REE 4204 exam 4, Real estate finance exam 3, REE 4202- Exam 2 Sirmans, Real estate finance Sirmans Exam 1 - Combined Test With Correct Revised Answers Guaranteed Pass!!
REE 4204 exam 4, Real estate finance exam 3, REE 4202- Exam 2 Sirmans, Real estate finance Sirmans Exam 1 - Combined Test With Correct Revised Answers Guaranteed Pass!! Mortgage Refinancing - ANSWER : ●Replaces an existing mortgage with a new mortgage without a property transaction. ●Borrowers will most often refinance when market rates are low. ●The refinancing decision compares the present value of the benefits (payment savings) to the present value of the costs (prepayment penalty on existing loan and financing costs on new loan). Factors that are known to the borrower or can be calculated from the existing mortgage contract: - ANSWER : ●Current contract rate ●Current payment ●Current remaining term ●Current outstanding balance Assumptions that must be made by the borrower: - ANSWER : What will be the amount of the new loan? •Payoff of the existing loan? •Payoff of the existing loan plus financing costs of the new loan? •Payoff of the existing loan plus financing costs of the new loan plus equity to be taken out? Assumptions that must be made by the borrower: term of new loan - ANSWER : Equal to the remaining term of the existing loan? •Longer than the remaining term of the existing loan? •Shorter than the remaining term of the existing loan?
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