Consider a borrower with a gross annual income of 47000 and is applying for a mortgage...
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Consider a borrower with a gross annual income of 47000 and is applying for a mortgage that requires monthly payments of 1960. Taxes and insurance premiums total 1100 per year. The borrower has no credit cards will outstanding balances but has a car loan with payments of 300 per month. What is the borrower's MDR (mortgage debt ratio)? Note: (1) Enter in decimal form (0.xx) to 2 decimal places. (A ratio of 21% should be entered as 0.21). (2) Be careful of per year and per month... Consider a borrower with a gross annual income of 47000 and is applying for a mortgage that requires monthly payments of 1960. Taxes and insurance premiums total 1100 per year. The borrower has no credit cards will outstanding balances but has a car loan with payments of 300 per month. What is the borrower's MDR (mortgage debt ratio)? Note: (1) Enter in decimal form (0.xx) to 2 decimal places. (A ratio of 21% should be entered as 0.21). (2) Be careful of per year and per month...
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To calculate the Mortgage Debt Ratio MDR we need to find the total monthly debt payments i... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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