Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $113,087. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $ ______ Answer is not 338,000 or 224,911
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $323,600. The…
A: Amount ($) Appraisal Value 323,600 Loan available [323,600*75%] 242,700 Less: Balance on…
Q: How much should Cristy pay today to clear her loan? Select one: a. $5384.26 b. $2554.13 c.…
A: Future Value = A x (1 + r)^n Here, A = Amount Borrowed i.e. $4800 r = Periodic Interest Rate i.e. 7%…
Q: first mortgage is $154,920. If their bank is willing to loan up to 75% of the appraised value, what…
A: Percentage of Appraised Value=Appraised Value X Lender's Percentage Potential Credit=Percentage of…
Q: You are a mortgage broker at Interamerican Bank. One of your clients, Bill Cramer, has submitted an…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Jane requested a loan from a bank amounting to P186,980 to continue her small business. But she only…
A: A loan is an arrangement in which borrower receives money from the lender which is to be repaid…
Q: Marcel Thiessen purchased a home for $206,400 and obtained a 15-year, fixed-rate mortgage at 9%…
A: It is assumed that the mortgage is obtained after making a downpayment of 10% of the purchase amount…
Q: A couple wishes to borrow money using the equity in their home for collateral. A loan company will…
A: Concept. Home equity value = appraised value - balance of mortgage after the…
Q: A couple wishes to borrow money using the equity in their home for collateral. A loan company will…
A: Mortgage is the value of the lender asked in terms of loan given. These could be based on the paying…
Q: The Stewarts bought a $366,000 house. They made a down payment of $42,000 and took out a…
A: In the given question we have two parts: In part (a) we need to compute the total amount paid in…
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $323,600. The…
A: Given: New loan = $323,600 Existing loan = $164,820 Appraised value = 75%
Q: The Roths bought a house for $435,200. They paid the sellers a 20% down payment and obtained a…
A: Annual percentage rate (APR) refers to the annual cost of funds borrowed. The APR is usually…
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $321,600. The…
A: Appraised Value : $321,600 Lender percentage = 0.75 Balance of first mortgage = $164,720. Now, the…
Q: You own a home that was recently appraised for $390,000. The balance on your existing mortgage is…
A: Given, Appraised value = $390,000 Existing mortgage = $129,350 Bank willing to pay = 70%
Q: You own a home that was recently appraised for $330,000. The balance on your existing mortgage is…
A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: A couple wishes to borrow money using the equity in their home for collateral. A loan company will…
A: Data given:: Purchase price of home= $61,158 Time= 11 years ago Down payment= 10% Mortgage…
Q: The Engs just purchased a home in Port Moody for $1,200,000. They made a down payment of 30% and…
A: Solution- Ordinary annuity is the PMT which are made at the end of the period.
Q: Ransford and Alda Mariano own a home recently appraised for $426,500. The balance on their existing…
A: Loan means the amount taken from another person to be repaid back with interest.
Q: Larry Mager purchased a ski lodge in Telluride for $850,000. His bank is willing to finance 70% of…
A: Purchase price = $850,000 Finance percentage = 70% Discount points = 4 1/4 or 17/4
Q: Kari is purchasing a home for $260,000. The down payment is 25% and the balance will be financed…
A: Purchase price of home = $260,000 Down payment = 25%*$260,000 = $65,000 Loan amount = Price of home…
Q: Jason Bradley decided to buy a home for $271,000. His bank requires a 25% down payment. His…
A: Given: Particulars Amount Cost of house $271,000 Down payment 25% Recording of the deed…
Q: Marcel Thiessen purchased a home for $208,400 and obtained a 15-year, fixed-rate mortgage at 7%…
A: Given information: House price amounted to $208,400 Fixed rate mortgage is 7%, Down payment is 10%,…
Q: You own a home that was recently appraised for $330,000. The balance on your existing mortgage is…
A: Potential amount of credit available on home equity = ( Appraised value * Bank willing to loan ) -…
Q: The Roths bought a house for $435,200. They paid the sellers a 20% down payment and obtained a…
A: Note: I am suppose to provide the solution of first three subparts.Please repost the remaining…
Q: The Roths bought a house for $438,500. They paid the sellers a 20% down payment and obtained a…
A: Given, Roths bought a house for $438,500 paid the sellers a 20% down payment A simple interest…
Q: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed…
A: Particulars Amount Down payment amount (220,000*25%) $ 55,000 Add : Financed…
Q: Heather recently purchased a $650,000.00 house in Barrie, Ontario. She puts a 25% down deposit and…
A: A fixed rate mortgage is a type of mortgage in which interest rate does not vary and remains…
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A: Prepaid Interest Expenses is that Expenses which is paid in advance before the Expenses due it will…
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A: "Hi, Thanks for the question. Since you asked multiple sub-part question. We will answer first three…
Q: A couple wishes to borrow money using the equity in their home for collateral. A loan company will…
A: Here,
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A: As specified in the question only Ans of part (c) is solved below. The interest deductions for part…
Q: Joe Levi bought a home in Arlington, Texas, for $141,000. He put down 25% and obtained a mortgage…
A: Loan: It is the amount taken by the borrower from the lender as credit. The borrower pays the…
Q: On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $1.98 million by paying…
A: Total interest expense deductible is calculated by multiplying interest expense by the ratio of…
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A: When amount is borrowed, we should pass an entry for cash and create a liability for the amount…
Q: Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase…
A: Prepaid Interest is that Expenses which was paid before due it is calculate on Loan amount.
Q: Jino sold his house. In addition to cash, he took a mortgage on the house. The mortgage will be paid…
A: C = Monthly payment i.e. P12,345 r = Monthly interest rate i.e. 0.01 n = Monthly period i.e. 120 (10…
Q: You own a home that was recently appraised for $330,000. The balance on your existing mortgage is…
A: Please find the answer to the above question below:
Q: Joe Levi bought a home in Arlington, Texas, for $141,000. He put down 25% and obtained a mortgage…
A: Loan: It is the amount of credit taken by the borrower from the lender. The borrower makes periodic…
Q: You own a home that was recently appraised for $390,000. The balance on your existing mortgage is…
A: Solution- Appraised value of the home = $3,90,000 Lender's percentag = 70% =0.7 Existing mortgage =…
Q: You own a home that was recently appraised for $310,000. The balance on your existing mortgage is…
A: Bank is willing to give loan up to 70% of appraisal value of loan. Hence, home loan equity will be…
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $321,600. The…
A: Line of credit is a present borrowing limit that you can access as needed.
Q: three years ago , the Kennedys purchased a house and took out a mortgage of $ 1,000,000 from the…
A: Mortgage: It is the loan that is granted by the lender to the borrower for purchasing a real estate…
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A: Here, Loan Amount (PV) is $850,000 Time period of loan is 25 years Monthly Time Period (Nper) is…
Q: Kari is purchasing a home for $260,000. The down payment is 25% and the balance will be financed…
A: Closing cost: it's a cost or expenses which is related to real estate. a charges or expenses paid…
Q: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed…
A: given information purchased cost = $220,000 down payment = 25% time period = 15 years discount…
Q: You own a home that was recently appraised for $330,000. The balance on your existing mortgage is…
A: Formula loan amount = Appraised value x percentage of appraised loan. Multiplication of appraised…
Q: The Colemans bought a s234,000 house. They made a down payment of $41,000 and took out a mortgage…
A: Mortgage: A mortgage could be a contract between you and a lender that gives the lender the proper…
Q: Yara owns a home that was recently appraised for $181,000. The balance on the existing mortgage is…
A: The credit available can be calculated as eligible loan amount on property less existing mortgage…
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- X and Y own a home recently appraised for $317,400. The balance on their existing mortgage is $214,074. If their bank is willing to loan up to 70% of the appraised value, what is the amount of credit available to them (in $)?Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $323,600. The balance on their existing first mortgage is $154,720. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit? ______$Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $322,800. The balance on their existing first mortgage is $154,920. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit? $ Need Help? Read It
- Yara owns a home that was recently appraised for $181,000. The balance on the existing mortgage is $84,200. If Yara's bank is willing to loan up to 73% of the appraised value, find the potential amount of credit available on a home equity loan. O $47,930 O $61,466 O $96,800 $132,130 * O 0 o oProblem: You are a mortgage broker at your local bank. Your cousin submitted an application for a mortgage with a monthly PITI of $1,319. His financial other obligations total $744.50. Your cousin earns a gross income of $5,005. (a) What is your cousin's expense ratio? (b) What is his total obligations ratio? (c) According to the Lending Ratio Guidelines in your textbook (Chapter 14, section II), for type of mortgage would Bool qualify, if any? Explain. (d) If your cousin decided to get a part-time job so he can qualify for conventional mortgage, how much additional monthly income would he need? (Set up an equation and solve it.)You are a first-time homeowner and know you will only prequalify for an FHA loan. Your monthly gross income is $2,000. What is this minimum amount of recurring debt you are currently able to handle? (round to the nearest dollar) (DO NOT INCLUDE COMMAS AND S) Type your numeric answer and submit
- [The following information applies to the questions displayed below.] Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000 down and borrowing the remaining $800,000 with a 6 percent loan secured by the home. The Sanchezes made interest-only payments on the loan in years 1 and 2. (Leave no answer blank. Enter zero if applicable.) b. Assuming year 1 is 2021, how much interest would the Sanchezes deduct in year 2? Maximum deductible interest expenseMargo and Bill file as MFJ. During the year, they paid the following: $6,500 Mortgage interest on main home (acquisition mortgage of $400,000) Credit card interest Auto loan interest Loan interest on an empty lot purchase to build a second home $ 400 $3,500 $2,500 What amount can they report as deductible mortgage interest? Answer:A borrower purchased a $250,000 house with 5 percent down payment taking a mortgage loan for the rest of the amount. Private mortgage insurance covers 6 percent of the loan. Suppose the borrower defaults after the loan has been paid down to $223,000. Suppose further the lender is able to sell the foreclosed house for $211,000. What compensation from the mortgage insurer does the lender get?
- The Bowers have a mortgage with National Trust Bank. The bank requires that the Bowers pay their homeowner’s insurance, property taxes, and mortgage in one monthly payment to the bank. Their monthly mortgage payment is $1,500.00. Their semi-annual property tax bill is $6,250.00. Their annual homeowner’s insurance bill is $1,200.00. How much is the monthly payment they make to National Trust? $2642.00THE ANSWER IS NOT $54,000 On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $1.98 million by paying $280,000 down and borrowing the remaining $1.70 million with a 5.4 percent loan secured by the home. The Franklins paid interest only on the loan for year 1, year 2, and year 3 (unless stated otherwise). (Enter your answers in dollars and not in millions of dollars. Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.) Problem 14-48 Part b (Algo) b. What is the amount of interest expense the Franklins may deduct in year 2 assuming year 1 is 2020?' THE ANSWER IS NOT $54,000Jane Doe earns $41,400 per year and has applied for a(n) $89,000, 25-year mortgage at 7 percent interest, paid monthly. Property taxes on the house are expected to be $3,900 per year. If her bank requires a gross debt service ratio of no more than 30 percent, will Jane be able to obtain the mortgage? Is Jane eligible for the loan?