Question

Quinn applied for a loan. He provided information about his finances and the home he plans to purchase. Results of the affordability mortgage calculation included all of the following except

A.Expected maintenance costs
B. Home purchase price he can afford
C. Monthly mortgage payment he can afford
D. Mortgage amount he can afford
E. All are correct/

Answer 1

Answer: C. Maintenance cost

Step-by-step explanation:

Mortgage affordability is basically the amount of money a mortgage borrower can make on a monthly basis towards a mortgage, based upon their income, expenses, and the proposed monthly payment. Maintenance cost is not included in this calculation as that is born by the home owner.