Fin550-dis 2

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You own a home that was recently appraised for $370,000. The balance on your existing mortgage is $117,350. If your bank is willing to loan up to 70% of the appraised value, what is the potential amount (in $) of credit available on a home equity loan? $ Need Help? Read It Watch It Master It

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You own a home that was recently appraised for $330,000. The balance on your existing mortgage is $119,350. If your bank is willing to loan up to 80% of the appraised value, what is the potential amount (in $) of credit available on a home equity loan? ______$

You have been asked to determine whether it is beneficial for a homeowner to refinance their current mortgage loan. Their loan for 200,000 was originated three years ago and was a 30 year FRM with an interest rate of 7.5%. Their mortgage payment is currently $1,398.43. This loan now currently has 27 years remaining, and the homeowner is looking to refinance their current balance (i.e. the balance at the end of month 36) into a new 27 year FRM with an interest rate of 5.5%. How much will the homeowner save in interest over the 27 years remaining, assuming no prepayments? Round to the nearest dollar.

You are a loan officer at the West Elm Savings and Loan. Mr. and Mrs. Brady are in your office to apply for a mortgage loan on a house they want to buy. The house has a market value of $170,000. Your bank requires - of the market value as a down payment. (a) What is the amount (in $) of the down payment? $ (b) What is the amount (in $) of the mortgage for which the Bradys are applying? $ 170,0 (c) Your bank offers the Bradys a 30 year mortgage with a rate of 5%. At that rate, the monthly payments for principal and interest on the loan will be $5.37 for every $1,000 financed. What is the amount (in $) of the principal and interest portion of the Bradys' monthly payment? $ 95 (d) What is the total amount (in $) of interest that will be paid over the life of the loan? $ 2,850 (e) Your bank also requires that the monthly mortgage payments include property tax and homeowners insurance payments. If the property tax is $1,710 per year and the property insurance is $1,458 per year, what is the…

You are a loan officer at the West Elm Savings and Loan. Mr. and Mrs. Brady are in your office to apply for a mortgage loan on a house they want to buy. The house has a market value of $170,000. Your bank requires  1 5  of the market value as a down payment. (a) What is the amount (in $) of the down payment? $   (b) What is the amount (in $) of the mortgage for which the Bradys are applying? $   (c) Your bank offers the Bradys a 30 year mortgage with a rate of 5%. At that rate, the monthly payments for principal and interest on the loan will be $5.37 for every $1,000 financed. What is the amount (in $) of the principal and interest portion of the Bradys' monthly payment? $   (d) What is the total amount (in $) of interest that will be paid over the life of the loan? $   (e) Your bank also requires that the monthly mortgage payments include property tax and homeowners insurance payments. If the property tax is $1,710 per year and the property insurance is…

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Suppose you have just purchased your first home for $550,000. At the time of purchase you could only afford to commit to a down payment of $55,000. In order to make the loan, the lender requires you to obtain private mortgage insurance (PMI) on their behalf. Suppose over time you paid down the principal of the loan to $535,000 and at that point in time you can no longer make any mortgage payments (i.e., you default on the loan). If the lender were to foreclose on your property and sell it for $508,000 (net proceeds), what would the lender's loss of principal be taking into consideration the protection of mortgage insurance? (Let's assume that the PMI in this case covers the top 25% of the loan.)

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You currently have a 33​-year-old mortgage outstanding on your house. You make monthly payments of ​$1 comma 7001,700. You have just made a payment. The mortgage has 2727 years to go​ (i.e., it had an original term of 3030 ​years). Show the timeline from your perspective. How would the timeline differ if you created it from the​ bank's perspective?       Question content area bottom Part 1 Show the timeline from your perspective. ​ (Select the best choice​ below.)

Please Answer part a,b,c of this textbook question about the Application of Time Value of Money to Mortgages. Tiana graduated from college 5 years ago and has been working since then. Shewants to buy her first house costing $325,000 and has obtained a loan from a Bank. A minimumdown payment of 15% would be required and the bank will provide the difference. Her grandparenthave told her that they will cover her down payment. a. A Bank has quoted her mortgage interest rate is 4.5%; this rate would be compoundedsemi-annually, while her payments would be made monthly. What is the effective monthlyinterest rate (EMR) that she would pay? b. Calculate her monthly mortgage payment, assuming 15% down payment from hergrandparents and a mortgage maturity of 25 years. c. Given (b) above, how much of her payment in the 2nd month will go toward repayment ofprincipal and how much is interest payment?

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No Plagiarism Please!  Enter your answer and show all the steps that you use to solve this problem in the space provided.  Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down payment, and expect to pay $1,575/month. The interest rate for the mortgage is 4.65%. What must their realized income be before each month? Be sure to include the following in your response: the answer to the original question the mathematical steps for solving the problem demonstrating mathematical reasoning

Hello! I need your help with the questions attached. They are all related questions so I cannot divede them one by one.  I will be so happy if you solve them in once. Thank you !

Please provide answer to part b of the question. Please answer by using formula, not excel.

You and your partner just bought a new house and qualified for a 20-year, $520,000 mortgage. The bank has offered you an interest rate of 7.7%. You can't decide on a payment frequency. Complete the following table to help you make a decision. Mortgage Payment Number of Payments per Year 12 24 26 52

Be sure that you show all of your work to reach your answer. Each step must be on a separate line.   Your method to reach your answer must be clear and include explanations.  Be sure to only round at the last step for your final answer. You plan to purchase a house for $410,000 and you will make a 20% down payment. You are evaluating two mortgages a 30-year fixed mortgage at 2.87% and a 15-year fixed mortgage at 2.25%.  Your goal is to have a monthly payment that fits within your budget.    a.     Which mortgage will give you the lowest monthly payment?  What will that payment be?  How much less will this be than the other monthly mortgage payment?  b.     Assuming you take the full term of the mortgage, which mortgage will result in you paying the most interest?  What will that interest be? How much more will this be than the interest on the other mortgage?