A borrower with a 645 credit score is buying a $449,481 home with 95% LTV financing. The percent annual premium from the private mortgage insurance (PMI) company is 1.43% for a 30% coverage policy. The borrower's monthly premium payment is? Note: the question is asking for the monthly premium only, not the loan payment + premium. (Input your answer rounded to the nearest whole penny and without the $ sign, e.g., 1000.01)

Q: A borrower is seeking an FHA-insured loan. He will put the minimum 3.5% down payment and pay the…

A: Features of High cost mortgage loan APR > APOR by more than 6.5%. Total lender/broker points and…

Q: Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable…

A: Monthly Gross Income: $3,460Other Debt Payment: $220Loan Terms: 25-year loan at 6 percentDown…

Q: You overhear your parents say that their mortgage payments are $1875/month and that they have 9…

A:

Q: Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at…

A: When a house owner avails loan by using their house property as a security, it is termed as…

Q: You are looking at a one-year loan of $13,500. The interest rate is quoted as 9.7 percent plus two…

A: Here,Loan Amount $ 13,500Interest Rate9.7%Lender Upfront Cost2%Time Period in years1Lender Upfront…

Q: Lucerne earns a gross income of $5,215 per month and applies for a mortgage with a monthly PITI of…

A: Housing Expense Ratio Calculation:Formula:Housing Expense Ratio = (Total Housing Expenses / Pretax…

Q: Suppose you want to purchase a $301,000 home, and you have the required $55,000 down payment in…

A: A mortgage refers to a covered loan that is borrowed for purchasing a property with the property…

Q: Purchase price of home Down Mortgage Interest payment amount Monthly payment Mortgage рayment Total…

A: As there are multiple sub parts only the first three can be solved according to company’s…

Q: Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This makes it…

A: Credit Score is a 3-digit value which is assigned to an individual that has taken advances from…

Q: Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable…

A: It is given that Monthly Gross Income  5150 Down payment  20% Other debts  300 Monthly…

Q: You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Monthly gross income Other debt (monthly payment) 15-year loan at Down payment to be made (percent…

A: To calculate the affordable monthly mortgage payment, we first need to determine the maximum monthly…

Q: 34. You get a 7.125% mortgage loan with front-end loan charges of $3,800. Will your APR be (a) less…

A: ANNUAL APR =RATE / INITIAL LOAN AMOUNT INITIAL LOAN AMOUNT = LOAN - FRONT END CHARGES…

Q: Advice from most financial advisers states to spend no more than 28% of one's gross monthly income…

A: Debt refers to the obligation that is liable because of borrowing capital. It is used by companies…

Q: A borrower seeks to borrower $175,000, 30-year CPM. The lender discloses to the borrower that the…

A: Step 1 A borrower is a person or company who accepts money from a lender with the promise to repay…

Q: FHA 29% 41% Conventional 28% 36% A only nventional only A and Conventional ne of the above

A: Monthly mortgage and other debt payments are based on monthly income and should be within limits.

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A: DTI ratio compares a person's or a household's total debt payments to their gross income. This is…

Q: You are looking at a one-year loan of $13,500. The interest rate is quoted as 8.7 percent plus two…

A: Point on a loan:One point implies one percentage of the loan amount. As it is payable upfront, it…

Q: Find the indicated amounts for the fixed-rate mortgages. Purchase price of home Down Mortgage…

A: Purchase price of the house = $130,000 Down payment = $0 Interest rate per year = 5% Number of years…

Q: You buy a home for $177,831 and put $11,459 down. You borrow the remainder. The mortgage company…

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Q: Write out the complete formula using cell references instead of using cell names (Term, Rate, etc.).…

A: Using excel PMT function

Q: Vijay

A: Step 1: Step 2: Step 3: Step 4:

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: Given data:Monthly Gross Income= $2,900Monthly PITI Expense = $777Other monthly financial obligation…

Q: Problem #2: A mortgage is being paid with level monthly payments, which pay off the interest for…

A:

Q: Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable…

A: First, we need to calculate the maximum monthly housing expense. According to Exhibit 7-6, the…

Q: Suppose you earn a gross income of $2,710.00 per month and apply for a mortgage with a monthly PITI…

A: Gross income (G) = $2710 Monthly PITI (P) = $501.35 Other obligations (O) = $428.18

Q: You get a 7.125% mortgage loan with front-end loan charges of $3,800. Will your APR be: (a) less…

A: There are various charges levied while taking loan such as front end loan charges

Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.