Question
3. You have applied to the bank for a $275,000 mortgage, monthly pay, 5.125%, 30-year amortization. Assume the real estate taxes and insurance are $8,000
3. You have applied to the bank for a $275,000 mortgage, monthly pay, 5.125%, 30-year amortization. Assume the real estate taxes and insurance are $8,000 and $1,500 annually. Also assume you have loan payments for your car of $350 per month. a. What is the amount of annual income necessary to satisfy the Housing Expense Ratio? b. What is the amount of annual income necessary to satisfy the Total Debt Ratio? NOTE: Answers a. and b. will differ.
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Financial Markets Instruments And Institutions
Authors: Anthony M. Santomero, David Babbel
2nd Edition
0072358688, 9780072358681
