A borrower applies for a $160,000 first mortgage loan to purchase a new home for $200,000 with a 20% down payment. His interest rate is 5%, the APOR (as of the date the loan interest rate is locked) is 4.672%, and his APR for this loan is calculated to be 6.474%.

Based on the information given, is this a high-cost mortgage loan, higher-priced mortgage loan, or both? Explain your answer.

Answer rating: 100% (QA)

Based on the information provided this mortgage loan is likely a higherpriced mortgage HPML but not ... View the full answer