For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Appraised Value Percentage of Percentage Appraised Value (in $) First Mortgage Potential Credit (in $) Lender's Balance of $123,500 70% $53,100
Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…
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Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: House expense ratio = Monthly PITI expenses / Monthly gross income
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Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: 1) Housing Expense Ratio: = Monthly PITI Expense/ Montly gross income = ($605/ $ 3700) *100 =…
Q: calculate the required information for the mortgage
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Q: For the second mortgage application, calculate the percentage of appraised value and the potential…
A: answer and calculations are given below
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Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
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Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Housing expense ratio = PITI ExpenseGross Income×100 =$605$3,700×100=.1635×100=16.35%
Q: calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in…
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Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…
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Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…
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Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
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Q: Calculate the housing expense ratio and the total obligation ratio
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Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Housing Expense Ratio % =Monthly PITI Expense (Housing Expense)/Monthly Gross Income Total…
Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Please see the next step for the solution
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Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Monthly Gross Income = $3700 Monthly PITI Expense = $705 Monthly Financial Obligations = $720
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- For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). AppraisedValue Lender'sPercentage Percentage ofAppraised Value (in $) Balance ofFirst Mortgage PotentialCredit (in $) $1,359,000 60% $ $514,190 $Using this table as needed, calculate the required information for the mortgage. AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $73,500 8.00% 30 $ $ $Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,550 5.25% 35 $2122.29 Month Monthly payment Interest Principal End-of-month principal 1 $2122.29 $enter your response here $enter your response here $enter your response here 2 $2122.29 $enter your response here $enter your response here $enter your response here
- Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.)A mortgage applicant who has a monthly gross income of $4,285.00 applies for a mortgage with monthly PITI of $1,542.60. The applicant's other financial obligations total $231.39 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for?Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $168,300 7.25% 15 168.3 $ $ $
- your home was recently appraised for $176,000. The balance on your existing mortgage is $111,500. If your bank is willing to loan up to 69% of the appraised value, what is the potential amount of credit available on a home equity loan?Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Applicant MonthlyGrossIncome MonthlyPITIExpense Other MonthlyFinancialObligations HousingExpenseRatio (%) TotalObligationsRatio (%) Martin $3,700 $805 $820 % %Jamison is looking at the historical prepayment for a passthrough security. He finds the following: mortgage balance in month 42 = $260,000,000 scheduled principal payment in month 42 = $1,000,000 prepayment in month 42 = $2,450,000 What is the SMM for month 42? How should Mr. Jamison interpret the SMM computed? What is the CPR for month 42?
- Consider a 7.5%, $145,000, 25-year mortgage loan with 1/2% origination fee, 3/4 of a point, $550 mortgage insurance fee, $360 document prep fee, $395 appraisal fee, $663 title insurance fee, $125 credit report fee, $75 recording fee, and $500 to be placed in escrow. Calculate the reportable APR%Consider a home mortgage of $ at a fixed APR of % for years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Applicant MonthlyGrossIncome MonthlyPITIExpense Other MonthlyFinancialObligations HousingExpenseRatio (%) TotalObligationsRatio (%) Emerson $2,700 $633 $270 % %