Based on the following information, what rate will be used to qualify this customer for the mortgage

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Based on the following information, what rate will be used to qualify this customer for the mortgage they desire?

Your client is selling their existing home and paying out the remaining $100,000 balance on the existing open mortgage. This mortgage is at 3.8%

The new home is valued at $450,000 and will have a $200,000 mortgage.

They have accepted a 5-year mortgage rate. The posted rate is 4.79% but the lender is offering them a discounted rate of 2.60%. What will the rate be for qualifying this client?

Related Book For answer-question

Advanced Accounting

ISBN: 978-1118037911

1st Canadian Edition

Authors: Gail Fayerman

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Posted Date: Sep 04, 2023 07:53 AM

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Based on the following information, what rate will be used to qualify this customer for the mortgage

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Advanced Accounting

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