Special discounts are available for groups, corporate accounts and students taking multiple courses. To learn more, call us toll-free at: 1-877-211-4523

The Loan - An Overview New

Course Description

Course Description

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.

Content Outline:

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
FHA Loans
VA Loans
Purchase Money Financing
Land Contracts
Other Forms of Creative Financing.

Learning Objectives

  • 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

13 lesson assessments
1 post assessment.

State Requirements

Our real estate CE courses meet the requirements of the Georgia Real Estate Commission (GREC). Take your 24-hour Georgia real estate continuing education now. All licensees who have a license number above 100,000 are required to take continuing education during a four-year renewal period to renew their licenses. A renewal period begins four years prior to the current renewal due date. For instance, your renewal date is March 31, 2006. You must complete your CE requirements between April 1, 2002 and March 31, 2006. All CE courses completed outside the renewal period will not be credited.

PRICE:

$60

Credit Card Logos
We accept all major credit cards

Features & Benefits

Unlimited Access

Learn what you want at your own pace and on your own schedule.

Comprehensive Catalog

Over 6,000 online compliance training courses, assessments, and exams.

Multimedia Content

Interactive multimedia courses with instant grading and timely reporting.

Expert Instructors

Learn from top experts who are passionate about their field.

Group Discounts

Get great discounts and save with group enrollment.

24x7 Support

24-hour support for any online course via phone, email or live chat.

Trusted by professionals

We are committed to ensuring a better online learning experience for our students. See why thousands of people chose Online Institute of America to satisfy their online training requirements.



Overall, I think the coursework is great. Everything is explained in simple English and the voiceover is wonderful.

— Lori A. Leonard, IBM


Catherine was terrific and answered all of my questions with great professionalism. Great Job!

— Elizabeth D, Student


Needed assistance getting into my account and Kris set me up. Fast helpful service! Thank you.

— Brian T, Kraft Canada

Read more reviews from our students

Have a question about our online training programs?