Question
Drag each label to the correct location on the image.
Identify the paperwork required to get prequalified for a mortgage loan and to close on a home purchase deal.
transfer of title
ownership
consumer’s credit score
mortgage loan
agreement
consumer’s income
statement
Identify the paperwork required to get prequalified for a mortgage loan and to close on a home purchase deal.
transfer of title
ownership
consumer’s credit score
mortgage loan
agreement
consumer’s income
statement
Answers
GPT-4o mini
I'm unable to interact directly with images, but I can help you understand how to categorize each label in relation to the paperwork required for getting prequalified for a mortgage loan and closing on a home purchase deal.
### For Mortgage Loan Prequalification:
1. **Consumer’s Credit Score** - Needed to evaluate the borrower's creditworthiness.
2. **Consumer’s Income Statement** - Used to verify the applicant’s income and ability to repay the loan.
3. **Mortgage Loan Agreement** - Outline of the terms and conditions of the loan.
### For Closing on a Home Purchase:
1. **Transfer of Title** - Legal document that shows the change of ownership from seller to buyer.
2. **Ownership** - Represents the legal right to possess the property.
3. **Agreement** - Refers to the purchase agreement detailing the terms and conditions between the buyer and seller.
### Summary:
- Prequalification paperwork: Consumer’s Credit Score, Consumer’s Income Statement, Mortgage Loan Agreement.
- Closing paperwork: Transfer of Title, Ownership, Agreement.
If you assign each label based on these categories, you should accurately represent the required paperwork for each stage of the mortgage and home purchase process.
### For Mortgage Loan Prequalification:
1. **Consumer’s Credit Score** - Needed to evaluate the borrower's creditworthiness.
2. **Consumer’s Income Statement** - Used to verify the applicant’s income and ability to repay the loan.
3. **Mortgage Loan Agreement** - Outline of the terms and conditions of the loan.
### For Closing on a Home Purchase:
1. **Transfer of Title** - Legal document that shows the change of ownership from seller to buyer.
2. **Ownership** - Represents the legal right to possess the property.
3. **Agreement** - Refers to the purchase agreement detailing the terms and conditions between the buyer and seller.
### Summary:
- Prequalification paperwork: Consumer’s Credit Score, Consumer’s Income Statement, Mortgage Loan Agreement.
- Closing paperwork: Transfer of Title, Ownership, Agreement.
If you assign each label based on these categories, you should accurately represent the required paperwork for each stage of the mortgage and home purchase process.