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MathematicsMathematics
27 August, 15:23

you have found a home that you are interested in purchasing instead of a conversational loan you agree to pay the premium for the private mortgages insurance, which finances 95% of the loan. The amount of the home is listed at 95,278. From the given info determine the amount needed for the down payment to qualify for the pmi loan

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  1. 27 August, 15:33
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    The amount of down payment needed to qualify for the loan is $ 4,763.90

    Step-by-step explanation:

    The question stated that the private mortgage insurance finances 95% of the loan which is the same as the 95% of the value of the home the borrower have in mind.

    Availability of 95% mortgage financing implies that the borrower needs to make a down payment of the remaining 5%.

    As a result, the borrower would make a down payment of $4,763.90 ($95,278*5%)
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