On April 1 of next year, lei is purchasing a $195,000 house and has accepted the Third Universal Bank's offer of a ten year $165,750 loan with an interest rate of 8%. She has a gross annual income of $100,000 and is concerned about how much her one-time up-front cents and recurring monthly costs will be She's received the following data and form, but she's not certain when she is to pay each costat doming, monthly, or both. Your task is to help les by completing the form and classifying the costs. Hint: Remember that the purchase is expected to doce on the first of April. This means the following: Although a year's worth of a cost, such as the house's property taxes, may be owed by the home buyer, a portion of the total cord will be paid by the seller A portion of a cost, such as the homeowner's insurance premium, may be deposited into an escrow account to that the accumulated funds will be available to pay the entire annual premium when it is due next year. . For its mortgage, the bank will permit a 15% down payment but will also require 4 points. Mortgage insurance is required if the loan to-value (LTV) ratio is less than 20% A private mortgage insurance (PMI) policy, if necessary, is expected to cost $663 per year, but is distributed 12 times per year. Lei has purchased a home warranty policy, which carries an annual premium of $480 and is paid 12 times per year, and a homeowner's insurance policy, which costs $1,950 per year. Premiums for these two polices are paid to the respective insurance companies from an escrow account at the bank. Credit report fee: $50 Title search and deed recording fee: $375 Loan ongination fee: $975 Title insurance policy-Lender: $390 Mortgage payment (principal and interest): $2,015 Appraisal and survey fees: $450 Attorney fees: $1,000 Home, termite, and radon Inspections: $525 Home, termite, and radon Inspections: $525 Title insurance policy-Homeowner: $440 Messenger and document fees: $235 . Property taxes on the house: $14,625 per year The property taxes and homeowner's policy should be pro-rated. Amount Paid Cost Incurred At Closing Monthly S $ $ $ $ S Using the given information, what is the loan-to-value (LTV) ratio required by the Third Universal Banki 85.00% 117.65% 15.00% Les total closing costs are of her mortgage, and her monthly costs are of monthly income How Should the Costs of Purchasing and Owning a Home Be Categorized? You can categorize the costs associated with home ownership according to whether they are paid at dosing, or monthly throughout the life of the mortgage loan, or even after the home is paid off. Consider the following situation, and then complete the form that follows by entering the necessary data, classifying the costs according to whether they represent up front, monthly costs, or both. Finally, answer the associated questions that follow. Note: Round all dollar amounts to the nearest whole dollar, and if no payment is necessary, record a zero (0) in the space. In case of deduction, enter the dollar amount without minus sign. When Should tel Pay Housing Costs? On April 1 of next year, Letis purchasing a $195,000 house and has accepted the Third Universal Bank's offer of a ten-year $165,750 loan with an interest rate of 89. She has a gross annual income of $100,000 and is concerned about how much her one-time up-front costs and recurring monthly costs will be She's received the following data and form, but she's not certain when she is to pay each costat dosing, monthly, or both. Your task is to help Leiby completing the form and dassifying the costs. Hint: Remember that the purchases expected to dose on the first of April. This means the following: Although a year's worth of a cost, such as the house's property taxes, may be owed by the home buyer, a portion of the total cost w be paid by the seller. A portion of a cost, such as the homeowner's insurance premium, may be deposited into an escrow account so that the accumulated funds will be available to pay the entire annual premium when it is due next year. For its mortgage, the bank will permit a 15% down payment but will also require 4 points. Mortgage insurance is required if the loan- to-value (LTV) ratio is less than 20%. A private mortgage insurance (PMI) policy, if necessary, is expected to cost $663 per year, but is distributed 12 times per year. Lei has purchased a home warranty policy, which carries an annual premium of $480 and is paid 12 times per year, and a homeowner's insurance policy, which costs $1,950 per year. Premiums for these two policies are paid to the respective insurance companies from an escrow account at the bank. Credit report fee: $50 Title search and deed recording fee: $375 Loan origination fee: $975 Title insurance policy-Lender: $390 Mortgage payment (principal and interest): $2,015 Appraisal and survey fees: $450 Attorney fees: $1,000 Home, termite, and radon Inspections: 5525 Title insurance policy-Homeowner: 5440 Messenger and document fees: 5235 Property taxes on the house: $14,625 per year The property taxes and homeowner's policy should be pro-rated. companies TO Credit report fee: $50 Title search and deed recording fee: $375 Loan origination fee: $975 Title insurance policy-Lender: $390 Mortgage payment (principal and interest): $2,015 Appraisal and survey fees: $450 Attomey fees: $1,000 Home, termite, and radon Inspections: $525 Title insurance policy-Homeowner: $440 Messenger and document Fees: $285 Property taxes on the house: $14,625 per year The property taxes and homeowner's policy should be pro-rated. Amount Paid Cost Incurred At Closing Monthly $ $ 5 Using the given information, what is the loan-to-value (LTV) ratio required by the Third Universal Bank? 85.00% 117.65% 15.00 Lel's total closing costs are of her mortgage and her monthly costs are of monthly income On April 1 of next year, lei is purchasing a $195,000 house and has accepted the Third Universal Bank's offer of a ten year $165,750 loan with an interest rate of 8%. She has a gross annual income of $100,000 and is concerned about how much her one-time up-front cents and recurring monthly costs will be She's received the following data and form, but she's not certain when she is to pay each costat doming, monthly, or both. Your task is to help les by completing the form and classifying the costs. Hint: Remember that the purchase is expected to doce on the first of April. This means the following: Although a year's worth of a cost, such as the house's property taxes, may be owed by the home buyer, a portion of the total cord will be paid by the seller A portion of a cost, such as the homeowner's insurance premium, may be deposited into an escrow account to that the accumulated funds will be available to pay the entire annual premium when it is due next year. . For its mortgage, the bank will permit a 15% down payment but will also require 4 points. Mortgage insurance is required if the loan to-value (LTV) ratio is less than 20% A private mortgage insurance (PMI) policy, if necessary, is expected to cost $663 per year, but is distributed 12 times per year. Lei has purchased a home warranty policy, which carries an annual premium of $480 and is paid 12 times per year, and a homeowner's insurance policy, which costs $1,950 per year. Premiums for these two polices are paid to the respective insurance companies from an escrow account at the bank. Credit report fee: $50 Title search and deed recording fee: $375 Loan ongination fee: $975 Title insurance policy-Lender: $390 Mortgage payment (principal and interest): $2,015 Appraisal and survey fees: $450 Attorney fees: $1,000 Home, termite, and radon Inspections: $525 Home, termite, and radon Inspections: $525 Title insurance policy-Homeowner: $440 Messenger and document fees: $235 . Property taxes on the house: $14,625 per year The property taxes and homeowner's policy should be pro-rated. Amount Paid Cost Incurred At Closing Monthly S $ $ $ $ S Using the given information, what is the loan-to-value (LTV) ratio required by the Third Universal Banki 85.00% 117.65% 15.00% Les total closing costs are of her mortgage, and her monthly costs are of monthly income How Should the Costs of Purchasing and Owning a Home Be Categorized? You can categorize the costs associated with home ownership according to whether they are paid at dosing, or monthly throughout the life of the mortgage loan, or even after the home is paid off. Consider the following situation, and then complete the form that follows by entering the necessary data, classifying the costs according to whether they represent up front, monthly costs, or both. Finally, answer the associated questions that follow. Note: Round all dollar amounts to the nearest whole dollar, and if no payment is necessary, record a zero (0) in the space. In case of deduction, enter the dollar amount without minus sign. When Should tel Pay Housing Costs? On April 1 of next year, Letis purchasing a $195,000 house and has accepted the Third Universal Bank's offer of a ten-year $165,750 loan with an interest rate of 89. She has a gross annual income of $100,000 and is concerned about how much her one-time up-front costs and recurring monthly costs will be She's received the following data and form, but she's not certain when she is to pay each costat dosing, monthly, or both. Your task is to help Leiby completing the form and dassifying the costs. Hint: Remember that the purchases expected to dose on the first of April. This means the following: Although a year's worth of a cost, such as the house's property taxes, may be owed by the home buyer, a portion of the total cost w be paid by the seller. A portion of a cost, such as the homeowner's insurance premium, may be deposited into an escrow account so that the accumulated funds will be available to pay the entire annual premium when it is due next year. For its mortgage, the bank will permit a 15% down payment but will also require 4 points. Mortgage insurance is required if the loan- to-value (LTV) ratio is less than 20%. A private mortgage insurance (PMI) policy, if necessary, is expected to cost $663 per year, but is distributed 12 times per year. Lei has purchased a home warranty policy, which carries an annual premium of $480 and is paid 12 times per year, and a homeowner's insurance policy, which costs $1,950 per year. Premiums for these two policies are paid to the respective insurance companies from an escrow account at the bank. Credit report fee: $50 Title search and deed recording fee: $375 Loan origination fee: $975 Title insurance policy-Lender: $390 Mortgage payment (principal and interest): $2,015 Appraisal and survey fees: $450 Attorney fees: $1,000 Home, termite, and radon Inspections: 5525 Title insurance policy-Homeowner: 5440 Messenger and document fees: 5235 Property taxes on the house: $14,625 per year The property taxes and homeowner's policy should be pro-rated. companies TO Credit report fee: $50 Title search and deed recording fee: $375 Loan origination fee: $975 Title insurance policy-Lender: $390 Mortgage payment (principal and interest): $2,015 Appraisal and survey fees: $450 Attomey fees: $1,000 Home, termite, and radon Inspections: $525 Title insurance policy-Homeowner: $440 Messenger and document Fees: $285 Property taxes on the house: $14,625 per year The property taxes and homeowner's policy should be pro-rated. Amount Paid Cost Incurred At Closing Monthly $ $ 5 Using the given information, what is the loan-to-value (LTV) ratio required by the Third Universal Bank? 85.00% 117.65% 15.00 Lel's total closing costs are of her mortgage and her monthly costs are of monthly income