A Mortgage system has been approved. After investigating the options and noting current technology Apple Valley will use the following system for mortgages.
Residents will use the Monique Payer/Payee Bills/Book for mortgages. Mortgages will have a daily payment and must be paid within 21 simdays. Families must have a minimum of 10% downpayment for thier home.
The total amount of the mortgage will be calculated as: ( Amount of house - downpayment ) * (1 + interest rate). The daily payment is calculated as: mortgage amount/# simdays. The mortgage amount, interest rate and number of days remaining for the mortgage will be noted in each household's "bio" screen and maintained by the Financial Director.
Families are encouraged to meet with the Financial Director at the bank in order to discuss affordability based on daily salary and current debts. Interest rates are based on your financial history and ability to pay.
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