tansford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $113,089. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)?
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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 $)?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 224,911Ronald 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
- 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?
- 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.Alan and Samantha Brown have a mortgage with the Bank of America. The bank requires the Browns to pay their homeowner's insurance, property taxes, and mortgage in one monthly payment to the bank. Their monthly mortgage payment is $1,450.30, their semi-annual property tax bill is $6,470, and their annual homeowner's insurance bill is $980. How much is the monthly payment they make to Bank of America?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.