1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
KIM [24]
3 years ago
12

Gary signs a purchase contract for a house and finds a good financing deal with Mountain Bank. Mountain Bank sends Gary an execu

ted commitment letter for the mortgage loan, which specifies a rate of interest of 4.5%. At closing, the note given to Gary to execute has a rate of 7%. Mountain Bank tells Gary that interest rates have risen since the commitment letter was issued. Which of the following is true?
Social Studies
1 answer:
Andrei [34K]3 years ago
8 0

Answer:

Mountain Bank needs to reissue the note with a 4.5% interest rate.

Explanation:

A mortgage commitment letter sets up a borrower with the top state of readiness to buy a home. Mortgage commitment letters are issued only when the borrower and property meet underwriting requirements.

That means a full mortgage application was taken, the loan file passed through underwriting, and the borrower was approved. Seldomly, with a few minor conditions. A mortgage commitment letter is a document that lets everyone in the real estate transaction (real estate agents, sellers, etc.) is that the lender is prepared to make a loan to the borrower.

This letter usually indicates (i) the type of loan being used, (ii) the amount of money being borrowed, (iii) the length, term or form of the repayment period, as well as (iv) the interest rate assigned to the loan. Mortgage commitments can be conditional, this implies that they come with a list of conditions that must be met before the file can move forward. So, if Mountain Bank sends Gary an executed commitment letter for the mortgage loan, which indicates a rate of interest of 4.5% and at closing, Gary was given a note to execute a rate of 7%. Mountain Bank then tells Gary that interest rates have risen since the commitment letter was issued. Mountain Bank would need to reissue the note with a 4.5% interest rate.

You might be interested in
In what way do the people actually disappear in the city is so big
weqwewe [10]

Answer:

behind closed elevator doors

Explanation:

In The City Is So Big poem,  things   were happening in an abnormal ways (strange manner). in stanza 3, machines eating houses and stairways were walking all by themselves and due to all these, people could not bear the ugly incidences happening again and to avoid further incidence they  disappear through the elevator doors.

8 0
3 years ago
What general conclusion can be drawn about the nature of learning?
defon
The general conclusion that can be drawn about the nature of learning is: <span>The capacity to learn is essential to the survival of all human and nonhuman animals.
The environment that humans that lived in will always changing. In order to survive in this environment, we need to constantly do an adaptation. There is no way we could learn to adapt if we do not learn about the environment around us.</span>
7 0
3 years ago
During St. Bartholomew's Day Massacre
Radda [10]

Answer:

ITS B?

Explanation:

5 0
3 years ago
Identify the factors that impact on outcomes and life changes for children and young people
Inessa05 [86]
Money is something that could effect a child or young people
7 0
3 years ago
(((Sociology)))According to Melvin Tumin, what is the result of social stratification? A. Conflict B. Harmony C. Industrializati
Charra [1.4K]
The answer is C. Conflict
6 0
3 years ago
Read 2 more answers
Other questions:
  • In Congress, where does most of the work on bills take place?
    15·1 answer
  • Which act(s) made it a crime for anyone to publicly criticize the government or its officials?
    13·2 answers
  • What is the primary responsibility of scientists in the process of making environmental law?to represent the interests of the bu
    9·1 answer
  • The gobi desert spans across which two countries
    6·1 answer
  • Which of the following cities is not located in the Great European Plain?
    12·2 answers
  • Who expanded Egyptian trade in the Mediterranean
    8·2 answers
  • According to Roosevelt what military goal would the canal facilitate?
    11·1 answer
  • Maryland, Virginia, North Carolina, South Carolina, Georgia
    11·2 answers
  • Peace can be taken as the most important<br>infrastructures of development."<br><br><br>​
    10·1 answer
  • French military experience under Louis XIV provides two principal examples of technological innovations that fell short of their
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!