Question
Ethel has an existing loan which she wishes to refinance to obtain a lower rate. Her home has appraised for 352,000. She has requested a
Ethel has an existing loan which she wishes to refinance to obtain a lower rate. Her home has appraised for 352,000. She has requested a new loan in the amount of 264,000 to pay off her old loan and cover all closing costs. Ethel has an existing Home Equity Loan which she wishes to keep in place for future home improvements. The home equity loan mortgage was for 50,000, with a current outstanding balance of 28,000. Please calculate the following 30. What is the Loan to Value on the new Loan? 31. What is the CLTV on the combined loans? __ 32. What is the HCLTV on the combined loans?
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Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
