Question

if you purchasing a $220,000 and make a 20% down payment, how much would 1 point cost at closing? a. $440 b. $1,000 C. $1,760 d. $2,000 e $2,200 49. For the 5th year of a 30 year mortgage, the majority of each monthly payment goes to a. Principal b. Interest C. State tax d. Homeowner's insurance e. Private mortgage insurance. The seller of a house typically pays the a. Loan application fee b. Real state agent's commission c. Appraisal fee d. Points e. Title search and insurance 50.

Answer 1

48) e.2,200 ($) here 1 point cost at closing means amount directly paid to lender at closing in exchange of reduced interest .For every 1 point = 1000 $ for every 100000 $.

49)b.Interest ,In the initial years it applies more to interest than to principal.Since in 30 years of mortgage 5 th year majority applies to Interest

50) b.The seller of a house typically pays the Real estate agents commission.