3.Review Mortgage Application Process

Sue and Eddie have an adjusted gross income is $159,900. Their monthly mortgage payment for the house they want would be $1,104. Their semi-annual property tax would be $3,140, and the homeowner's insurance premium would cost them $1,425 per year. They have a $534 per month car loan, and their average monthly credit card bill is $2,458. What is the back - end ratio? Round to the nearest percent.

Calculate the monthly payment with escrow:

Monthly Mortgage Payment: $678.90

Semi-Annual Property Tax: $935

Annual Homeowners Insurance: $850

George has an adjusted gross income of $78,500. He would like to purchase a house that will have a monthly mortgage payment of $628. The semi - annual property tax is $1,690 and his annual homeowners insurance is $1,090. What is the front - end ratio? Round to the nearest percent.

Brody has a mortgage with Key Bank. The bank requires that he pay his homeowners insurance, property taxes, and mortgage in one monthly payment to the bank. His monthly mortgage payment is $432. His semi-annually property tax bill is $972, and his annual home owner’s insurance bill is $1,050. How much is the monthly payments to Key Bank?

Compute the Back - End Ratio:

Annual Gross Income: $109,845

Monthly mortgage payment: $689

Semi - Annual Property Tax: $975

Annual Homeowners Insurance: $1,550

Car Payment: $419

Average monthly credit card bill: $1078

Monthly Child Support: $990

Bill has an adjusted gross income is $109,000. The monthly mortgage payment for the house they want would like to buy is $1,098. The annual property taxes would be $4,890, and the homeowner's insurance premium would cost them $978 per year. What is the front - end ratio? Round to the nearest percent.

The Jackson's are purchasing a home that cost $180,000. They have secured a loan for 30 years with an APR of 3.16%. The property taxes on this home are $3,452.99 semi-annually and she has received a quote for homeowners insurance for $1260 yearly. What will be her monthly payment including an escrow?

Ruth is purchasing her first home for $49,000. She would like to compare the monthly payments of a 15 year loan with a 30 year loan. Her local bank has offered her an APR of 4.25%. What is the difference of the monthly payments?

Mrs. Locker has an adjusted gross income is $66,908. The monthly mortgage payment for the house she would want is $360.89. The annual property tax would be $890, and the homeowner's insurance premium would cost them $1,125 per year. She has a $452 per month car loan, and their average monthly credit card bill is $3,259. Compute the back - end ratio. Round to the nearest percent.

Frank is purchasing a home for $89,000. He is borrowing the money from Huntington with an APR at 6.5% for 30 years. What will be the total interest Frank will pay at the end of 30 years?