1. Your bank says that they will loan you money based on a 90% loan-to-value ratio. The seller has accepted your offer for $150,000 but the appraiser arrived at an appraised value of $145,000. Calculate the amount of your loan and the amount of your down payment.
2. You agreed to pay $190,000 for your new home and the bank agrees to lend you $152,000; they will be charging you 2 points for the loan. Calculate the dollar amount of the points that you have to pay the bank.
3. Your lender has agreed to loan you $75,000 on the following terms: - Annual payments consisting of "interest only" (no contributions toward principal, until pay-off at the very end) - 8% annual interest rate - 5 year term a. Calculate the first annual payment b. Calculate the very last (final) payment
4. What is a "Package Loan"? How is it different than a "Blanket Loan"?
5. Describe a "Due on Sale" clause? What is another name for it?
6. In your reading about the APR, which of the following are included in the calculation of the APR? (When you are answering this say "yes" if it is covered and "no" if not covered and also refer to the letter (ie, the answer to "a" is: ___) . interest due on the loan a. credit life insurance (required by lender) b. private mortgage insurance (required by lender) c. loan origination fees d. borrower's attorney fees