What would the most ethical response be to a potential mortgage applicant who asks, “How much income do I need to earn in order to qualify for a purchase price of $325,000?”
A. We look at 36% of your gross monthly income, subtract out your monthly expenses, and that leaves what's available for your monthly mortgage payment
B. It would be great if you earned $6,000 a month or more, wink wink
C. Why don't we review your pay stubs, tax returns, and asset statements to calculate your income
D. It depends on the strength of your credit
Answer:C
What would the most ethical response be to a potential mortgage applicant who asks, “How much income do I need to earn in order to qualify for a purchase price of $325,000?”
A. We look at 36% of your gross monthly income, subtract out your monthly expenses, and that leaves what's available for your monthly mortgage payment B. It would be great if you earned $6,000 a month or more, wink wink C. Why don't we review your pay stubs, tax returns, and asset statements to calculate your income D. It depends on the strength of your credit