FinancingPregunta 81 de 120
A borrower pays $5,250 in discount points on a $350,000 loan. How many points did the borrower pay?
a.1.5 points
b.2 points
c.2.5 points
d.3 points
Explicación
Points paid equal the dollar amount divided by the loan amount, so $5,250 / $350,000 equals 0.015, or 1.5 points. Each point equals one percent of the loan. Points are used to buy down the interest rate.
Practica las 120 preguntas gratis — sin registro.
Preguntas relacionadas de este tema
- In an adjustable-rate mortgage, the published economic indicator to which the interest rate is tied is called the:
- A loan with small periodic payments and one large final payment due at maturity contains a:
- A loan clause that charges the borrower a fee for paying off the loan early is a:
- A lender will make a loan at a maximum 75% LTV on a property appraised at $500,000. The largest loan available is:
- A borrower has a $240,000 interest-only loan at 6% annual interest. The monthly interest payment is:
- A buyer makes a $90,000 down payment on a $450,000 home and finances the rest. The loan-to-value ratio is:
Última revisión: · proceso editorial
Equipo Editorial de PrepPass · Verificado con California DRE Real Estate Salesperson License Exam · Cómo revisamos