Mortgages Answers

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%?a.$729.98b.$912.48c.$1,486.41d.$1,858.01

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%.a.I onlyb.II onlyc.I, II, and IIId.I and III

Housing expenses are commonly referred to as PITI. What does PITI stand for?a.principal, income, taxes, investmentb.payment, investment, terms, insurancec.payment, interest, terms, incomed.principal, interest, taxes, insurance

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%? a. $1,332.73 b. $1,378.19 c. $1,247.54 d. $646.40 Please select the best answer from the choices provided

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?a.15 year fixed, 5% down at a fixed rate of 5.5%b.30 year FHA, 3.5% down at a fixed rate of 6.25%c.30 year fixed, 20% down at a fixed rate of 5.75%d.30 year fixed, 10% down at a fixed rate of 6%

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?a.Peter should increase the rent by $200.b.Peter should increase the rent by $60.c.Peter should increase the rent by $10.d.Peter should keep the rent at $900.

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?a.7%b.12%c.15%d.18%

If the purchase price for a house is $445,500, what is the monthly payment if you put 5% down for a 30 year loan with a fixed rate of 6.25%?a.$2,740.19b.$2,605.87c.$1,314.84d.$1,249.10

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?a.30 year FHA, 3.5% down at a fixed rate of 6.5%b.30 year fixed, 5% down at a fixed rate of 6.25%c.30 year fixed, 6.5% down at a fixed rate of 5.75%d.30 year fixed, 10% down at a fixed rate of 5%

Which of these statements is most accurate regarding mortgage payments through the life of your loan?a.At the beginning of your loan, your payments are covering mostly interest. At the end of your loan, your payments are covering mostly principal.b.The amount for your mortgage payments will decline over the life of your loan.c.The amount of interest paid per mortgage payment will remain the same over the life of your loan.d.The amount of principal paid per mortgage payment will decrease over the life of your loan.