5) What is your Loan to Value (as a %) Show calculation. 6) A) Use a...

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5) What is your Loan to Value (as a %) Show calculation. 6) A) Use a credit score of 740 and compute the monthly mortgage P&I payment based on a 30 year loan. You may contact a lender to verify the rate for this credit score. If you look at mortgage loan rates on a bank/credit union website, read the small print on the rates page to find the minimum credit score for the best rate. You can also use, bankrate.com, nerdwallet.com or homesnap.com. If the lender you chose uses a different cut-off (other than 740), you may use it, just be sure to tell me what the cut-off is. N i/y PV PMT FV Website used and date: Interest Rate for 740 or higher score: Payment for 740 or higher score: Show your financial calculator inputs. 7) B) Use a credit score of 700 and compute the monthly mortgage P&I payment based on a 30 year loan. You may need to contact a lender to verify the rate for this credit score. If you look at mortgage loan rates on a bank/credit union website, read the small print on the rates page as we did in class to find the minimum credit score for the best rate. Interest Rate for 700 or below score: Payment for 700 or below score: Show your financial calculator inputs: N i/y PV PMT FV 8) What is the difference in payment per month for #6 and #7? Show calculations. How much interest is paid over the life of the loan at 740 score? How much interest is paid over the life of the loan at 700 score? What is the difference in interest paid over the life of the loan? 9) Determine the monthly property taxes on the residence. You will likely find this in the online listing. List your source. 10) Determine the monthly property insurance premium. Check the listing. List your source. 11) Since you are using only a 10% down payment, you will need to determine the monthly Private Mortgage Insurance PMI that will be required. Use an online PMI site or one listed in the beginning of assignment. Use the 740 score. List your source. PMI: 12) What is the final monthly Principal and Interest + PMI payment for this home? Principal and Interest Payment Property Taxes Property Insurance Private Mortgage Insurance Total Payment 13) What is the minimum monthly income required to qualify for the loan based on the PITI + PMI using the payment for the 740 or better credit score. They will be limited to not spend more than 31% of their total income on PITI + PMI. Refer to CH 18 Packet WORD document if you need an example. Be sure to show your calculations. 5) What is your Loan to Value (as a %) Show calculation. 6) A) Use a credit score of 740 and compute the monthly mortgage P&I payment based on a 30 year loan. You may contact a lender to verify the rate for this credit score. If you look at mortgage loan rates on a bank/credit union website, read the small print on the rates page to find the minimum credit score for the best rate. You can also use, bankrate.com, nerdwallet.com or homesnap.com. If the lender you chose uses a different cut-off (other than 740), you may use it, just be sure to tell me what the cut-off is. N i/y PV PMT FV Website used and date: Interest Rate for 740 or higher score: Payment for 740 or higher score: Show your financial calculator inputs. 7) B) Use a credit score of 700 and compute the monthly mortgage P&I payment based on a 30 year loan. You may need to contact a lender to verify the rate for this credit score. If you look at mortgage loan rates on a bank/credit union website, read the small print on the rates page as we did in class to find the minimum credit score for the best rate. Interest Rate for 700 or below score: Payment for 700 or below score: Show your financial calculator inputs: N i/y PV PMT FV 8) What is the difference in payment per month for #6 and #7? Show calculations. How much interest is paid over the life of the loan at 740 score? How much interest is paid over the life of the loan at 700 score? What is the difference in interest paid over the life of the loan? 9) Determine the monthly property taxes on the residence. You will likely find this in the online listing. List your source. 10) Determine the monthly property insurance premium. Check the listing. List your source. 11) Since you are using only a 10% down payment, you will need to determine the monthly Private Mortgage Insurance PMI that will be required. Use an online PMI site or one listed in the beginning of assignment. Use the 740 score. List your source. PMI: 12) What is the final monthly Principal and Interest + PMI payment for this home? Principal and Interest Payment Property Taxes Property Insurance Private Mortgage Insurance Total Payment 13) What is the minimum monthly income required to qualify for the loan based on the PITI + PMI using the payment for the 740 or better credit score. They will be limited to not spend more than 31% of their total income on PITI + PMI. Refer to CH 18 Packet WORD document if you need an example. Be sure to show your calculations.