| SAY WHAT? (Home Equity) | MORE LENDING | LENDING CALCULATIONS | IRA | A LITTLE BIT OF THIS & A LITTLE BIT OF THAT |
|---|---|---|---|---|
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$50, waived in the first year
What is the annual fee on our Home Equity?
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The must pay the balance in full.
What happens at the end of the 36-month term if a customer does not have their Premier Line of Credit paid in full?
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$19,500
65,000x 30%= 19,500
Hank wants to consolidate his credit card debt and is interested in the Unsecured Personal loan, and he shared his annual income is $65,000. What is the maximum amount he could be approved for?
|
$5,200
Ryan just started his first job and wants to start contributing to his Traditional IRA. He earned $5,200 this year. How much can he contribute?
|
Checking Reserve Line
None $500-$25,000
What is the only lending solution used solely for ODP?
Is there an annual fee? If so, what is it? What are the minimum and maximum dollar limits? |
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30 years, 10 years
What is the term of a Home Equity? What is the draw period?
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Monthly Pay-60 months
Single Pay- 11 months
What is the term for the Unsecured Personal loan (Monthly Pay and Single Pay)?
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19%, 62,000/12=5,166
600+350+75=1025 1025/5166=19%
Krystel has an income of $62,000 per year. Her current liabilities include $600/month in rent, $350/month car payment, $750/month credit card payment, and $95 in utilities. What is her current DTI?
|
59 1/2
At what age can a customer withdrawal from a Traditional IRA without a penalty?
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Yes! A banker should ask the customer what the loan will be for.
When a customer inquires about a loan, can the banker ask the customer what amount the loan would be for?
|
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60-240 months
What are the Fixed Rate Option terms available?
|
100,000 miles
What is the maximum number of miles a vehicle can have if they want to apply for a Vehicle and Other Goods Loan?
|
$40,000
(300,000x80%=240,000, 300,000-240,000=40,000)
Leila's home is worth $300,000, and she still owes $200,000 on her mortgage. She wants to get a Home Equity for 80% of her LTV. What would that amount be?
|
Traditional. After 73, they must take the Required Minimum Distribution.
Which plan has a Required Minimum Distribution? At What age are they required to take the RMD?
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Customer for at least 1 year and have an average balance of $1,000 or more.
What are the two requirements for a customer to apply for a Personal Loan or Premier Line of Credit?
|
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Cust. is able to term out all or a portion of an outstanding balance on a HELOC. $100 fee to convert back to the line of credit.(unlock)
Define what it means for the customer to use the Fixed Rate Option on a Home Equity. Is there a fee involved?
|
Fixed rate on loans
Variable rate on lines of credit Loan is paid in full at the end of the term for a loan Line of Credit will not be paid at the end of the term
Describe the key differences between the Unsecured loan and Premier Line of credit?
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Thursday at 11:59pm
Dana just closed on a Home Equity on a Monday, assuming there are no holidays in between what day will the Right of Recission period end?
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Fiduciary Rule
What rule prevents you from providing advice around IRAs?
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Withdrawals on earnings are tax-free if 5 year waiting period has been meet.
What is one of the tax advantages of a Roth IRA account?
|
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20 year repayment period at a VARIABLE interest rate
What happens when to the outstanding balance of the line at the end of 10 years if they don't refinance?
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A loan secured by a deposit product. Acceptable collateral would include a savings account, money market, and CD.
What is a cash secured loan? What is the acceptable collateral?
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$5000 (50,000 x 90%=45,000, 50,000-45,000=5000)
John is looking to buy a vehicle. He was able to locate his dream car which costs $50,000. If the Loan-to-Value cannot exceed 90%. How much will John need to put as his down payment?
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They must ensure that is has been more than 5 years since their first contribution and be 59 1/2.
If a customer wants to withdrawal from their Roth IRA without a penalty what requirements must be met?
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They must have earned income
What is the one requirement a person must have in order to contribute to a Traditional or Roth IRA?
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