Learning Objectives
– Calculate the market value (or cash-equivalent price) of a purchase offer that involves financing at a non-market rate of interest; specifically, the market value of a fully or partially amortized vendor take-back mortgage or a loan assumption
– Discuss the impact of financing on real estate market transactions
– Discuss the disclosure requirements of the Business Practices and Consumer Protection Act (BPCPA)
– Calculate the yield (return) on a fully or partially amortized bonused and discounted mortgage
– Explain the impact of brokerage fees for both borrowers and lenders
– Calculate mortgage loan prepayment penalties
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