After much complaint, the mortgage system has been altered.
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 42 simdays.
Families must have a minimum of 10% downpayment for thier home.
Current interest rate for all loans is 5%
The total amount of the mortgage will be calculated as:
( Amount of house - downpayment ) * (1 + interest rate)
(§20,000-§2,000)*1.05=§22,500 mortgage
The daily payment is calculated as:
mortgage amount/42 (rounded to nearest §10)
§22,500/42=§540 daily payment
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.
All families that have mortgages less than five simdays old, their mortgages will automatically be recalculated using the new system.
Families are encouraged to meet with the Financial Director at the bank in order to discuss affordability based on daily salary and current debts.
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