ooking at a $523,000 home. To avoid private mortgage insurance (PMI), she put 20% down and the remaining balance is financed at 3.143% over the next 30 years. If her house currently appraises for $523,000, her LTV would be 62.86%.
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Marissa is looking at a $523,000 home. To avoid private mortgage insurance (PMI), she put 20% down and the remaining balance is financed at 3.143% over the next 30 years. If her house currently appraises for $523,000, her LTV would be 62.86%.
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- Maria and John have been married for 2 years and just learned that they are pregnant. They have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000. They will make a 20% down payment. They are considering 2 financing options at their credit union: Option 1: 3.125% interest 30-year mortgage: Option 2: 2.5% interest 15-year mortgage: Answer the following question showing all your work to reach each answer.Maria and John have been married for 2 years and just learned that they are pregnant. They have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000. They will make a 20% down payment. They are considering 2 financing options at their credit union: Option 1: 3.125% interest 30-year mortgage: Option 2: 2.5% interest 15-year mortgage: Answer the following questions showing all your work to reach each answer. Which option will result in a lower monthly payment if they take the full term of the mortgage? What will that monthly payment be? Which option will result in the most total interest if they take the full term of the mortgage? What will that total interest be?Mary has found a beautiful home on Richmond Rd. that she loves.The price of the home is $285,000. If Mary and George qualify for a30-year loan at a fixed interest rate of 3.99%, can they afford thehome? (Hint: Don't forget about the down payment!) 4. Mary and George finally decide on a 3 bedroom home on ManchesterCt. The price of the home is $188,000. a) What is the total amount the couple will have to finance? b) If the couple purchases the home on a 30-year loan at a fixedinterest rate of 3.99%, what will be their monthly payment? c) What is the total cost of the home using the 30-year loan.(Hint: Don't forget to include the down payment!) d) How much of the total cost is interest? e) Mary's friend, Beth, suggests they check into a 15 year loan and comparethe monthly payments and the overall cost of the home. If Mary andGeorge purchase the home on a 15-year loan with a fixed interest rate of3.99%, what with be their monthly payment? f) What is the total cost of the home using the…
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