mortgage financing

Question 1

What is the cost of 2 3/4 discount points on a $450,000 loan?

Answer 1

$12,375.00

Question 2

There are 10 days left in the month when the loan closes. The purchase price is $325,000 and the loan amount is $280,000 at 6.75% interest. How much interest does the borrower owe for the remainder of that month ?

Answer 2

$517.81

Question 3

The purchase price is $300,000; the appraisal value is $290,000 and the LTV is 80%. What is the loan amount?

Answer 3

$232,000

Question 4

The monthly PITI is $1000, and the gross monthly income is $5000. according to standard Fannie Mae guidelines, what is the housing expense ratio?

Answer 4

20%

Question 5

An employee works 40 hours a week at $12.50 per hour. What is his gross monthly income ?

Answer 5

$2,166.67

Question 6

The borrower’s October mortgage payment has not yet been received on October 17. He has a $175,000 VA loan; monthly P&I is $1280; annual PMI is $1800; annual hazard insurance is $2400, and annual property taxes are $3,550. what is the late charge?

Answer 6

$51.20

Question 7

A property originally closed in November, 2012. A refinance of that property is closing in March, 2013. How many months of hazard insurance will be collected at closing?

Answer 7

6