Question: Please Note : Once your assignment is submitted and graded, the grade will be final, no re-submissions will be allowed. Questions: 1. What is the

Please Note: Once your assignment is submitted and graded, the grade will be final, no re-submissions will be allowed.

Questions:

1. What is the main objective of Alternative Financing for a potential borrower ? Define the term "Point" and how much is its value ?

2. Describe what is meant by 'Discount Points".

3. Fully Define the loan program known as the Adjustable Rate Mortgage. Explain the terms Index and Margin, give an example. What does a borrower need to know before agreeing to an Adjustable Rate Mortgage ?

4. Fully Define Negative Amortization, please provide an example.

5. Name at least 7 documents a lender needs in the loan file.

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