Finance
A Maine lender charges 2 discount points on a $280,000 loan. The total cost of the discount points is:
A$2,800
B$5,600✓ Correct
C$1,400
D$8,400
Explanation
1 point = 1% of $280,000 = $2,800. 2 points = 2 × $2,800 = $5,600.
Related Maine Finance Questions
- A Maine buyer's debt-to-income ratio before their new mortgage would be 38%. Adding the proposed mortgage payment of $1,450/month brings the total DTI to 48%. If the maximum DTI is 43%, which option helps the buyer qualify?
- A Maine buyer obtains a 30-year fixed mortgage for $240,000 at 6.5% annual interest. What is the approximate monthly interest charge for the first payment?
- A Maine FHA loan requires a minimum down payment of:
- Maine's HomeOwnership Assistance Program helps low-income households by providing:
- Under the Truth-in-Lending Act (TILA), the Annual Percentage Rate (APR) disclosed to a Maine borrower:
- A Maine homebuyer obtains a $280,000 mortgage at 6.5% interest for 30 years. The approximate monthly principal and interest payment using a factor of $6.32 per $1,000 borrowed is:
- In Maine rural areas, buyers may qualify for which government loan program with no down payment?
- In Maine, which law requires mortgage lenders to disclose the annual percentage rate (APR) to borrowers?
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →