A borrower applies for a $160,000 first mortgage loan to purchase a new home for $200,000 with
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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.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: