Which term is defined as a fee charged for the use of money?
Giselle wants to buy a condo that has a purchase price of $163,000. Giselle earns $2,986 a month and wants to spend no more than 25% of her income on her mortgage payment. She has saved up $33,000 for a down payment. Giselle is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Giselle’s situation?
Peter wants to buy a duplex with a purchase price of $226,950. Peter can afford a 10% down payment. Peter earns $2,985 a month and wants to spend no more than 10% of his income on his mortgage payment. Peter is going to rent out the other half of the duplex. He thinks that if he charges $900 a month in rent this will cover the remainder of his mortgage payment. Given that Peter has a 30 year mortgage with a fixed rate of 6.25%, how should Peter adjust how much he charges for rent of the other half of the duplex?
What may be a concern if you have an adjustable rate mortgage (ARM)?
Which of these statements is most accurate regarding mortgage payments through the life of your loan?
If the purchase price for a house is $218,500, what is the monthly payment if you put 3.5% down for a 30 year loan with a fixed rate of 6.5%?
Why does it take 30 years to pay off $150,000 loan, even though you pay $1000 a month?
Which of the following statements is true.I. The higher your interest rate, the higher your monthly mortgage payments.II. The higher your down payment, the higher your monthly mortgage payments.III. A 30 year mortgage fixed at 6% will have smaller payments that a 20 year mortgage fixed at 6%.
If the purchase price for a house is $309,900, what is the monthly payment if you put 20% down for a 30 year loan with a fixed rate of 6%?
Vanessa bought a house for $268,500. She has a 30 year mortgage with a fixed rate of 6.25%. Vanessa’s monthly payments are $1,595.85. How much was Vanessa’s down payment?
Which of the following statements is true?
Housing expenses are commonly referred to as PITI. What does PITI stand for?
Eli is buying a townhouse that costs $276,650. He has $28,000 in savings and earns $4,475 a month. Eli would like to spend no more than 30% of his income on his mortgage payment. Which loan option would you recommend to Eli?
The Williams are buying a house that costs $323,000 and can afford a 10% down payment. If the Williams want the lowest monthly payment, which loan option would you recommend?
If the purchase price for a house is $309,900, what is the monthly payment if you put 20% down for a 30 year loan with a fixed rate of 6%?
Vanessa bought a house for $268,500. She has a 30 year mortgage with a fixed rate of 6.25%. Vanessa’s monthly payments are $1,595.85. How much was Vanessa’s down payment?
Why does it take 30 years to pay off $150,000 loan, even though you pay $1000 a month?
Eli is buying a townhouse that costs $276,650. He has $28,000 in savings and earns $4,475 a month. Eli would like to spend no more than 30% of his income on his mortgage payment. Which loan option would you recommend to Eli?
Which of these statements is most accurate regarding mortgage payments through the life of your loan?
Karina bought a townhouse for $199,900. She has a 30 year mortgage with a fixed rate of 5.5%. Karina’s monthly payments are $998.08. What percent of the purchase price was Karina’s down payment?
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