This was recorded off a VHS tape circa 1996.
Copied from insert:
"How much can you borrow?
Tough question? Not really. The purpose of this exercise is intended only to assist you in knowing how CountryPlace would look at a request for financing. By answering the questions below, you can determine what price range of home you could consider for purchase. At CountryPlace, you can borrow up to 95% of the value of the home and your land and most of the closing costs associated with a mortgage loan.
1. How much down payment (cash, trade or equity in real estate) do you have?___________
(At CountryPlace, the minimum is 5% of the total of the land and home.) Naturally, the bigger the down payment, the lower the monthly payment.
2. What is your total family gross income? ___________
(Monthly income BEFORE taxes and everything are taken out.) Fill in on the Worksheet below.
3. What are your total existing monthly obligations? ___________
(Car payments, credit cards or other loan or monthly payments. Do not include monthly expenses such as utilities, gasoline, etc. If you owe money on the property where your home will be placed, or if you will be renting of leasing the site where your home will be placed, include that monthly amount to your total monthly obligations.)
NOW LET'S SEE HOW MUCH YOU CAN PROBABLY AFFORD...
4. Multiply your answer to question #2 x 38%. That equals your Adjusted Income (AI). Fill in on the Worksheet below.
5. Subtract your answer to question #3 from AI. That equals your Maximum Monthly Payment (MMP).
Fill in on the Worksheet below. The MMP is the amount you can qualify* to pay on your new home purchase based on your income and current obligations. To find the maximum amount you could borrow from CountryPlace Mortgage, go to the chart below and match up the loan amount closest to your MMP. Remember, the chart below assumes you have the 5% cash down payment, trade or equity. Don't you wish filing your tax return was this easy?
Loan Amount I Monthly Payment
$25,000 I $218.00
For each additional $5k add $44 to the payment amount.
This chart is based on an annual rate of interest of 9.5% and a loan term of 25 years. Your actual monthly payment may vary from the chart above depending on the interest rates and terms available at the time of purchase.
*This Worksheet is intended only to give you a general idea of the maximum amount you could finance and should not be considered as approval for that amount. Approval of any loan is subject to the submission of a completed and signed credit application to CountryPlace Mortgage for investigation and determination of creditworthiness."
I do not own, nor claim to own, any part of this footage. This clip has been uploaded for educational and historical purposes only.
28 мар 2021
