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 this method, the names of the parties appear at the tops of the columns, and the titles of the various offices are shown at t
Sunny_sXe [5.5K]
<span>party column method would be used here</span>
7 0
3 years ago
1.Name 2 good things that happened as Americans achieved “Manifest Destiny”.
Leni [432]

Answer:

GOOD: American culture expands to all conquered and acquired territories. Everyone who lives in these territories was able to benefit from religion, democracy, and cultural ways of Americans. Manifest Destiny increased goods, doubled the land area of the U.S., services, and wealth.

BAD:

was their destiny to expand caused Americans to disregard the territorial rights of Native Americans, wiping out many tribes and causing a cultural divide, tension and wars.

7 0
3 years ago
If it were not for the law of diminishing returns, a firm's average cost and average variable cost would not increase in the sho
serious [3.7K]

Answer:

See i don't know the answer for this question so sorry

Explanation:

4 0
3 years ago
Explain the rule of the state in abortion matters under the court ruling
Harrizon [31]
Have to be at a certsin months before ot can be done
8 0
3 years ago
Can anyone help me?<br> why has the palestinian-israeli conflict persisted?<br> Thank you
prohojiy [21]
<h3>Answer:</h3>

Origins of the Palestinian-Israeli Conflict

After World War II, the Ottoman Empire fell apart and became mandates. Modern-day Israel was controlled by England at the time. Originally, the British promised the land to the Islamic Palestinians. However, after the Balfour declaration, the land went to the Jewish Israelis. This angered the Palestinians and they began to fight for their land.

Fighting in Israel

The Palestinians were not the only ones that attempted to fight the Balfour declaration. Other Arabs joined the Palestinians. On the other hand, the zionists, people that believed in creating a homeland for the Jewish, joined the Israelis. The Arabs used Pan-Arabism to try and take their land back. This attempt focused on the Palestinians' ethnicity, not religion. However, later Muslim groups banded together and the fight became more focused on religion. Throughout the fighting the Israelis were backed by European nations, so they were able to win almost every battle.

Continued Fighting

The holy city of Jerusalem is located in land currently claimed by Israel. Jerusalem is extremely important to both Islam and Judaism. So, neither side is willing to give up the fight. This continues the fighting. Additionally, both sides want control of the coastline for the economic benefits that come from maritime trading.

3 0
2 years ago
Other questions:
  • Easier farm work meant bigger farms and planting of
    12·1 answer
  • Assume you are the CEO of Black Diamond, a global organization. You realize that some of the people in your organization are hig
    7·1 answer
  • In what type of behavior does an individual adopt the beliefs of a person whom he or she admires ?
    5·1 answer
  • What is one effective strategy used by political campaigns?
    13·2 answers
  • Riis identifies three major factors that led to the development of the New York Slums. What are they?
    10·1 answer
  • The Court has established that the ________________ does not require police to obtain a warrant to search automobiles or other m
    8·1 answer
  • Functionalists focus on the relationship between education and inequality, whereas symbolic interactionists focus on classroom c
    12·1 answer
  • In 100 words, create a speech for "Jimmy Carter for president." Identify promises he would have made to America.
    7·1 answer
  • How does mercantilism relate to the policy of salutary neglect?
    11·1 answer
  • What tool was developed in 1569
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!