by credit scoring models.
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Key Terms to Know
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.
Loan-to-Value Ratio (LTV)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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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