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Mortgage lenders must determine whether a mortgage loan is adequately secured by the property, and whether the borrower has the financial capacity to make the mortgage payments. To do this, they calculate and set upper limits on three ratios( the indicated upper limits are typical for what are called "conventional first mortgages")
Loan - to -Value ratio=(principal amount of the loan)/(Lending value of the property) *100%≤ 75%
Problem 1. If the estimated heating costs are $300.00 per month and the property taxes are $420 per month, what maximum monthly mortgage payment do the GDS , TDS and loan -to-value ratios permit?[ Hint take the minimum value that can satisfy all these 3 constraints.
Problem 2. What is the maximum mortgage loan for which they can qualify? ( use a 25-year amortization and an interest rate of 1.56% compounded semi-annually for a five year term. (Rounded to the nearest $100 (the loan )and use this rounded value for the rest of your case study)
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