9 46. Before approving a mortgage loan application, the lender will require a mortgage loan application, a credit report and a copyof the purchase agreement. While evaluating these documents, the lender is NOT concerned thatA. the buyer has demonstrated responsibility in repaying debts according to schedule.B. the buyer paid too much for the property.C. the buyer has sufficient cash to complete the transaction.D. the buyer has sufficient income, after debts have been paid, to make the monthly payments.47. Which of the following is true about Regulation Z advertising requirements?A. If an interest rate is being advertised, the annual percentage rate must also be stated.B. The annual percentage rate cannot be more conspicuous than the advertised rate.C. If the advertisement includes down payment information, the only additional information required is the number of payments.D. If the advertisement includes a payment amount, it must include any additional fees that could be assessed at closing.48. Discount points for a mortgage loan will MOST likely create aA. higher purchase price in the secondary mortgage market.B. longer time period for the loan repayment.C. lower overall cost to the borrower.D. higher monetary return for the lender.49. You have a first time homebuyer who is going to settle on the purchase of a $156,000 home with a 90% loan-to-value ratio at10% interest. Two points are being charged to close the loan. What is the total dollar amount for the points being charged?A. $3,120B. $2,808C. $14,000D. $3,300

Loan-to-Value: A financial ratio that compares the amount of money being borrowed to the market…

Answered: 49. You have a first time homebuyer who…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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49. You have a first time homebuyer who is going to settle on the purchase of a $156,000 home with a 90% loan-to-value ratio at 10% interest. Two points are being charged to close the loan. What is the total dollar amount for the points being charged? A. $3,120 B. $2,808 C. $14,000 D. $3,300