Question: What information must borrowers supply to lenders in the loan
What information must borrowers supply to lenders in the loan application process? Why is this information important to lenders?
Answer to relevant QuestionsWhat information is included in a loan contract? How is the amount of the loan determined? John and Cheryl just borrowed $ 30,000 on a home equity line of credit. The interest rate for the loan is 6.75% for the entire year, and they took out the loan on May1. John and Cheryl are in the 28% tax bracket. What will ...Bill wants to purchase a new car for $ 45,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 13% and the maturity of the loan is six years. His ...What are closing costs? List and briefly describe the different closing costs you might incur when applying for a mortgage. What is mortgage refinancing? Are there any disadvantages to refinancing?
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