| 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?
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Visa Zero+
15 months
What credit card offers 0% for an extended time on purchases and balance transfers? How long is the timeframe for?
|
|
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?
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59 1/2
At what age can a customer withdrawal from a Traditional IRA without a penalty?
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4x points
On first $2,000 each quarter
The Visa Everyday Rewards+ card offers points on dining, take-out, & restaurant delivery on a certain dollar amount you spend each quarter. What are the points and what is the dollar you need to spend first each quarter?
|
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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?
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$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?
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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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Earn 5% cash back on 2 categories you choose - first $2,000 spent each quarter.
Earn 2% unlimited cash back on one everyday category of your choice. Earn 1% unlimited cash back on all other eligible purchases.
What can you earn with the Visa Max Cash Preferred card (there are 3 areas of earnings)?
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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?
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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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Visa Travel Rewards+
4x points
What card allows you to earn points on eligible travel purchases, at gas stations/EV charging stations, and on recreation purchases? How many points?
|
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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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Visa Everyday Rewards+ card
25,000 bonus points
Name the card that gives you 2x points at grocery stores, gas stations and EV charging stations, and eligible streaming services. How many bonus points do you get when you spend $1,000 within the first 90 days of account opening on this card?
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