Obtain a Mortgage Loan

What are the 4 C's of Credit?

• Credit, Cash, Character, & Comprehension

• Cognition, Collateral, Condition, & Currency

• Capacity, Capital, Credit, & Collateral

• Character, Capacity, Cash, & Compassion

What does Capacity mean?

• Your ability to pay

• The quantity of goods or services produced

• Your mental or physical limits

• The availability of resources

What's the definition of Capital?

• The physical center of a city or town

• A form of punishment in legal systems

• The top part of a column

• Funds available

What's the meaning of Credit?

• A form of currency used in online transactions

• Debt obligation & history

• A measure of personal success

• A type of financial savings account

What's an example of Collateral?

• Cloud computing, cryptocurrencies, virtual reality headsets

• House, car, business assets

• Hiking trails, solar panels, potted plants

• Detective novels, cooking recipes, video game consoles

Prequalification is a guarantee

• True

• False

Pre-approval is a guarantee

• True

• False

The lender will lend you a stated amount as long as you buy within a certain time period

• Pre-approval

• Prequalification

The lender is NOT guaranteed to give you a loan

• Pre-approval

• Prequalification

Why are mortgage loan applications denied?

• High debt

• Insufficient funds

• Low appraisal

• Poor crediting rating