This course provides the student with an overview of the home loan process. Students will learn how to fill out a loan application and what information lenders require. Elements of conventional financing, loan-to-value ratios, and private mortgage insurance will be discussed. Then students will explore commercial loan products, construction loans, special purpose loans, and the loan needs of farmers and ranchers. The course also examines various kinds of alternative financing, adjustable rate mortgages, FHA and VA loans, purchase money mortgages, wrap-around financing, land contracts, lease/option plans, and other types of creative financing.
Upon completion of this course, the student will be able to:
- List the four steps that make up the loan process; Illustrate how to fill out a typical loan application; Recall what information is required for lenders
- Explain the functioning of conventional financing; Differentiate between amortized, partially amortized, and interest-only loans; Describe the standard for loans with less than 80% loan-to-value ratios; Explain the relationship between secondary financing and conventional loans
- Explain the functioning of private mortgage insurance and its requirements; Describe the standard for loans with more than 90% loan-to-value ratios; Recognize what could potentially happen if one assumes the need for conventional loans
- Define and list various commercial loan products; Recognize various financial statements and their relevance to the commercial loan process; Describe land loans, their requirements, and processing; Explain residential construction loans and their special issues
- Define and list the various special-purpose buildings, and recognize the special loan requirements for each; Describe various lease instruments used commercially; Summarize how the special needs of farmers and ranchers are met by the commercial loan industry
- Explain the use of discount points and their relationship to alternative financing; Describe how buy-down plans reduce interest and lower loan payments; State the limits and guidelines imposed on buy-down plans
- Define adjustable rate mortgages; List the elements of an ARM loan; State the guidelines for ARM loans; Recall the disclosures that must be made for ARM loans; Predict the kinds of questions asked concerning ARM financing
- Explain the functioning of growth equity mortgages; Describe and differentiate between a reduction option mortgage and bi-weekly loans; Define and list the various types of home equity conversion mortgages
- Explain the function of Federal Housing Administration loans; List the features and characteristics of an FHA loan; State the requirements for an FHA loan; Describe the different FHA loan programs available
- Explain the function of Veteran Administration loans; List and recall the VA Guaranty characteristics; Recall the process for qualification for a VA loan
- Recognize the reasons for using seller financing; Define and describe purchase money mortgages; Describe the usage of purchase money financing on unencumbered and encumbered properties; Explain the usage for assumption and wrap-around financing
- Define land contracts; Explain the usage for the three types of land contracts
- List and explain the usage of other forms of creative financing; Explain the workings of a lease/option plan; State the responsibilities for brokers and agents involved with creative financing
This course covers the following topics:
The Loan Process
Conventional Financing: Part 1
Conventional Financing: Part 2
Commercial Loans: Part 1
Commercial Loans: Part 2
Alternative Financing: Part 1
Alternative Financing: Part 2
Alternative Financing: Part 3
Purchase Money Financing
Other Forms of Creative Financing
The Loan - An overview - Georgia Real Estate Commission and Appraisers Board
End of Course Instructions
These credits count toward your Georgia Real Estate Continuing Education requirement, and your school of record will submit your credits to the commission upon receipt of the Course Evaluation Form.
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