Question
Suppose you have a $1 million, 5% fixed rate mortgage with annual payments, a maturity of 30 years and a balloon payment of $750,000. What
Suppose you have a $1 million, 5% fixed rate mortgage with annual payments, a maturity of 30 years and a balloon payment of $750,000. What is your approximate annual payment? a. $50,763 b. $51,763 c. $52,763 d. $53,763 e. none of the above
Suppose your annual income is $50,000 and your lender will allow you to have a mortgage payment that is no more than 33% of your monthly income after making other debt payments and paying property taxes, which in your case amount to $500 per month. If the current 30-year mortgage rate is 5%, approximately how large a mortgage can you qualify for (assuming you have the required cash for the necessary down payment)? a. $160,000 b. $161,000 c. $162,000 d. $163,000 e. none of the above
Which of the following borrowers would be considered subprime. One with a FICO score of a. 650 b. 675 c. 700 d. 750 e. none of above
Which of the following purchase mortgages? I. FNMA II. FHLMC III. GNMA a. I and II only b. I and III only c. II and III only d. all of the above e. none of the above
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