Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How to calculate Loan-to-Value (LTV) and its direct relationship to the down payment, using the lesser of sales price or appraised value. - That discount points cost 1% of the loan amount, not the sales price, and are a form of prepaid interest. - The difference between the Housing Expense Ratio (PITI / Gross Monthly Income) and the Total Obligations Ratio ((PITI + Other Debt) / Gross Monthly Income) for qualifying buyers. - How to perform a first-month amortization calculation to separate a mortgage payment into its principal and interest components. - To identify common exam traps, like confusing the loan amount with the sales price in financing calculations. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep