gabymaldo67
Answered

Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

A house in under contract of 260,000, an appraised for 240,000. The buyer will get an 80% to value and the lender will changer 1.5 points. How much money does the buyer need to complete the sell?

Sagot :

Parrain

Answer: $70,880

Explanation:

The lender will loan out 80% of the value of the house:

= 240,000 * 80%

= $192,000

They will charge a loan origination fee of 1.5% so the net loan is:

= 192,000 * (1 - 1.5%)

= $189,120

The buyer needs $260,000 to complete the sale so the amount needed is:

= 260,000 - 189,120

= $70,880

We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.