Marcies bank just called; she is very nervous about her loan application that she submitted for a
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Marcie’s bank just called; she is very nervous about her loan application that she submitted for a mortgage on a new condo. Her gross annual income is $96,000. Her monthly heating on the condo would be $395, with condo fees of $560 per month, internet fees of $80 per month and annual property taxes of $4,750. She also has monthly debt payments of $1,460.
- Given the bank has calculated Marcie’s Gross Debt Service (GDS) ratio as 31%, how much would she pay in monthly mortgage payments? (CALCULATION)
- Marcie is looking to put the minimum down payment on the condo for a conventional mortgage. If the bank accepts her ratios, and approves her for a mortgage, she is looking to make an offer of $300,000 on the condo. (Calculate her down payment.)
Related Book For
Financial Institutions Management A Risk Management Approach
ISBN: 978-0071051590
8th edition
Authors: Marcia Cornett, Patricia McGraw, Anthony Saunders
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