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NJ Real Estate Sample Questions Chapter 14
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A savings and loan institution offers a mortgage plan with an 80% LTV ratio. On the purchase of a $240,000 property, how much down payment is required?
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$48,000
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Terms in this set (23)
A savings and loan institution offers a mortgage plan with an 80% LTV ratio. On the purchase of a $240,000 property, how much down payment is required?
$48,000
A borrower obtains a $150,000 mortgage loan at 5% interest. If the monthly payments of $805.15 are credited first on interest and then on principal, what is the balance of the principal after the borrower makes the first payment?
$149,819
When Tim buys his house, John allows monthly mortgage payments to be figured on a 30 year basis so that Tim can handle them. At the end of the 5th year, however, John wants the whole remaining debt paid off in a
Balloon payment
With some exceptions, a homeowner may take as an income tax deduction
The mortgage interest paid
The terms index, margin, and cap are used in evaluating what type of mortgage?
Adjustable rate
