You own a home that was recently appraised for $330,000. The balance on your existing mortgage is $125,450. 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?
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You own a home that was recently appraised for $330,000. The balance on your existing mortgage is $125,450. 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?
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- Calculating required down payment on home purchase. How much would you have to put down on a house with an appraised value of 105,000 when the lender required an 80 percent loan-to-value ratio?You purchase a home for $400,000 and make a down payment of $125,000. The balance is borrowed and financed as follows: 4 year mortgage, 5% interest, paid as an ordinary annuity. How much total interest is paid on the loan?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 $139,080
- Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and financing the rest at 7% interest for 30 years. How much money was your existing mortgage (loan) for?How much money was your existing mortgage loan for? suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and financing the rest at 9% interest for 30 years.You are considering purchasing a lot adjacentto your laundry business to provide adequate parking space for your customers. You need to borrow$75,000 to secure the lot. You have made a deal with alocal bank to pay the loan back over a five-year periodwith the following payment terms: 14%, 20%, 26%,32%, and 38% of the initial loan at the end of first,second, third, fourth, and fifth years, respectively.(a) What rate of interest is the bank earning fromthis loan?(b) What would be the total interest paid over thefive-year period?
- If a car is sold for P1,230,000 and the bank requires 15% downpayment, what is the amount of the mortgage?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 want to buy a $212,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan at 5.6% interest for the rest.a) What is the amount of the down payment?b) What will the amount of the mortgage?c) The bank charges 3 points on the loan. What is the amount charged for points?
- Your parents shop around and a different bank is willing to lend them a $750,000 30-year mortgage with payments of $4,865 per month. What is the implied APR of this loan?You want to buy a $170000 home. You plan to pay $34000 as a down payment, and take out a 20 year loan at 4.5% interest for the rest. After 14 years, you decide to pay off the entire loan.a) What is the amount of the payment? b) What is the outstanding principal after 14 years?c) If the bank charges 3.5 points on the loan, what is the amount charged for points?d) If the bank charges 3.5 points on the loan, what is the true interest rate?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 $1,458 per…
