1.) What are loan closing costs? How can they be categorized?
2.) Why do lenders charge origination fees and loan discount fees?
3.) A borrower has a fully amortizing 10-year mortgage loan for $125K with an interest rate of 11% and fixed monthly payments. What are the monthly payments? If the loan has a maturity of 30 years, what would be the monthly payment? Show all math using XLS
4.) A borrower has a fully amortizing loan for $80k, 6% interest rate with a 25 year amortization schedule/term and monthly payments. Calculate (show all math using XLS).
o Monthly payments
o Interest and principal payments in month 1
o Total interest and principal over 25 years.
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