Question
After reviewing Matt and Jennifers personal statement of cash flows, the following information was determined: Mortgage principal $5,467 Mortgage interest $21,500 Property tax $2,000 Homeowners
After reviewing Matt and Jennifers personal statement of cash flows, the following information was determined:
| Mortgage principal | $5,467 |
| Mortgage interest | $21,500 |
| Property tax | $2,000 |
| Homeowners insurance premium | $1,800 |
The couple has monthly gross income of $9,500. Has this couple taken on debt in excess of what is reasonale for their income, according to benchmarks set by mortgage lenders?
In addition to the information given in last question, Matt and Jennifer has other annual debt payments of $11,600. Calculate the monthly housing costs and other debt repayments to monthly gross income ratio. Do Matt and Jennifer qualify for a mortgage loan?
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Dividend Stocks For Dummies
Authors: Lawrence Carrel
1st Edition
0470466014, 978-0470466018
