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NMLS MORTGAGE MATH AND MATH CALCULATIONS 2024/2025 NEWEST!! COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+. $18.49   Add to cart

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NMLS MORTGAGE MATH AND MATH CALCULATIONS 2024/2025 NEWEST!! COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+.

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NMLS MORTGAGE MATH AND MATH CALCULATIONS 2024/2025 NEWEST!! COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+. NMLS MORTGAGE MATH AND MATH CALCULATIONS 2024/2025 NEWEST!! COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY...

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  • October 10, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • nmls mortgage math
  • NMLS MORTGAGE MATH AND MATH CALCULATIONS
  • NMLS MORTGAGE MATH AND MATH CALCULATIONS
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NMLS MORTGAGE MATH AND MATH CALCULATIONS 2024/2025 NEWEST!!
COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS ) ALREADY GRADED A+.




An 80/20 combo loan with the sales price of $175,000, a rate of 6% for
the 80% first mortgage, and a rate of 8.5% for the 20% second
mortgage would have a first mortgage loan amount of what? -
ANSWER-C The first mortgage is 80% of the sale price: $175,000 x
80% = $140,000.


A borrower has a stable monthly income of $4,000 and recurring
debts of $600. If he's getting an FHA loan, what's the maximum
monthly payment for which he would qualify? - ANSWER-Using the
payment-to-income ratio of 31%, we get $1,240. But using the total
debt to income ratio, we find: $4,000 (income) multiplied by 0.43,
which equals $1,720. From that, you subtract monthly debts of $600,
leaving $1,120.


You are pre-qualifying a borrower for a purchase loan. She has debt
equaling $950 each month and gross monthly income totaling $5,200
each month. What is the maximum qualifying house payment,
including principal, interest, taxes and insurance on a conventional
loan? - ANSWER-Two calculations need to be done: $5,200 x 28% =
$1,456, then $5,200.00 x 36% = $1,872 - $950 = $922. Take the lower of
the two. If you did not complete both calculations, you might have

, allowed Sue to have a payment of $1,456; by the time you added the
debt and divided by the $5,200, your back ratio would be too high
($5,200 x 28% = $1,456 + $950 = $2,406 ÷ $5,200 = 46%).


You are refinancing a $200,000 mortgage with a prepayment penalty
of six months of interest at 6.5%. How much is the prepayment
penalty? - ANSWER-Simply multiply the original loan amount by the
interest rate for the annual interest, then divide by 2 to get six months'
interest. In this case, $200,000 x 6.5% (0.065) = $13,000; $13,000 ÷ 2 =
$6,500.


A borrower reports income of $40,000 from rental properties. How
much of that should be considered when applying for a mortgage
loan? - ANSWER-Income from rental properties should be counted
only at 75%; this allows for vacancy losses.


A borrower is buying a house with a sales price of $200,000 and an
LTV of 75%. If he pays two discount points, what is the total cost of
the points? - ANSWER-With an LTV of 75%, the loan for this purchase
is $150,000. On a $150,000 loan, a point costs $1,500 (150,000 x .01),
so the borrower is paying $3,000


A homeowner's house appraises for $125,000. He qualifies for an 85%
LTV. He owes $63,000 on his first mortgage and $5,000 on his second
mortgage. He would like to refinance his house into one mortgage
loan and receive additional cash to pay off other debt. How much
cash would be available if his closing costs are $4,200 and are

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