CompuCram

Question 1

Taxes

$940.27
$511.88
$535.50
$1378
$385.65
160 DAYS
80.14

Answer 1

Seller PAYS taxes the day of closing

• Closing day is on the 8/10. Use the calculator and do 31-10= 21 days
• POLICY’S! Watch out for hazard insurance policy. If a policy ends on May 15th, always count up to the day before, May 14th. You are never insured the day after the policy expires.

Question 2

Interest Rate related to closing costs.

Answer 2

Seller does NOT pay interest rates for the day of closing. Interest is only paid for that month! You don’t pay the seller back interest paid in previous months.

*Closing day is on the 8/10. Use the calculator and do 31-9= 22 days (counting begins the day before)

Question 3

A mortgage lender in Georgia makes a loan at 7 1/4 percent. If the lender's yield on this loan is actually 8 percent, how many loan discount points will be charged on this loan?
5
3
6
4

Answer 3

ANSWER: 6

SOLVE?

Question 4

For the purposes of PMI calculation, a lender in Georgia would consider a home purchased for $180,000 with a down payment of $23,400 as a(n):

FIND THE LTV
90% LTV OR 95% LTV

Answer 4

90% LTV

For PMI calculations, a lender would classify loans as either 90 or 95 percent of the purchase price.

Question 5

Calculating Intangible Tax

A buyer pays $185,000 for a house using a maximum FHA loan. How much intangible tax would be due on this transaction?

Answer 5

Cost of the Home x 96.5%= amount
amount / $500= new amount
new amount X 1.5= answer

535.57