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Chapter 0 5 Making Automobile and Housing Decisions Assignment This treatment on your federal and, in most states, state income taxes results in a taxable
Chapter Making Automobile and Housing Decisions Assignment
This treatment on your federal and, in most states, state income taxes results in a taxable income and tax obligation. However, to realize the full value of this benefit, you mus
What are the costs of homeownership?
The five types of costs associated with homeownership are:
the down payment
closing costs, including the required by the lender;
the
the property taxes and insurance premiums
the maintenance and operating expenses
With regard to these costs:
Mortgage lenders vary in the types and characteristics of the mortgage loans offered. However, virtually every mortgage lender requires a prospective homebuyer to invest some of his or her own money as a down payment. The funds contributed by the homebuyer are called and depend on the lender's loantovalue ratio. The relationship between the lender's required down payment DP and its loantovalue LTV ratio can be expressed as
The noninterestrelated lender fees, which increase with borrower demand, are equal to of the amount borrowed, and are included in the
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