Using the residential mortgage-debt to income ratio of 28%, and total-debt to income ratio of 36%, what is the largest loan (with a 30-year FRM at 6%) you can qualify for if you make $38,000 a year and have outstanding debt with $250/month payments? O $113,418 O $140,107 O $150,112 O $155,616 O $148,445
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- You can afford a $1350 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? $ 142,944 b) How much total money will you pay the loan company? $ 486,012. X c) How much of that money is interest? $ 343,058.82 XSuppose you earn a gross income of $2,710.00 per month and apply for a mortgage with a monthly PITI of $501.35. You have other financial obligations totaling $428.18 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above'. If your gross income is OMR1,000 per month, what is the maximum amount that a lender will allow for housing using the 28/36 debt-to-income ratio? what is the amount of housing loan you can get for repayment in15 years? Interest rate is 6%
- You own a home that was recently appraised for $370,000. The balance on your existing mortgage is $129,350. If your bank is willing to loan up to 70% of the appraised value, what is the potential amount (in $) of credit available on a home equity loan? 2$Suppose you earn a gross income of $2,920.00 per month and apply for a mortgage with a monthly PITI of $908.12. You have other financial obligations totaling $169.36 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% A. FHA only B. Conventional only C. FHA and Conventional D. None of the aboveYou can afford a $1000 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? %24 b) How much total money will you pay the loan company? c) How much of that money is interest? %24
- Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges? (Use Table 15.1 in the textbook for the factor.) A. $54,576 B. $50,236.80 C. $5,023.68 D. $545.76Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $You want to take out a $250,000 mortgage (home loan). The interest rate on the loan is 5% and the loan is for 25 years. How much will your semi- monthly payments be? a. $655 $622 c. $730 O d. $680 e. $752 O b.
- You get a $550,000 mortgage loan with 1¼ points. What dollar amount do you pay for points?You can afford a $1050 per month mortgage payment. You've found a 30 year loan at 8% interest.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?$You estimate your monthly mortgage principal and interest will be $3400, property taxes will be $160 per month, and homeowner's insurance will be $50 per month. If your gross monthly income is $6400 per month and your tax rate is 40 percent, what is your mortgage debt service ratio? O 70.27% 62.51% 90.25% O 56.41%