1003 Information sec 1 to 5 will help you answer to the bold questions. There's no right or wrong questions

Purchase Terms

Address: 4862 Oliva Ave., Lakewood, CA

Purchase Price: $550,000

Initial Deposit: $10,000

Down payment: 20%

30 year fully amortized loan

4.75% interest rate

Details of Transaction

Purchase Price: $550,000

Estimated Pre-paids: $1729.31

Estimated Closing Costs: $12,026

1. Total Costs : (calculate)

Other Credits: $10,000 (initial deposit - earnest money)

Loan Amount see ( Section I)

Loan Amount: ???? (calculate)

Cash from Borrower: ???? (calculate)

2. Calculate total "Gross Monthly Income" and "Combined Monthly Housing Expenses" (section V)

3 Calculate total "Assets" and "Liabilities" (section VI)

4 Calculate "Net Worth" (section VI)

Section I: Type of Mortgage and Terms of Loan

Mortgage Applied for: Conventional

Amount: calculate @ 80% of purchase price

Interest Rate: 4.75%

No. of Months: 30 year fixed fully amortized

Section II: Property Information and Purpose of Loan

Subject Property: 4862 Oliva Ave., Lakewood, CA 90712

No. of Units: 1

Legal Description: APN 7154024001

Year Built: 1952

Purpose of Loan: Purchase

Title will be Held: and Maria A. Buyaar and Juan Q. Buyaar

Manner Title to be Held: to be determined

Estate Held in: Fee Simple

Section III: Borrower Information

Borrower Co-Borrower

Borrower: Maria A. Buyaar Co-Borrower: Juan Q. Buyaar

Social Security: 123-45-6789 Social Security: 123-45-6780

Home Phone: 888-888-8888 Home Phone: 888-888-8888

DOB: 03/01/1962 DOB: 07/01/1963

Years of School: 16 Year of School: 16

Marital Status: Married Marital Status: Married

Dependents: 2, Ages 14, 16 Dependents: 2, Ages 14, 16

Present Address: 1234 Market St. Present Address: 1234 Market St.

San Diego, CA 92111 San Diego, CA 92111

Own or Rent: Rent, 4 years Own or Rent: Rent, 4 years

Section IV: Employment Information

Borrower Co-Borrower

Employer: Rodeo Electronics Employer: Financial Corporation

Address: 1234 Ocean St. Address: 7777 Ryan St.

San Diego, CA 92111 San Diego, CA 92111

Years on Job: 16 Years on Job: 1 1/2

Years in this line of work: 16 Years in this line of work: 12

Position: Programmer Position: Vice President

Wages (mo.): $4600 Wages (mo.) $4100

Business Phone: 999-999-9999 Business Phone: 444-444-4444

Employer: The Money Store

Address: 3221 Green St.

San Diego, CA 92110

Years: 6

Position: District Manager Wages (mo.): $3700

Business Phone: 444 - 111-2222

Section V: Monthly Income & Housing Expenses

Base Employment Income: Borrower - $4,600.00 Co-Borrower - $4,100.00

Rent: Present - $1,935.00

First Mortgage: Proposed - calculate (use: usmortgagecalculator.org)

Hazard Insurance: Proposed - $800/yr.

Real Estate Taxes: Proposed - calculate (1.1% of Purchase Price)

Section VI: Assets and Liabilities

Assets

Cash Deposit (earnest money): $10,000

Wells Fargo Bank: $4,500 (acct. 1234)

Chase Bank: $22,000 (acct. 5678)

Fidelity Investment: $120,000 (Mutual Funds)

Vested Retirement Fund: $250,000

Automobiles: $18,000 (Brand X), $15,000 (Brand Y)

Liabilities

Auto Loan: $280.00/5 (acct. 12345) Bal: $1470

Credit Card 1: $160.00/R (acct. 11111) Bal: $6750

Credit Card 2: $90.00/R (acct. 22222) Bal: $2900

Credit Card 3: $75.00/R (acct. 33333) Bal: $2200