NMLS Prep

Above 80% LTV, if the loan is $260,000 and the MI factor is .0065, what is the monthly mortgage insurance premium?

Above 80% LTV, if the loan is $310,000 and the MI factor is .48%, what is the monthly mortgage insurance premium?

A borrower has a $133,000 loan with an initial PI payment of $942 and MI factor is .0052. Their other monthly expenses include escrow $230, car payment $410, and $560 in utilities. If their gross monthly income is $3,400, what is their total expense ratio?

Borrower agrees to a 2/1 Buydown loan with an interest rate of 6.5% in the third year. What is the permanent note rate for the life of the loan?

A borrower is purchasing a home for $183,000. They are putting 10% down payment. They are paying 2.5 discount points and 1% origination fee. How much will they pay in settlement costs?

Mary has an adjustable rate mortgage with a start rate of 3.25%. It has a 1% annual cap (Periodic adjustment cap). The margin is 2.25. The index the first year is at 1.62%. The second year is at 2.5%. The third year is at 2.20%. What is Mary's interest rate in the third year? (round to the nearest eighth)

Kevin took out a 5 year I/O loan to purchase a house at $180,000 where he put down 20%. At 40 months the home’s value increased to $250,000. How much equity in the home does Kevin now have?