For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Appraised Value Lender's Percentage Percentage of Appraised Value (in $) Balance of First Mortgage Potential Credit (in $) $358,900 75% $ $199,500 $
Q: A home is appraised at $328,000 and the buyer has negotiated a purchase price of $311,000. She hopes…
A: Loan: It is the amount of money borrowed from a person or bank or company for a certain period…
Q: Your existing mortgage with SunTrust is: - Outstanding loan amount: $230,000 • Remaining term: 10…
A: In the case of mortgage refinancing, the payback period is the period of time that is needed to…
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: A home is appraised at $330,000 and the buyer has negotiated a purchase price of $312,000. She…
A: The loan to value ratio: The loan to value ratio is the ratio of the loan taken to purchase a home…
Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…
A: Given: PV =1000Monthly rate =APR12=7.25%12=0.00604166667Total months in 15 years (n)=15×12=180
Q: Consider a traditional 30-year fixed rate mortgage, borrowing $400,000 (present value) at an annual…
A: Given : Consider a traditional 30-year fixed rate mortgage, borrowing $400,000 (present value) at…
Q: Determine the monthly mortgage and total cost for a $285,000 home financed at
A: Here we can use the PMT function in excel to determine the monthly payments and then use the monthly…
Q: Rank from highest to lowest the closing costs for the following options on a $110,000 mortgage. Show…
A: Closing Costs are cost which are paid to close or lock a real estate deal. It contains various fees…
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: In addition to the UFMIP (up-front mortgage insurance premium), the owner-occupant borrower who…
A: Federal Home administration (FHA) imposes an additional insurance clause to mortgage loans in Loan…
Q: Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable…
A: The question is to find out eligibility of mortgage payment as per monthly income and remaining…
Q: Lenders often require home buyers to pay "points." A point is 1% of the purchase price of the home.…
A: Amount of mortgage loan "P" is $155,000 Time period is 15 years Option A Annual interest rate is…
Q: Use -to determine the regular payment amount, rounded to the nearest dollar. Consider the following…
A: Mortgage A Mortgage B Loan Amount $ 1,65,000.00 $…
Q: What is the total Credit report mortgage for a $300,000 purchase, a 5% down $400.00 Loan origination…
A: Ans. C - $ 290,675
Q: You own a home that was recently appraised for $330,000. The balance on your existing mortgage is…
A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: 1. Excel: Complete the amortization table provided in the Excel document posted in Ivylearn in the…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: calculate the required information for the mortgage
A: An amortisation of loan is a type of loan. In this type of loan the borrower makes scheduled and…
Q: When a buyer goes in to apply for a loan on a new first mortgage, what must the lender give to the…
A: In the financial terms, the loan is referred to as the lending of the funds from one party to other…
Q: to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed…
A: Calculation of PMT =[$120000*(0.04/12)]/[1-(1+(0.04/12))(-20*12)]…
Q: Calculate the percentage of appraised value and the potential credit available for a second mortgage…
A: Loan is the debt amount which is given by bank to the borrowers and the borrower have to repay the…
Q: Use PMT= PA [-] financed with a 30-year fixed-rate mortgage at 8%. Complete parts (a) through (e)…
A: A mortgage is a loan on a property where the collateral is the property itself.
Q: Find the indicated amounts for the fixed-rate mortgages. Monthly payment Mortgage payment Purchase…
A: Mortgage is a value or an amount which is borrowed from various sources like banks etc. Person have…
Q: Amount Financed Interest Rate Term of Loan (years) Number of $1,000s Financed Table Factor (in $)…
A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…
Q: calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in…
A: Loan is contract between lender and borrower where lender provides funds to borrower for definite…
Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…
A: Information Provided: Amount Financed = $162,300 Interest Rate = 5.25% Term = 15 years
Q: You own a home that was recently appraised for $330,000. The balance on your existing mortgage is…
A: Potential amount of credit available on home equity = ( Appraised value * Bank willing to loan ) -…
Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…
A: The time value of money concept is the most important concept that states that the value of money in…
Q: A loan applicant inquires about refinancing his primary residence. He reports receiving a…
A: The term mortgage refers to a type of loan that is for the long term, and it usually has the asset…
Q: What is the total mortgage for a $200,000 purchase, a 15% down payment, and the closing costs hown…
A: Total mortgage will be the sum of all the costs incurred and loan amount
Q: P. Jse to determine the regular payment amount, rounded to the nearest dollar. Consider the…
A: Given, Mortgage A Mortgage B Payment (P) $2,900 $2,900 Rate of interest (r) 9.25% 8.25%…
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: setting the appropriate values for a $100,000, 30-year mortgage at 6% interest and using Excel's…
A: For calculation of principal part and interest part, we need to calculate the monthly instalment for…
Q: What is the total mortgage for a $260,000 purchase, a 15% down payment, and the closing costs shown…
A: Calculation of Mortgage value:- Purchase Value: $260,000 Down payment: 15% This means that today we…
Q: Using this table as needed, calculate the required information for the mortgage. Amount Financed…
A: Data given: Amount financed = $ 89,500 Interest rate = 8% n= 30 years
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: 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: Suppose you earn a gross income of $2,710.00 per month and apply for a mortgage with a monthly PITI…
A: Gross income (G) = $2710 Monthly PITI (P) = $501.35 Other obligations (O) = $428.18
Q: You own a home that was recently appraised for $390,000. The balance on your existing mortgage is…
A: Solution- Appraised value of the home = $3,90,000 Lender's percentag = 70% =0.7 Existing mortgage =…
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: Consider a home mortgage of $ at a fixed APR of % for years. a. Calculate the monthly payment. b.…
A: APR=12% loan term=1 year
Q: A house is to be purchased by financing $ 341,998 with a mortgage. A conventional 30-year loan is…
A: Given information : Amount of mortgage = $341,998 Number of years = 30 Annual interest rate = 4%
Q: A mortgage applicant who has a monthly gross income of $4,705.00 applies for a mortgage with monthly…
A: Monthly gross income = $4705 Monthly PITI = $1411.50 Other financial obligations = $282.30
Q: Jsing this table as needed, calculate the required information for the mortgage. Number Table…
A: Loans are the borrowings that are used by individuals to finance their funding needs and…
Q: Suppose you earn a gross income of $2,915.00 per month and apply for a mortgage with a monthly PITI…
A: Gross income (GI) = $2915 PITI = $900.74 Other obligations (O) = $174.90
Q: A buyer has agreed to purchase a home for $50,500. The buyer will assume a first mortgage in the…
A: The purchase-money mortgage will be the balance after the first mortgage, earnest money, and the…
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: Calculating the APR on simple interest and discount loans. Find the finance charges on a 6.5…
A: Computation of Interest for 18 months is as follows: Loan amount =$1000Rate =6.5%Interest for 18…
Q: Use the information below to derive a Cap Rate and solve for the property's Overall Value. NOI…
A: Capitalization rate : is the yield on a property over a period of one year. Formula of…
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…
Appraised Value |
Lender's Percentage |
Percentage of Appraised Value (in $) |
Balance of First Mortgage |
Potential Credit (in $) |
---|---|---|---|---|
$358,900 | 75% | $ | $199,500 |
$ |
Step by step
Solved in 2 steps
- For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Appraised Value Percentage of Appraised Value (in $) Lender's Balance of Potential Percentage First Mortgage Credit (in $) $121,500 70% $53,100 $For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Appraised Lender's Value Percentage of Percentage Appraised Value (in $) Balance of First Mortgage $358,700 75% $ $198,500 $ Potential Credit (in $)For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Appraised Value Percentage of Percentage Appraised Value (in $) Lender's Balance of Potential First Mortgage Credit (in $) $326,700 75% $198,500 %24
- For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Appraised Lender's Balance of Percentage of Appraised Value (in $) Potential Value Percentage First Mortgage Credit (in $) $127,500 70% 2$ $53,400 2$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% $53,100For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Percentage of Percentage Appraised Value (in $) First Mortgage Potential Appraised Value Lender's Balance of Credit (in $) $127,500 70% $ $53,200 $ %24 %24
- 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 $ $ $For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Appraised Lender's Value Potential Credit (in $) $326,700 Percentage of Balance of Percentage Appraised Value (in $) First Mortgage 75% $198,500 $For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $ ). \table[[\table[[Appraised],[Value]],\table[[Lender's],[Percentage]],\table[[Percentage of],[Appraised Value (in $)]],\table[[Balance of],[First Mortgage]],\table[[Potential],[Credit (in $)]]],[$356,900,75%,$,$196,500,$
- Calculate the percentage of appraised value and the potential credit available for a second mortgage if the appraised value is $324,600, the lender's percentage is 75% and the balance owed on the first mortgage is $197,500. Appraised Lender's Value Balance of Percentage of Appraised Value Potential Percentage First Credit MortgageUsing 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 $) $162,300 5.25% 15 ? $ ? $ ? $ ?For the appraised Valve Appraised Nice 356,700 Second Mortgage Application Calculate the percentage and potential Credit? Lenders 75% 1st Percentage of Approved Value Balance of first Mortgage 194, 500 OF Potential credit) in (1)