With private mortgage insurance, many lenders will allow you to borrow more than 80% of the appraised value of the home. What is the purpose of this action? O The insurance will pay for damages to the home during the course of the mortgage O It is required by federal and state law It protects the lender in the event the borrower is unable to make the mortgage payments O It pays the mortgage in the event the borrower dies during the course of the mortgage O None of the above When following smart buying to purchase a home you should O create a budget and determine what PITI you can afford O check out your FICO score and get a copy of your credit report O look at your overall financial plan to determine how big a loan you should take on O examine your budget to determine how much of a down payment you can afford all of the above
With private mortgage insurance, many lenders will allow you to borrow more than 80% of the appraised value of the home. What is the purpose of this action? O The insurance will pay for damages to the home during the course of the mortgage O It is required by federal and state law It protects the lender in the event the borrower is unable to make the mortgage payments O It pays the mortgage in the event the borrower dies during the course of the mortgage O None of the above When following smart buying to purchase a home you should O create a budget and determine what PITI you can afford O check out your FICO score and get a copy of your credit report O look at your overall financial plan to determine how big a loan you should take on O examine your budget to determine how much of a down payment you can afford all of the above
Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges
Section: Chapter Questions
Problem 19DQ
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Transcribed Image Text:With private mortgage insurance, many lenders will allow you to borrow more than 80% of
the appraised value of the home. What is the purpose of this action?
O The insurance will pay for damages to the home during the course of the mortgage
O It is required by federal and state law
It protects the lender in the event the borrower is unable to make the mortgage payments
O It pays the mortgage in the event the borrower dies during the course of the mortgage
O None of the above
Transcribed Image Text:When following smart buying to purchase a home you should
O create a budget and determine what PITI you can afford
O check out your FICO score and get a copy of your credit report
O look at your overall financial plan to determine how big a loan you should take on
O examine your budget to determine how much of a down payment you can afford
all of the above
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