Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Based on the following information what rate will be used to qualify this customer for the mortgage they desire your client is selling their existing
Based on the following information what rate will be used to qualify this customer for the mortgage they desire your client is selling their existing home and paying out the remaining $100,000 balance on the existing open mortgage this mortgage is at 3.8% the new home is valued at $450,000 and will have a $200,000 mortgage they have excepted a five year mortgage rate posted rate is 4.79% but the lender is offering them a discounted rate of 3.5% what would the rate be for qualifying this client
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started