Mortgages Answers

Given that your monthly expenses for the house that you want to purchase totals $1,562.30 (this includes the house payment, annual taxes, and the annual cost for home owners insurance) and your gross annual salary is $66,955.71, determine if you qualify for the purchase of the new home. If yes, what percent do you qualify by?

When buying a house, it is a good idea to calculate how much your monthly payment will be to:

You have just been approved for a 30 year 5.5% fixed home mortgage. The monthly payment that you qualify for is $532.10. Use the table provided to determine the price of a home that can be purchased. Round your answer to the nearest cent.

You have found a house that you would like to purchase. The amount of the home is $225,000. You would like to finance the home through your local credit union but they require a 10% down payment. Determine the amount needed for the down payment so that the bank will finance the home purchase.

You have found a home that you are interested in purchasing. Instead of a conventional loan, you agree to pay the premium for the private mortgage insurance (PMI), which finances 95% of the loan. The amount of the home is listed at $125,000. From the given information, determine the amount needed for the down payment to qualify for the PMI loan.

Why might it be important to get a lower interest rate on a mortgage?

A couple gets financing for 80% of the $150,000 purchase price of a house at the rate of 6% on the monthly unpaid balance. Use the table provided to find the total amount paid to the finance company if the loan is repaid in 40 years.

In order to purchase a home, a family borrows $159,000 at 6.5% for 30 years. Use the table to find their monthly payment. Round the answer to the nearest cent.

When buying a house, it is a good idea to calculate how much your monthly payment will be to:

A couple gets financing for 70% of the $450,000 purchase price of a house at the rate of 5% on the monthly unpaid balance. Using the provided table find the total amount paid to the finance company if the loan is repaid in 20 years.

You placed a 15% down payment on a new home. Given that the amount of the down payment was $36,782.12, determine the price of the home. Round your answer to the nearest cent.

Use the table to determine the total amount paid on a 20 year fixed loan, at 5.5%, of $160,000.

Given that your monthly expenses for the house that you want to purchase totals $1,562.30 (this includes the house payment, annual taxes, and the annual cost for home owners insurance) and your gross annual salary is $66,955.71, determine if you qualify for the purchase of the new home. If yes, what percent do you qualify by?

You have recently taken a loan out in the amount of $210,000 for a new home. You place 10% down and finance the remaining balance. As part of the closing cost, you are required to pay 4 points. Determine the amount of the loan prior to the addition of 4 points to the loan. Round your answer to the nearest cent.