Clarifications:
Clarification 1: Instruction includes understanding various considerations that qualify a buyer for a loan, such as Debt-to-Income ratio. Clarification 2: Fees include discount prices, origination fee, maximum brokerage fee on a net or gross loan, documentary stamps and prorated expenses. Clarification 3: Instruction includes a cost comparison between a higher interest rate and fewer mortgage points versus a lower interest rate and more mortgage points. Clarification 4: Instruction includes a cost comparison between the length of the mortgage loan, such as 30-year versus 15-year.
Clarification 5: Instruction includes adjustable rate loans, tax implications and equity for mortgages.
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