Why is the fixed-rate, amortized mortgage called a “level-payment plan?”
How much of a $900 monthly payment goes to principal and interest for the next three months on a 30-year mortgage with a 4% interest rate and the current principal balance of $200,000?
What is the remaining principal balance after month 3?
What does PITI stand for?
What are the current FHA guidelines for Housing Expense Ratio (HER) and Total Obligations Ration (TOR)?
Imagine a prospective borrower has a projected PITI of $1200, MIP of $200, a car payment of $300, and a student loan of $200 per month, with a monthly income of $5000. Can this buyer qualify for an FHA loan?
