Sentences with phrase «hypothetical borrower»
This column will use four different hypothetical borrowers to compare how fixed - rate mortgage penalties are calculated.
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The quoted interest rate was actually higher for the conforming loan, but this was due to the fact that the lender assumed that our hypothetical borrower would agree to preauthorize monthly payment transfers.
We started our survey based on a hypothetical borrower profile with a $ 170,000 purchase price, 20 % down payment and a credit score of 740.
In this case, our hypothetical borrower would have $ 45,962 in outstanding loan debt forgiven after writing 240 monthly checks over two decades in PAYE or IBR for new borrowers.
We started our survey based on a hypothetical borrower profile with a $ 170,000 purchase price, 20 % down payment and a credit score of 740.
A hypothetical borrower one this loan would only pay $ 120 back on the loan the first month.
The mortgage rates that our hypothetical borrower obtained online were lower overall than quotes at most bank lenders given the same parameters.
The quoted interest rate was actually higher for the conforming loan, but this was due to the fact that the lender assumed that our hypothetical borrower would agree to preauthorize monthly payment transfers.
This means our hypothetical borrower has a loan for 70 percent of the purchase price or appraised value, with the remaining 30 percent the home equity portion, or actual ownership in the property.
As an example, consider a hypothetical borrower, Bernard, who takes out an installment loan for $ 5,000 with a 15 % APR..