Ransford and Alda Mariano own a home recently appraised for $426,500. The balance on their existing mortgage is $133,085. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $
Q: Kari is purchasing a home for $260,000. The down payment is 25% and the balance will be financed…
A: Closing cost = Remaining down payment + closing expenses + discount points
Q: Mr. and Mrs. Murthy have a totally monthly gross income of $6000.00. They are interested in…
A: GDSR is a metric that measures housing costs as a proportion of the gross income of the borrower.
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: 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: Jeronica and Sandy have decided to purchase a cooperative apartment together. They have received a…
A: Given: Monthly payment = $592.40 Years = 30 Interest rate = 16.2% Loan amount = $42,500
Q: Carlos earns a gross income of $5,680 per month and applies for a mortgage with a monthly PITI of…
A: Given Gross income =$5680 Other financial obligations = $ 1005.36 Applied for a mortgage = $ 1249.60…
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: 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: You are a loan officer at the West Elm Savings and Loan. Mr. and Mrs. Brady are in your office to…
A: People are purchasing assets for the purpose of using it for the long term. When they cannot make…
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: To assist in the preparation of the worksheet, Paloma and Anthony have collected the following…
A: Installment payments are the payments which are to be paid in regular intervals whether monthly…
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: Kari is purchasing a home for $260,000. The down payment is 25% and the balance will be financed…
A: Home cost = $260,000 Maturity = 15 years Interest rate = 8% Deposited amount = $20,00 Expenses:…
Q: Five years ago, the Pandeys purchased a house and took out a mortgage of $900,000 from the BMO bank.…
A: Ordinary annuity is the PMTs which are made at the end of the period.
Q: What is the cost of two points on the mortgage?
A: Information Provided: Selling Price = $125,000 Downpayment = 20% or $25,000 Loan amount = $100,000…
Q: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing…
A: People and organizations use home loans to purchase land without following through on the whole buy…
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: 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: ed and his wife have applied for a $350,000 mortgage to be amortized over of 2.8% and a term of 5…
A: GDS ratio that total payment of mortgage and other related housing expenses to the monthly income…
Q: tansford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing…
A: Appraised value = $ 422500 Existing mortgage = $ 113,089 Loan to appraised value ratio = 80%
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $321,800. The…
A: Appraised value = $ 321800 Existing mortgage = $ 154920 Loan to value ratio = 75%
Q: Find the closing costs (in $).
A: Closing Cost: It is settlement costs. It is the fees which is paid when obtaining loan and…
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: 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: Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by…
A: Formulas:
Q: Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a mortgage for…
A: Price of home = $ 127000 Down payment = 25% Loan amount (PV) = 127000*(1-0.25)…
Q: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed…
A: Given: Cost of home = $220,000 Down payment = 25% years of finance = 15 years Discount points is 3%…
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $324,800. The…
A: Amount of credit available to Brady on home equity line of credit = Amount that bank willing to…
Q: The Roschunis bought a house for $765,700. They paid the sellers a 20% down payment and obtained a…
A: "Hi, Thanks for the question. Since you asked multiple sub-part question. We will answer first three…
Q: Calculate the total amount paid for Mortgage A. Calculate the total interest paid for Mortgage A.…
A: Home loan mortgages are paid on a monthly basis. During the initial years interest amounts are…
Q: The Fritzes are buying a house that sells for $117,000. The bank is requiring a minimum down payment…
A: If the person takes a loan to get the finance for the purchase of property, it is known as mortgage.…
Q: Dorothie paid the following amounts during the current year: Interest on her home mortgage…
A: As specified in the question only Ans of part (c) is solved below. The interest deductions for part…
Q: Kari is purchasing a home for $260,000. The down payment is 25% and the balance will be financed…
A: Price of Home = $260,000 Down Payment = 25% Down Payment Amount = $65,000 Financed Amount = Loan…
Q: Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of…
A: The economic ability of the borrower can be ascertained from lenders using various ratios. The house…
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: The Fritzes are buying a house that sells for $152,000. The bank is requiring a minimum down…
A: Mortgage is a value which is borrowed by other sources like banks for a time period and amount in…
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: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed…
A: Down payment is part of the purchase price or the cost of house. Closing costs generally refer to…
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: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed…
A: When a buyer pays for expenses over the purchase price of the asset is known as the closing price.…
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 Roths bought a house for $438,500. They paid the sellers a 20% down payment and obtained a…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
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 $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 ItRansford 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
- Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $324,800. 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? $Yara owns a home that was recently appraised for $183,000. The balance on the existing mortgage is $83,600. If Yara's bank is willing to loan up to 76% of the appraised value, find the potential amount of credit available on a home equity loan. $55,480 $63,536 $99,400 $139,080Mr. and Mrs. Murthy have a totally monthly gross income of $6000.00. They are interested in purchasing a house with a mortgage payment of $1300.00 per month, annual heating costs of $2100.00, and annual property taxes of $3675.00. Calculate the gross debt service ratio (GDSR). Determine if a bank is likely to offer them the mortgage. Justify your answer.
- please answer with correct calculations and explanations. QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed with a year mortgage at 8% and 4 discount points. Kari made a deposit of $30,000 (applied to the doen payment) when the sales contract was signed. Kari also has three expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $).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?Jane 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?
- Jackson and Svetlana are applying for a $600,000 mortgage to purchase a new house. The monthly payment for this proposed mortgage is $2.839.48. They have told you that they also have a car payment of $1.305 per month, annual car insurance of $1,850, an RRSP contribution of $150 per month by papall deduction a weekly loan payment of $75 and total monthly credit card payments of $320. Their property taxes are $5,884 per year. Their combined income is $155.394 per year and heat on this house is $100 per month What is their TDS? Select one: a.40.00% b. 38.07% c.41.19% d.42.35%Maya borrowed $700 from a lender that charged simple interest at an annual rate of 6%. When Maya paid off the loan, she paid $126 in interest. How long was the loan for, in years? If necessary, refer to the list of financial formulas.Andy's yearly income is $40,000. What would Andy's debt load be on a $15,000 personal loan? Would Andy's debt load follow the guidelines of the 20/10 rule? Provide a reason for Your answer.