Ann wants a mortgage to buy a house. ann gives the following information to the bank:
i...
Business, 27.11.2019 19:31, Savagepanda911
Ann wants a mortgage to buy a house. ann gives the following information to the bank:
income: $240k/year or 20k/month
average monthly debt: $2k
estimated monthly taxes + insurance: $700
down-payment: $50k saved
-ann’s down-payment will be $50k, she will take out a mortgage for the remainder
ann qualifies for a 30 year fa-cpm-frm (monthly payments & monthly compounding) with:
annual interest rate: 4%
income test: (28%/36%)
collateral test: ltv≤95%→b0≤19*dp0
closing costs + buy-down points: $5,000 + 1.75% of the balance at origination.
1.2: based on the fe dti what is the biggest payment ann can make?
1.3: based on the be dti what is the biggest payment ann can make?
1.4: based on both the fe & be dti what is the biggest payment ann can make?
1.5: based on both the fe & be dti what is the biggest loan ann can get?
1.6: based the ltv test and ann’s $50k down-payment, what is the biggest loan ann can get?
1.7: based on the income & collateral tests, what is the biggest loan ann can get?
1.8: based on the income & collateral tests, what is the biggest payment ann can make?
1.9: if ann makes a 50k down-payment, how much house can ann afford?
1.10: how much are ann’s total mortgage closing costs?
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