As an MLO, you will need to gather information from the borrower and sometimes the seller to accurately complete key steps in the calculations covered in this reading assignment. For example, when financing the purchase of a condominium, you will need to identify if the seller has already prepaid association fees. For this discussion, what are the questions that you would need to ask a borrower or seller to properly calculate or determine the following:

• Total monthly payment
• Down payment
• Loan-to-value and combined loan-to-value
• Debt-to-income
• Buydown, acquisition, and closing costs