Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The seller is not comfortable taking back a mortgage and asks the salesperson for other suggestions to help the buyer. Brown determines that the buyer
The seller is not comfortable taking back a mortgage and asks the salesperson for other suggestions to help the buyer. Brown determines that the buyer could arrange a new first mortgage for 100 and $85,000 with the lender and the seller could assist the buyer by buying down interest rate the new mortgage the seller is agreeable to this and the property sold/ calculate the amount that the seller will have to pay to buy down the interest rate from 8% to 6.5% on the first mortgage based on a 25 year amortization. And a three year term?
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