With private mortgage insurance, many lenders will allow you to borrow more than 80% of the appraised value of the home. What is the purpose of this action? O The insurance will pay for damages to the home during the course of the mortgage O It is required by federal and state law It protects the lender in the event the borrower is unable to make the mortgage payments O It pays the mortgage in the event the borrower dies during the course of the mortgage O None of the above When following smart buying to purchase a home you should O create a budget and determine what PITI you can afford O check out your FICO score and get a copy of your credit report O look at your overall financial plan to determine how big a loan you should take on O examine your budget to determine how much of a down payment you can afford all of the above
With private mortgage insurance, many lenders will allow you to borrow more than 80% of the appraised value of the home. What is the purpose of this action? O The insurance will pay for damages to the home during the course of the mortgage O It is required by federal and state law It protects the lender in the event the borrower is unable to make the mortgage payments O It pays the mortgage in the event the borrower dies during the course of the mortgage O None of the above When following smart buying to purchase a home you should O create a budget and determine what PITI you can afford O check out your FICO score and get a copy of your credit report O look at your overall financial plan to determine how big a loan you should take on O examine your budget to determine how much of a down payment you can afford all of the above
Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges
Section: Chapter Questions
Problem 19DQ
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Question
![With private mortgage insurance, many lenders will allow you to borrow more than 80% of
the appraised value of the home. What is the purpose of this action?
O The insurance will pay for damages to the home during the course of the mortgage
O It is required by federal and state law
It protects the lender in the event the borrower is unable to make the mortgage payments
O It pays the mortgage in the event the borrower dies during the course of the mortgage
O None of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4fe362a6-f1e2-4053-ad71-f092bc9d57fc%2F9632ffcf-054b-476e-8cf2-d78543ddbc15%2Fqgubvjv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:With private mortgage insurance, many lenders will allow you to borrow more than 80% of
the appraised value of the home. What is the purpose of this action?
O The insurance will pay for damages to the home during the course of the mortgage
O It is required by federal and state law
It protects the lender in the event the borrower is unable to make the mortgage payments
O It pays the mortgage in the event the borrower dies during the course of the mortgage
O None of the above
![When following smart buying to purchase a home you should
O create a budget and determine what PITI you can afford
O check out your FICO score and get a copy of your credit report
O look at your overall financial plan to determine how big a loan you should take on
O examine your budget to determine how much of a down payment you can afford
all of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4fe362a6-f1e2-4053-ad71-f092bc9d57fc%2F9632ffcf-054b-476e-8cf2-d78543ddbc15%2Fpgj6pna_processed.jpeg&w=3840&q=75)
Transcribed Image Text:When following smart buying to purchase a home you should
O create a budget and determine what PITI you can afford
O check out your FICO score and get a copy of your credit report
O look at your overall financial plan to determine how big a loan you should take on
O examine your budget to determine how much of a down payment you can afford
all of the above
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