Answered step by step
Verified Expert Solution
Question
1 Approved Answer
For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Balance of Appraised Value Lender's Percentage Percentage of
For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Balance of Appraised Value Lender's Percentage Percentage of Appraised Value (in $) Potential Credit (in $) First Mortgage $125,500 60% ta $53,200 $ Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Applicant Monthly Gross Income Monthly PITI Expense Other Monthly Financial Obligations Housing Expense Ratio (%) Total Obligations Ratio (%) Martin $3,700 $705 $720 % Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $321,600. The balance on their existing first mortgage is $164,920. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit? $
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