Mortgage Payments

A mortgage payment can include payments related to owning the property such as taxes.

• True

• False

Principal & Interest payment (P&I) does NOT include any escrow.

• True

• False

To figure out the P&I on a loan, you only need to know the Loan Amount, Rate, and ______.

• Address

• Term

• Origination Fee

• DTI

Octane will calculate the monthly payment for you.

• True

• False

The P&I is the only portion of the payment the lender has control over

• True

• False

These items fall under this category: Property Taxes, Homeowners Insurance, Mortgage Insurance, and Flood Insurance that may be on the loan.

• Closing Fees

• Escrows

• Lender Concessions

• LTV

A borrower is required to include Escrows on their payment if the Loan To Value is above ___%

• 20

• 50

• 80

• 95

Some borrowers choose to pay their taxes and Homeowner's insurance on their own. This is known as

• waiving escrows

• self-escrow

• a conventional loan

• foregoing taxes

The escrow selection tab can be found on this screen in Octane.

• Charges and Credits

• Credit

• Terms

• Assets

_____ taxes are set by the City or County where the home is located. The tax amount can sometimes be broken into City, County, or Township.

• Hazard

• Escrow

• Appraisal

• Property