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How much would she pay in monthly mortgage payments

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Question - 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.

Required -

a) Given the bank has calculated Marcie's Gross Debt Service (GDS) ratio as 31%, how much would she pay in monthly mortgage payments?

b) 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.

Reference no: EM133034940

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