Mortgages Answers

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 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 decided to buy a new home and the bank offers you a 30 year fixed loan at 5.5% on a balance of $150,000. Use the table provided to determine the monthly payments.

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.

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.

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.

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.

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?

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

You placed a 11% down payment on a new home. Given that the amount of the down payment was $18,210.18, determine the price of the home. Round your answer to the nearest cent.