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15
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Which loan type(s) offers a Cash-out option?
Conventional, FHA, and VA
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15
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True or False? A Cash-out refinance may be used to lower the interest rate and to pay off debts.
True
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15
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A cash-out refinance allows the borrower to use the ________ in their home to receive funds at closing.
Equity
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15
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Who benefits from a Cash-out refinance; the borrower, the lender, or both?
Both
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15
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In which Documentation Type category does Cash-out Refinance belong? Streamline or Full Doc?
Full-Doc
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15
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True or False? Cash-out loans usually have Lender Credits.
False
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15
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For Cash-out Refinances, the loan decision may be made by using; Manual Underwriting, or by using an AUS, or either?
Either. Manual Underwriting or an AUS may be used.
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15
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True or False? Appraisals are typically required for Cash-out Refinance loans.
True
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boom
Lose 50 points!
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shark
Other team loses 15 points!
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gift
Win 25 points!
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thief
Give points!
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25
15
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True or False? A new credit check is required for Cash-out loans.
True
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banana
Go to last place!
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rocket
Go to first place!
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rocket
Go to first place!
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banana
Go to last place!
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boom
Lose 50 points!
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star
Double points!
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fairy
Take points!
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25
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lifesaver
Give 20 points!
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banana
Go to last place!
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magnet
Take 25 points!
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fairy
Take points!
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25
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thief
Give points!
5
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15
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True or False? In a Cash-out loan, the borrower may borrow an amount that is higher than the value of the property.
False
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