how can I increase my credit score?
I filled for bankruptcy in 2005, so i understand that it will show for another 2 years, other than that, i have a mortgage in good standing, have never been late, I do have a line of credit with the mortgage company of 15000, I have a credit of 14000 on it. I don't use it for purchases, i just pay the monthly amount on it just as I do my mortgage. I don't have any credit cards and my school loans are all up to date. Is the bankruptcy the thing holding me back? I mean, my credit score is 525, that is horrible, how can i improve that?
|
Question about a lawsuit?
My wife is being sued from a car accident that happened almost 2 years ago. We lost our home from hurricane Ike and are living in a FEMA mobile home. Our house was totaled out and it looks like we will have to buy a home. Will this pending lawsuit affect us getting a loan for a house? We really need a house to live in. There are 7 people living in this tiny mobile home( me, myself and our 5 kids) and we really need a house. My credit is good enough to get a loan but I am not sure how my wife's credit will be after this lawsuit. They are asking for more then our insurance paid up for ( $100,000) What should we do? It will cost almost $1700 a month to rent a 4 bedroom house and if we can buy a house, it would cost less in the long run. Could I get the mortgage in my name only? We have no assests. We have 1 car and we live in a FEMA mobile home and have about $8000 in our bank account.
|
consumer math. anyone no it?
1. Real Property is NOT: (1 point)
attached to the ground
often mortgaged
taxed
capable of being moved
2. When a large value item or asset is sold voluntarily, it could be called what? (1 point)
foreclosed
repossessed
liquidated
auctioned
3. If you break an automobile or apartment rental lease before the contract expires, you could be subject to what? (1 point)
prepayment penalty
early termination penalty
finances charges
higher interest rates
4. When you begin paying a 30-year loan, what part of the loan are you paying first? (1 point)
equity
interest
principal
assets
5. If you don’t own your residence, what kind of insurance do you need? (1 point)
Homeowners insurance
Supplemental insurance
Renters insurance
Private Mortgage insurance
6. What are expenses like telephone, electricity and natural gas called? (1 point)
assessment expenses
utility expenses
luxuries
budget items
7. Insurance approval and evidence of coverage is required to get a mortgage. (1 point)
True
False
8. When you rent your residence, taxes are paid as part of your rent payment. (1 point)
True
False
9. When you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (1 point)
True
False
10. What are good reasons for buying/mortgaging a home? (1 point)
to build equity as savings
you expect to reside in the same area for a long time
your credit is established and you can get a very low interest rate
your income is high enough to claim a deduction on your income tax
all of the above
|
Marraige and Mortgage in PA?
I am currently married and we are purchasing our first home in Pennsylvania. Even though my income was needed for the approval, I was told I was not needed to sign on the loan.
1) If i do not sign the loan or include my name on the deed then what rights do I have down the line should we get divorced?
2) If I left him at some point then would I be obligated to mortgage?
Thank you kindly.
|
Resolved Question: Which loan should I choose? The FHA loan or the conventional one?
My lender offered me these two options and I really want either one of those two for sure,but which one? Both these loans are 30 year fixed.The FHA loan would consolidate my 2 loans (I have a 30 year fixed 1st mortgage @5.875% and a 20 year fixed @9.00% second mortgage and I've paid on both for 7 years right now) into one,but with the FHA loan,I need to pay PMI for the first 5 years.with the conventional loan,I would just re-fi the first mortgage and leave the 2nd one completely alone,since it's only a 20 year loan and I've already paid 7 years off on that.Now,the question is,which loan is a better option for me here.I'm not planning on staying at my place for probably more than 5 more years,probably less.So,what loan should I choose,if you were in my shoes?
|
I need Help!!! History is anyone good at?
i've been doing online school buti have been out of it for a while because i had a very hard death in the family. I don't have the book yet so if someone could help me out it would be more than appreciated.
1.Why did Hoover not want to create millions of public works jobs to help the unemployed?
A.He didn’t care about unemployed people.
B.He did not think there was enough work for people.
C.He opposed a large increase in government spending.
D.He thought enough people were already doing public works jobs.
2.How did Hoover’s creation of the Reconstruction Finance Corporation affect businesses?
A.It didn’t solve the money crisis initially, but after a few months businesses had the resources they needed.
B.It helped a handful of businesses, but had little impact on overcoming the economy’s decline.
C.Most businesses were only able to obtain loans from the federal government
D.It had no impact on business and caused many citizens to believe Hoover was not helping the economy.
3.How did society react to the increasing problems in the economy as Hoover continued to limit the amount of relief funds provided by the federal government?
A.Society turned to the federal government provide loans to families.
B.Churches requested funds from the government to provide relief to needy individuals.
C.Many individuals became dissatisfied with the federal government and conducted protest marches.
D.Many people chose to work for commodities rather than currency.
4.Hoover’s decision to create public work jobs affected American society in what way?
A.Most employers looked to the government for solutions to their hiring problems.
B.Many employees were able to return to their jobs due to public work jobs stimulating economic growth.
C.The decision provided jobs but had little long-term impact on overcoming the problems caused by the Depression.
D.There was a major increase in the amount of training available to middle-class workers.
5.Why were nearly one million farms foreclosed between 1930 and 1934?
A.Low agriculture prices meant farmers were losing money and couldn’t pay for farming necessities like seeds, equipment and feed, or their mortgages.
B.Greedy banks tried to force farmers off their land when they owed too much money.
C.All the farming strikes and riots destroyed food and dairy and closed highways.
D.An increase in housing prices following the stock market crash.
|
Should I pay off my car?
I've got right about 2 years left on my car loan with a balance of about $10k. I have in the bank in total around $15-16k of combined savings/checking accounts and CD's. I also have my 401k, but I dont plan to ever touch that which is small right now, about $8k. My monthly payments on my car are $460 with an int. rate of 5.9%. We've got a 30 yr mortgage that has 25 yrs left on it. Im tired of shelling out the $460 each month , so should I just get the payoff from the bank and pay my car off? Its an 05' Honda.....reason Im still paying on it....cause I got screwed on the loan when i first got it late in 05' with a 12.50% rate! I refinanced it about 2 yrs later to the now 5.9%. Should I just stick it out for the next 2 years or just pay it off? Thanks
|
Resolved Question: Mortgage dilemma- How do I refinance a 2nd mortgage when I don't have much equity?
I'm moving in with my fiance, and we NEED to refinance both his 1st and 2nd mortgages to get his X-wife off the deed/mtg. We are basically buying her out for nothing, but every lender we talk to can't refinance the 2nd mortgage or combine the loans because he doesn't have a lot of equity, and the X will definitely not agree to stay on the mortgage. What are our options for refinancing when we're at about 95% equity? Would an FHA loan cover up to that much? PLEASE HELP!!!
|
Resolved Question: What's the difference between a refinance and a cash-out refinance for an FHA mortgage?
I'm getting conflicting info from mortgage companies. I have a 1st and 2nd mortgage through bank of America (2nd is balloon mtg.) All I'm looking to do is combine the two through another company, not take any additional money out. I don't have much equity in the house, and have been told 2 different things regarding an FHA loan. One lender says they can refinance up to 97.75% of my home's value. Another said They can only refinance up to 85% on what they consider to be a "cash-out" refinance. Do they consider it cash out when you're paying off a 2nd mortgage along with your first?
I'm clueless about this stuff- please help!!! Thanks :)
|
Finally closing on the sale of my condo--7 weeks past the contract date. Is this common? extreme?
When I signed the contract the closing was to occur within 50 days--any change was to require the signature of all parties. I was never notified that the closing would not occur as scheduled, let alone asked for my signature.
The buyers were ready on time. My realtor and/or lawyer are responsible for the delay, e.g., the lawyer did not even request the final payoff statement from my mortgage company until 2 weeks past the date in the contract--the request for payoff info on a home equity loan was submitted even later. During those 7 weeks I was repeatedly told that the closing would be "soon."
This was more than an inconvenience for me. I work from home and had terminated my internet connection in anticipation of the move, therefore, I was out of work for those 7 weeks.
I understand that closing can be delayed for any number of unpredictable/uncontrollable reasons, but failure to request payoff info in a timely manner is neither unpredictable or uncontrollable. Neither the realtor or lawyer is admitting that there is anything unusual about the length or cause of the delay.
Can this possibly be true, i.e., do buyers/sellers routinely spend weeks not knowing when the closing will occur?
|
Accounting extra credit question, very confused please help!?
So the question is:
On January 1, 2010, ABC Corporation purchased a building costing $300,000, signing a
10%, 5-year mortgage note payable on December 31, 2009. Five ANNUAL payments will be
made each year to pay back the mortgage beginning on December 31, 2010.
A. What annual payment is required at a 10% rate?
Hint: Remember, in computing the price of the bond, the stated interest payments
represented an annuity, so to discount those future annuity payments, we did this:
Annuity Payments x PVA Factor from table = PV of the Annuity
Well, the mortgage payments are the annuity payments and the loan of $300,000 is the PV of those
annuity payments. Can you figure out what the annuity payments must be?"
I'm very confused by the wording of this question. I used the provided equation, and plugged in "300,000" for PV of the annuity, and for determining the PVA factor, I used:
semi-annual rate = 10% / 5 = 2%
semi-annual time period = 5 x 5 = 25
I then looked at the PVA factor chart using the above variables to get 19.52346, and plugged the 19.52346 into the equation as PVA factor from table. So I have:
(X) x 19.52346 = 300,000;
X = 15,366
So is $15,366 the correct answer for the annual payment required at 10%?
I'm really confused, please help!
|
What are some ways to get out of debt?
When my husband and I were younger we used out credit cards for a lot of useless things. Combined we have about 10,000 in credit card debt. We also have 2 auto loans and a mortgage, We have stopped using them completely but we are still having trouble paying off the debt. Any advice on how to pay it off and get out life back in order. We are barely making ends meet and I fear that we could lose out home or cars if we don't start making some changes.
|
Resolved Question: Why do I have to pay both PMI and MIP on a FHA loan?
I am in the market for a house. My mortgage person told me that with FHA loans, you will have to pay PMI because I am not putting down more than 20% of the mortgage and I will also have to pay 1-2% of the loan for MIP. This goes to the government and can be added in the mortgage. I live in NY. Does this sound right or am I being ripped off?
|
FHA Loan Requirements?
My wife has recently started working in the nursing field roughly about 8 months ago, she's a LPN for a elderly health care facility part time. I myself have worked as a "supervisor" in a call center and I've been at my job for almost 3 years. We make pre tax around $3800 a month in Tennessee. We were attempting to get an FHA loan through a mortgage company recently, and they advised that we were unable to due to the fact that my wife hasn't been at her job for 2 years. Well the reason she hasn't been is because she was in school. Shouldn't they count that year of school as well, prior to going to school she worked in a sales store for roughly 4 years straight. Is there anyway around this?
|
How do I get a loan for a house in another state?
I currently live in MN. I have a house with a 195,000 mortgage on it. I want to purchase a condo for 150,000 with with 2 other people near San Diego, CA. We want to live here and pay for the house in CA since we'll have steady income in MN. The Banks in CA won't loan me the money because I haven't had a stable job there for 6 months. I can't find a job there that pays more than $10-13 per hour. I was told I'll have to put at least half down if I want to live in MN and pay for a place in CA, but even then I'm going to get some balloon interest rate after that.
Does anyone have any suggestions on how I can go about purchasing a home in CA while living in MN?
|
Will someone please help with consumer math?
1.
Real Property is NOT: (1 point)
* attached to the ground
* often mortgaged
* taxed
* capable of being moved
2.
When a large value item or asset is sold voluntarily, it could be called what? (1 point)
* foreclosed
* repossessed
* liquidated
* auctioned
3.
If you break an automobile or apartment rental lease before the contract expires, you could be subject to what? (1 point)
* prepayment penalty
* early termination penalty
* finances charges
* higher interest rates
4.
When you begin paying a 30-year loan, what part of the loan are you paying first? (1 point)
* equity
* interest
* principal
* assets
5.
If you don’t own your residence, what kind of insurance do you need? (1 point)
* Homeowners insurance
* Supplemental insurance
* Renters insurance
* Private Mortgage insurance
6.
What are expenses like telephone, electricity and natural gas called? (1 point)
* assessment expenses
* utility expenses
* luxuries
* budget items
7.
Insurance approval and evidence of coverage is required to get a mortgage. (1 point)
* True
* False
8.
When you rent your residence, taxes are paid as part of your rent payment. (1 point)
* True
* False
9.
When you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (1 point)
* True
* False
10.
What are good reasons for buying/mortgaging a home? (1 point)
* to build equity as savings
* you expect to reside in the same area for a long time
* your credit is established and you can get a very low interest rate
* your income is high enough to claim a deduction on your income tax
* all of the above
|
Need help could someone tell me how read this Mortgage?
What does 1 years fixed 2.65% what does that mean?
As the years go up that % is getting more why is that?
Does that mean prime is inculded.
is this a term loan?
1 Year Fixed Rate Mortgage 2.650% 3
4 Year Fixed Rate Mortgage 3.990% 3
5 Year Fixed Rate Mortgage 4.090% 3
5 Year Fixed Rate Green Mortgage 4.390% 3
5 Year Closed Variable Rate Mortgage 2.150% 7
7 Year Fixed Rate Mortgage 4.950%
10 Year Fixed Rate Mortgage 5.200% 3
|
Resolved Question: Help me with these Housing Questions?
Okay... Anyone that knows anything about home finances should be able to answer these questions. 10 points best answer! It's okay if you don't answer all of them, just whatever you can!
Personal Financial Planning
Meeting Housing Needs
Please answer the questions.
1)What are four options for housing? Define each.
2)Explain the statement “the home as a tax shelter”?
3)Explain the statement “the home as an inflation hedge”
4)Define Each
a.Prequalification
b.Earnest Money Deposit
c.Contingency Clause
d.MLS
e.RESPA – (what is it?)
5)What is PMI? When do you have to pay it?
6)What are points and closing costs?
7)What is the most a mortgage company/bank will loan you expressed as a percentage of your monthly take home income? (assuming you have no other installment loans)
8)What are three reasons why people would choose to rent?
9)Explain the statement “agents are typically employed by the seller”.
10)What is a title check?
11)What is the difference between a fixed rate and an adjustable rate mortgage? Balloon-Payment Mortgage?
12)What are the basics you need to understand before financing your home with an ARM? Define Each
a.Adjustment Period
b.Index Rate
c.Margin
d.Interest Rate Caps
e.Payment Caps
f.Negative Amortization
13)When would a customer choose an ARM instead of a fixed rate mortgage?
14)What is the interest rate on a 15 and 30 year fixed rate mortgage? Use the internet.
15)What is a sub-prime mortgage? Use the internet. What is the rate for these types of loans?
16)What is a non income verification mortgage? Use the internet. What is the rate for these types of loans?
17)What is a jumbo mortgage? Use the internet.
18)How can someone finance a home 100% with a mortgage? Use the internet.
19)What is an FHA mortgage?
|
Voting Question: tax foreclosure.....please help!?
my mother in law got served today with a citation in delinquent tax suit. due to her son getting life in prison for being with the wrong people at the wrong time they had to put a mortgage loan on the house to pay his lawyer that didn't even help. and my father in law having a heart attack due to geonberrae don't know if i spelled it right or not but it is a disease that paralyzes you from the neck down. uncle having a heart attack in the hospital during dialysis and brother in law 19 dieing in the dallas hospital due to triple pneumonia, we had to ask house to house for donations for there funeral's since none had any kind of insurance . we didn't even worry about the tax's at the time and that came out to 11,000 dollars in tax's. my husband went and gave 2,000 dollars at the tax district and it brought the estimate down 2 in a half years . now apparently we gave it to the wrong people since the attorney is the one collecting the money for them. i live in mission tx. and everyone has me in circles on what to do to help her. i feel like im on a roller coaster with no brakes. the house and land has sentimental value to my husband since his father was the one that hand made it, and the last thing he left behind. if anybody knows any kind of help i can get or has bin in my situation and got through i would really appreciate some guidence...........
|
Voting Question: Help me settle a dumb dispute between me and my husband?
My husband wants to buy a car that is $9000 and I dont care that he buys it, but he wants to take the money out of our savings. The savings is for a house since we plan on selling ours next spring and using most of our savings for a down payment (we want a 15 year mortgage instead of a 30 year). I dont think he should take it our of the savings to buy since 9000 down on our new future mortgage seems smarter to me. I suggested he take out a loan for it since the interest would be less on $9000 for 2-3 years than 15 years for a mortgage. Who is right and what would you do? His big concern is he doesnt want another payment, but we could afford it and if we got a principle loan we could pay it off early and not pay the remaining interest on the loan after we sell and buy our house. Does this make sense? Advice?
Yeah taking out of savings and paying it ack sounds great but then when we take out another mortgage we wont have the full balanced paid off by then and will have to finance part if that for our mortgage
lol this is not a fight like where we are yelling. More like were both stubborn. His car is fine ut his lease runs up in like 6 months so this would be his next car. Its a great deal for the car. he essentially doesnt want a payment either, but the payment would be a lot cheaper than his current lease. and the $9000 isnt the only part of savings. Oir children are being well taken care of financially so I dont know where that came from and we currently own our home......blahhhhh
|
Resolved Question: Why was my credit card application denied...AGAIN?
I am beyond pissed off. I recently applied for a Discover card only to be turned down. I am a 35 year old college grad, I have owned my home for 3 years, the mortgage is current and in good standing, I have a personal loan that is current and also in good standing as is the monthly monitoring on my security system. There are 2 medical bills on my credit but that's it. I paid off a lot of medical bills prior to buying my house, the 2 are recent. I have NEVER had a credit card; they have always been denied. I am starting a new job next week so that may be one reason, but what I would like to know is why my husband can get a credit card when he has a car repo in his past, a $3,000 bill at a jewelry store that's been turned into collections (prior to my meeting him), several credit cards he got with his ex wife that are in default, he has a card right now that has a balance and was closed by the company because of it. The ex wife defaulted on those cards with my husband, has no job, has moved at least a dozen times in 9 years, had 4 cars repoed (at least) and she shows up with a new car a month or so after the repo. HOW IN THE HELL DOES THAT HAPPEN? How can people like that get a credit card but I can't? I do not understand it. It's not like I'm out running up these huge debts, medical bills are an unexpected expense.
William, I never said I was ENTITLED to credit, I simply wondered why people with existing bad credit can continue to GET credit handed to them while I cannot. I am presently employed and will be starting a new job next week, so what is the problem? I pulled my report and there are only 2 outstanding bills on there, they are less than a year old and like I said, they are medical bills. 3 of the debts I paid off are still showing until the end of this month and my loan and alarm are not on there like I thought they were. The only open account is my mortgage.
|
Voting Question: Quitclaim Deed Questions?
I'm in this CRAZY situation and need some serious advice, so all knowledgeble responses are very appreciated.
Here's the scoop. I own a home in my name and my name only. My boyfriend, who I live with wants a steak in 50% of the home by way of having me sign a quitclaim deed, he says. Now I bought the home when we were still renting together and told him he could stay there with me rent-free if he put in about 10K towards the downpayment and just helped out with the utility bills (which he agreed to) I was making all of the mortgage payments and he just paid utilities and took care of my dog for me while I was at work.
About 6 months ago, I got laid off from my job. I still have investments, but money has been tight and the boyfriend helped me out on making 2 of the mortgage payments this year, in addition to still paying the utilities.
I told him that he needs to pay for his share of the utilities, as well as half the mortgage for a few months until I find another job. He says that he has no problem doing this - in fact, he's willing to do it forever. He just wants half of the value of the house in his name.
I still have a morgage on the house, so I told him if he wanted to do this - hed have to have half of the loan in his name too. He told me that he didn't want to do this but that he would get a separate loan and use it to pay off half of mine. However, even though he wants a full 50% of the house in his name, he wants to deduct his down-payment money AND what he's put in on the mortgage for two months (in other words, we'd each have 50% of the house in our name, but I'd have like 65% of the debt.
Does this sound legitimate on his part and from a legal perspective, are we going to have any problems if one of us ever wants to sell the house. Also, do you think that I'll have problems refinancing since I don't have a job? (I did just buy the home a year and a half ago, so I'm hoping that I may qualify for a streamline refinance and that hopefully they won't verify my income.)
I'm scared and I don't know what to do. He says that he needs to 'move on' if we don't do this because he's pissed that I don't trust him since he paid a 2 months mortgage already and he keeps saying that it's also not fair that he helped out with the down payment and now has to pay 'rent' too. So if I don't do this, I may lose my home AND my boyfrined.
Thanks for the help guys.
|
Voting Question: Moral question - should I pay or not?
First.... WE DO NOT HAVE A CONTRACT WITH THIS GUY. So this question is about the moral/ethical decision to pay him or not..... here's the background.
We recently bought a place - the guy that was living here and was buying it (we'll call him Joe) was in default on the loan and HAD to sell the place or pay up. Our contract is with the original owner....not Joe.
When we came out and looked at everything, we knew the condition of the place (it's a fixer-upper)... out ultimate decision to buy the place was based on pretty much 3 things: 1. The structure is sound and fit for complete remodel. 2. The AC/heater unit was(supposed to be) brand new - less than 6 months old, and 3. There is a brand new well on the place (no city water - the whole place is reliant on the well).
Joe wanted $10,000 down to "buy him out" AND he wanted us to pay the back mortgage of $3700, plus we would finish paying off the pump for the well - he said there was about $1200 left on the well. Joe told us that he made monthly payments on the well pump and that it was up to date. We attempted to contact the company who financed the pump but they could not speak with us about "his account" - so in the end we wound up having to take his word for it ..... yeah I know, but we weren't gonna lose the deal over that.
Here's what we worked out.... we would pay the $3700 in back payments and take over payments on the well - so 10K minus 3700k - left a balance of 6300k to be paid to Joe. We paid Joe, $5000 and left a balance of $1300 - BUT we DID NOT sign any kind of contract with Joe on the $1300 balance.
After we had been here for a couple of weeks - we found that this "brand new" AC does not work - so we call Joe because he was supposed to leave all the installation information for us, but hadn't and had given us the excuse that he "thought his daughter must have inadvertently packed it up" - he would dig it out and get it to us ASAP.... we never heard back from him about it. My husband made two more calls to Joe about this - to no avail, it was one excuse after another, THEN we find out that the AC WAS NOT installed by a company at all - but by "some ole boy" that Joe knows. SOOOO we had to call an AC Technician out - by the time the AC was fixed we were billed $575 for bringing it up to code and for having the thing rewired completely - "some ole boy" had wired the thing completely wrong and it wouldn't work at all.
After we moved in - we learned that he was 7 months behind on the contract for the well pump. The people who set the pump actually came out to repossess the pump .... so we had to pay Joe's past due balance of $700 PLUS late fees of $120... a total of $820 just to keep the pump - THEN we had to sign a new contract in our name - THAT'S when I found out that in the 2 years since the pump was set - Joe had only made 6 payments. And that original figure of $1200 to pay off the well - is actually $2063. Another lie.
Now we're out $1395 because of Joes lies. But matters get worse.... the septic system backed up into the yard the very first week we were here - we had to pay $150 to have a pump truck out, only to find out that Joe had been driving over the leach lines and crushed them - so we now have to have new lines run, at a cost of $2500.
After all this - Joe has called and "threatened" that he has to have "his money" now - Needless to say, after paying his past due bills, having the AC repaired (after he told us that "it's brand new and works like a brand new one") and now the septic system - this guys lies are costing us THOUSANDS - I just don't think we should pay him the $1300 ON TOP of paying his past due balance at the well company and having to pay out so much because he lied about the AC.
- Remember, we DO NOT have a contract with JOE. We paid the initial $5000 in advance of him even vacating the property - and even after paying him in advance - he cost us $435 in pro-rated rent at our old place because he was supposed to vacate by the 15th but didn't and we had to pay to stay where we were until he moved.
I haven't paid Joe the remaining $1300 that he wants and I don't think I'm going to pay him either. THAT 1300 went to the well company and the AC Tech. Am I wrong to withhold the money?
This was/is a owner finance. Our contract is with the original owner. Joe was the previous buyer. This is not a traditional "mortgage" property. A big plus for us - the price is "pay off", not retail price. We have no interest - straight payments on the remaining balance... we will own it free and clear in 8 years.
|
Voting Question: How do I get proof of a paid off mortgage after 2 years?
My house has been paid off for two years and to my knowledge, I've never received any proof (from the lender) of this. Now that I'm divorced and the house is mine (after the completion of a quit claim) I would like some kind of proof that the loan has been paid off. (state of California) The lender tells me it's been too long for them to send me anything and I have to go through the county clerk.
|
Voting Question: Home Mortgage - Why does the bank use Adjusted Gross Income and not BUSINESS INCOME?
I'm trying to understand the rationale behind WHY the use AGI instead of business income. And more specifically, I know they will add back depreciation which makes sense - but would they also add back things like "student loan interest deduction"? What about "1/2 of self employment tax deduction"?
When a bank is deciding whether or not to give you a loan, the use of a Debt to Income ratio already takes into account your monthly student loan payment, so it seems like "double dipping" that they can use it to knock down your income a few notches lower, and then turn around and also have that same category take away from your monthly spending power.
And don't get me wrong, I completely - 100% - agree with your debt to income ratio being affected since a student loan is a monthly expense, but it's hard for me to understand why they would also reduce your income for something that has nothing to do with the bottom line of your business income earning power? It seems to me like it would be fair to do one or the other, but not taking away from both sides.
If the gov't wants to give you a deduction for student loan interest, or for 1/2 of self employment tax, and that reduces the amount you pay them then great. But I'm not seeing how the gov't giving you a tax credit really has much to do with your ability to pay back the bank mortgage. You'll pay the bank back if your business is profitable, how much money you are bringing on an income statement (Income - expenses = net profit).
Can anyone help me to understand this?
"AGI what you pay bills with"
Actually, I'm failing to see that connection. My student loan interest is already accounted for in the debt to income ratio the banks use. Right? So why are they then going and reducing my income as well?
|
Resolved Question: Mortgage company asking for bank statements?
Mortgage company asked for 2 months of bank statements, but they show a low balance(no overdrafts). We buy most things with cash not our checking account. We are prequalified for a USDA rural home loan, and have 3500 to spend towards appraisal and home inspection costs.(seller is paying closing costs). But I am worried because the 3500 funds that show in our account was money that was deposited for tax refund. Is this going to be a problem because we didn't actually save that money?
|
Resolved Question: help with consumer math?
check my answers with me?
1. True or False. Insurance approval and evidence of coverage is required to get a mortgage. (Points :1)
True
False
2. True or False. When you rent your residence, taxes are paid as part of your rent payment. (Points :1)
True
False
3. True or False. When you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (Points :1)
True
False
4. Which of the following does NOT apply to Real Property? (Points :1)
It is attached to the ground
It is often mortgaged
It is taxed
It is capable of being moved
5. Which term refers to a large value item or asset that is sold voluntarily? (Points :1)
foreclosed
repossessed
liquidated
auctioned
6. Which term refers to the amount charged if you break an automobile or apartment rental lease before the contract expires? (Points :1)
prepayment penalty
early termination penalty
finances charges
higher interest rates
7. When you begin paying a 30-year loan, what part of the loan are you paying first? (Points :1)
equity
interest
principal
assets
8. If you don’t own your residence, what kind of insurance do you need? (Points :1)
Homeowners insurance
Supplemental insurance
Renters insurance
Private Mortgage insurance
9. Which term can be used to describe expenses such as telephone, electricity and natural gas? (Points :1)
assessment expenses
utility expenses
luxuries
budget items
10. Which of the following are good reasons for buying or mortgaging a home? (Points :1)
to build equity as savings
you expect to reside in the same area for a long time
your credit is established and you can get a very low interest rate
your income is high enough to claim a deduction on your income tax
all of the above
|
Resolved Question: Where does the law side with here?
My landlord foreclosed on our property and told us a lie, he said he was not in any danger of losing the property.
I paid him 4 months in advance before we received the notice.
I did that to help him out so he could replace our heater (been without central heat since Dec31)
He lost the property March 2nd and we have until April 5th to get out.
He said he will give us back April,May rent and our deposit
But he refuses to give us back March because he states
"You are still living there"
He cannot collect on something he doesn't own.
If a bird flew into our window (and broke it....again) or
If a pipe burst while we were living here he would not fix it...because he has no responsibility anymore.
So how can he state that he should get rent for March. he owned the property for 1 day!
I am willing to pay for water and garbage for the month of March but there is no reason to believe why he thinks he should get our money.
Also how can I find out WHEN he stopped paying the mortgage. When we gave him a check for 3600 (my student loan money) he said it was OK, that everything was fine...That was late January, the property was foreclosed March 2nd.
How can I prove that...oh something like fraud or the like.
He took advantage of us, we are good people and were trying to help out someone.
I am beginning to think everyone is an manipulative A-hole who only looks out for themselves (not the first time when our generosity, patience and understanding bit us in the a**)
The bank is not collecting for March, instead they are giving us $5,000 to move out in 30 days.
Yeah we got 50 bucks off a total of a $200 discount.
|
Resolved Question: Will getting a different co-signer for an auto loan help?
My wife and I purchased a home about 3 months ago. We just moved into the area. We are very comfortably making the payments, we both have decent income, etc. I wanted to finance $15,000 for a truck that I am interested in. I was the primary and my wife was the co-signer/spouse on the loan. We were declined at many places for 2 reasons: 1) The new, large, and recent mortgage we took out 2) we have not been at our jobs for longer than 2 years. Our credit scores are both above 720. I mean it really is embarrassing that I can't get approved for the loan. If I were able to get someone else to co-sign the loan with me, is there any chance I would be approved? Do they really factor in the cosigner's credit, job history, and income as much as the primary signer? Do I have any other options of trying to buy this truck? I really do need it for my contracting business.
|
Resolved Question: Can my landlord legally evict me in three days if im late on the rent?
I just received a certified letter saying shes going to court because the house is going in foreclosure. Since I am NOT technically on my yearly lease anymore (I have been living in this residence for 3 years, which was under a yearly lease) and now I am doing a month-to-month because previously I told her I might be moving out in a couple months. I really don't want to pay her ANY rent because she has told me she is partially paying the mortgage because she is renegotiating her loan for the house but LEGALLY do I have to keep paying the rent if Im planning on moving out in about 2 to 3 months?
Even if she's not paying the mortgage and theyre saying I have to go to court on this matter? I just don't understand paying her when shes not even paying the bank for the house. Can the bank evict me since it is in the process of being foreclosed?
It's not even that I don't have the money, because I certainly can afford it and all. Im just VERY upset about her NOT paying the mortgage when I was under the impression that it was being paid.
I feel like people are misunderstanding me. I have always paid my rent, no problem. I don't care how she spends her money, nor do I care. I'm just concerned about the mortgage not being paid since I am gonna probably be summoned even when I pay the rent. How is that even my responsibility? is all I'm really saying.
|
Resolved Question: Can she put her name on the loan now?
My niece lives in Florida, her husband passed away suddenly in December, 2008.
She called me because after 2 years of paying her mortgage, she would like her name on the mortgage now instead of her deceased husband. That way, she is developing some credit. She says she has mailed no less than 6 copies of the death certificate, but they have yet made the change. Now she gets a call saying that if she makes the change, she has to pay like $2,800 because they have to "charge you back a few months of the difference". Nobody can seem to explain why there is a "difference owed now". She spoke to an attorney, but he says it's not really a legal matter, just a customer + bank issue whatever that means. Any suggestions or options for her?
|
Voting Question: Can I file a lawsuit against bank?
My husband purchased a property in Florida (only his name on note and deed). Bank filed a lawsuit (foreclosure) after we missed 3 payments. Bank foreclosed house right a way. Couple months later I found that I was a victim of mortgage fraud - defraud by bank
Now I try to file a lawsuit against the bank (for fraud).
Q:
1. Could they (bank) say - .You waived your right because you did not file a counterclaim against us when we foreclosed your house….
*It was a foreclosure lawsuit. I did not have any defense because I missed monthly payment. So I let them take my property. Now I am talking about fraud lawsuit.
2There was only my husband’s name in all the loan documents including a note and deed. Now; I want to be a plaintiff not my husband. Can they still argue about “collateral estoppel”??
3 When bank filed a foreclosure lawsuit, was I in that lawsuit automatically even though I was not part of that mortgage transaction because I was his wife?
4 I am living in Virginia. FL and VA law might be different?
What do you think?
|
Voting Question: Financial Maths Question?
1. Fiona pays a $30 000 deposit on a property for sale at $130 000 and takes out a mortgage for the balance oer 15 years at a rate of 8.75% pa.
a. What is the monthly instalment for this loan?
b. How much will she repay altogether over 15 years?
c. How much interest will Fiona pay during the 15 years?
2. Mrs Jones recieved her credit card statement for the month of June. The opening balance was paid 12 days after the due dtae. This attracted the following charges: 1.85% of the amount outstanding plus 0.06082% of the outstanding amount each day until the account is paid.
a. How Much interest was Mrs Jones charged immediately for not paying the account by the due date?
b.Calculate the total amount of interest she had to pay for the 12 days the payment was late.
|
Voting Question: How can I hold J.P. Morgan and Chase liable for mistakes they have made on the mortgages I have with them?
In January of 2009 Chase bank placed insurance on my three properties that I have financed with them. They sent notices to the wrong address and I was not made aware of the situation until March of 2009 when the notices finally made it to me. For 2 months I tried to contact the person on the notices by email and telephone with no success. Finally in May of 2009 I was able to contact someone else in the insurance department. After providing proof that I already had insurance on the properties and that there was never a lapse in insurance they withdrew the hazard insurance they placed on the properties. I was then informed that because they had depleted my escrow I should not make any more payments on the loans until my escrow was reimbursed by Chase. I questioned this but followed their advice. In August of 2009 I received foreclosure notices on all three properties. I immediately inquired and was told that I was ill advised in May and that I should have continued to make the payments, however Chase also explained that they had no record of that advice being given to me because the representative from the insurance department did not place any such notes on my account in the computer. I made up the mortgage payments but was till being reported as being delinquent for the depleted escrow accounts. In October of 2009 I had paid Chase enough money to make up the depleted escrow. In the early part of 2010 I received checks from Chase on two of the accounts fully refunding all of my escrow. I researched this on my own and found out that Chase had violated a federal law by collecting escrow because I paid my taxes and insurance directly and they did not come out of my mortgage payments. Now in March of 2010 I have just learned that Chase has place a foreclosure lock box on one of my houses which is current on all payments and they will not tell me why it was placed on the property or who ordered it to be placed there. I have tried to get Chase to repair my credit report based of the wrong advice I was given by the insurance representative and also on the fact that I was deliquent on escrow payments which were unlawfully collected in the first place. How do I proceed from here?
|
Resolved Question: How did ACORN and self proclaimed left wing terrorist groups cause the US housing collapse?
Article from Investor's Business Daily http://www.investors.com April 2,2008
Award-Winning Shakedown Artist Is Still Peddling Subprime Politics
By MICHELLE MALKIN | Posted Wednesday, April 02, 2008 4:30 PM PT
Last week, a mob of screeching protesters invaded the Bear Stearns headquarters in Manhattan demanding more aid for homeowners. I oppose federal bailouts of every make and model — and that includes both the Bear Stearns deal and the bipartisan stimulus-palooza in Washington. But the bank-bashers who held their demonstration in New York City against Bear Stearns and JPMorgan are totally unhinged. And out of control.
Here is the face of the entitlement culture gone mad: "We will go to their neighborhood, we will educate their children on what their parents do. They should be ashamed," said Neighborhood Assistance Corp. of America founder Bruce Marks, in a nasty warning issued to employees of both banks.
This is not an idle threat. Bruce Marks is no harmless lone nut. He has a proven record of showing up at children's schools and bullying them because of their parents' employment. All in the name of "social justice," of course, and securing loans for every last bad risk on the face of the planet. He's so proud of his behavior, he calls himself a "bank terrorist."
Has he earned scorn and condemnation? Of course not. As a reward for his tactics, the Boston Globe named him "Bostonian of the Year" in 2007. The paper praised his "sensible innovation." They fawned over his "curious blend of in-your-face activism, customer-focused service, Machiavellian angling, and social-justice passion."
And, as the Globe reported in its cover feature on Marks, there is no line of decency this housing shakedown artist won't cross. Welcome to the subprime politics of personal destruction:
"Marks and his yellow-T-shirted followers have swarmed shareholders' meetings with enough force to shut them down. They have picketed outside the schools attended by the children of bank CEOs, pressing the youngsters in signs and chants to answer for the actions of their daddies. And they even once distributed scandal sheets to every house in one CEO's neighborhood, detailing the affair he was allegedly having with a subordinate. In time, that CEO, like most of the others that NACA targeted, sat down with Marks and signed a deal.
"To those who found his tactics an outrageous invasion of bank executives' personal lives, Marks refused to acknowledge any line between home and work. 'What you do is who you are,' he says. 'It's all personal.' "
My leftist opponents have labeled me a "stalker" for publicizing the public contact information of anti-war activists who ran military recruiters off their college campus — and for researching, documenting and challenging the assets of a two-property-, three-car-owning Democratic poster family held up as unassailable arguments for massive government health insurance expansions.
Meanwhile, housing entitlement bully Bruce Marks gets citizen-of-the-year accolades while rolling in housing hustle dough.
You see, it's all about the money for Marks' group, which browbeats banks and lenders into billion-dollar deals to allow its left-wing activists to arrange mortgages for their high-risk constituents. NACA — with dozens of offices across the country — has a no-down-payment, no-closing-costs, low-interest-rate policy for low-income minority borrowers and takes a hefty fee for each transaction.
NACA loan applicants are then required to attend workshops glorifying the group's protest thuggery. Those whose loans are approved must then pledge to assist the group in five "actions" (like the one at Bear Stearns' headquarters) per year.
When they're not clamoring for more homeowner funds and federal Community Reinvestment Act money, they're bombarding the feds with regulatory complaints to halt any bank mergers or expansions.
Those radical actions have yielded a windfall as fearful corporations fork over money to pre-empt Marks' extortionist mau-mau-ing. In 2003, Citigroup coughed up $3 billion in mortgage loans to NACA through 2013. Bank of America, which first partnered with (succumbed to) NACA in 1995, handed over $6 billion through 2015.
Let me repeat the threat Marks issued at the Bear Stearns protest last week: "We will go to their neighborhood, we will educate their children on what their parents do. They should be ashamed." If any prominent liberals have criticized Marks' tactics, I haven't heard them. Have you?
Lesson learned: Screaming "racist" pays.
Copyright 2008 Creators Syndicate, Inc
|
Voting Question: Is an 800+ credit score realistic in the near future?
Last year, my credit score from all 3 agencies were in the 760 - 795 range. I'm 26 now and have been using the same credit card I first opened when I was 16 (along with 2 additional cards.)
I've had some black marks on my record, despite my scores. First, I've had an account referred to collections in 2002 (a $21 CD mail ordered CD I completely forgot about.) I also occasionally miss credit card payments but at a rate of about once a year or so (and a reminder email a week later resolves it.) I also have several thousand dollars in student loans. Nevertheless, I usually pay my credit cards in full 90% of the time and rarely exceed 50% of my credit limit (maybe even rarer than the occasional late payment.)
Given these slight imperfections in my record, would it be possible to aim for an 800+ score in the near future? I'm hoping to get there before buying my first house to lock in the lowest mortgage rates..
Last time I had a late payment was in 2007 or 2008.. none very recent
|
Resolved Question: any loan modifications for new home buyers?
I bought my house on Aug 09, I got a conventional loan, i used up my savings to put down 20% on a $300k+ house. 2 months later I got significant pay cut, 30%, at my job. and 2 weeks ago I got laid off from my job. I have called BofA and asked if they can help but they tell me they cant because my purchased date was after Jan 09 and since I'm still current on my loan that they cant help me. must I be late on my mortgage for them to assist me? what are my options? HUD has been no help, they tell me the same thing, my purchase date is the killer.
|
Resolved Question: How can I go to law school with a small mountain of debt already under my belt?
We have literally no money, but I SO desperately want to go to law school. Right now we have about $40K in school debt and credit card debt. We also have 2 car payment and a mortgage. All in all, there is absolutely no way I could afford another payment of any amount, no matter how small. We have downsized as much as financially possible. My husband is even considering getting a second job to cover our current expenses. We both have really good credit scores and I'm only 25 - no kids - but even if I were to take out a humongous loan, there's no way I could get a job afterward to cover all our debts. Is there any way around it? Any glimmer of hope? Has anyone bitten the bullet and gone to law school in a similar situation and been successful? Anyone want to sponsor me, hehe? Any creative ideas on how to raise money for law school (and if you recommend being a stripper you have no soul - AND you're not funny)? It's hard because all the of scholarships require you to already be in law school. I just can't take that risk at this point. I need advice, lol.
I work full time. My husband gets off work at 3 (but he starts at 6, so he works full time as well). I'm currently in school to be a paralegal. I would and probably will get a second job when I graduate in August, just to pay off these debts.
Ok, all of you ridiculous people leaving info for a loan - do you really think someone considering law school is going to be moronic enough to respond to a yahoo answers ad for a loan!? This is comical.
|
Resolved Question: Home currently on MLS (Arizona) for Short Sale; Contacted by "fast home offer.com" - Legit Company?
My home is currently on the Arizona MLS and last night I was contacted by "fast home offer.com" or fasthomeoffer.com
The gentleman stated that he wants to make an offer on our home and asked me questions like what is it listed for, do we have tenants currently in there, do the tenants pay their rent on time, is the home in good condition, who our mortgage loans are with (1st and 2nd) and our Realtor's contact information. He said he was going to call our Realtor and make an offer. I don't want to get my hopes up and I am wondering if this company is legit? Has anyone experienced this company making an offer on a home for a short sale and if so was their offer decent enough that the banks will accept it? Our FMV of our home is $100,000 right now and it's been on the market for 70 days.
|
Voting Question: My program is not breaking down payments, can someone please help?
It is not doing the interest rate and the breakdown of each month need help ASAP please.
/*
* Week 5 Assignment
* Write the program in Java (without graphical user interface) and have it calculate
* the payment amount with 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5%, 30 year at 5.75%.
* Use an array for the different loans. Display the mortgage payment amount for each loan and
* then list the loan balance and interest paid for each payment over the term of the loan.
* Use loops to prevent lis from scrolling off the screen.
*
*
*/
package mcbridemortgagecalculator2;
/**
*
*
*/
import java.lang.Math;
import java.text.DecimalFormat;
class McBridemortgagecalculator2
{
public static void main(String[]args) throws Exception {
//Declare variables
int loanAmt = 200000;//Principal loan amount
int [] loanTerm = {7, 15, 30}; //Loan term for 7 years, 15 years, and 30 years
double[] intRate = {5.35, 5.50, 5.75};//Interest rares for 7 years, 15 years, and 30 years
int monthNum = 7;
int montNum2 = 15;
int monthNum3 = 30;
int loanNum = 0;
int line = 0;
double monthlyPay = 0;//Display monthly payment calculation
double newLoanBal = 200000;//Loan balance
double monIntPaid = 0;//Interest paid
double newIntRate = 0;//Monthly interest rate
double monPrinPay= 0;//Monthly principal payment
DecimalFormat money = new DecimalFormat("$0.00");//Display mortgage amount in decimal
DecimalFormat interest = new DecimalFormat("0.00%");//Display inteest rate amount in decimal
//Display message in the console window
System.out.println();
System.out.println("McBride Mortgage Calculator 2");
System.out.println();
System.out.println("This program will calculate three separare mortgage payments for a $" + loanAmt);
System.out.println("with the following loan terms and interest rates");
System.out.println("7 years @5.35%");
System.out.println("15 years @5.50%");
System.out.println("30 years @5.75%");
System.out.println();
System.out.println("Following the math calculation of the payments, the program display the");
System.out.println("mortgage payments, interest paid, and loan balance for the terms of the");
System.out.println("three different loans");
System.out.println();
System.out.println("The loan results are as follows");
int i;
for (i = 0; i <=2; i++)
{
int j;
for (j =0; j<=3; j++)
{
//Performs calculation for loan term, interest rate, and monthly payment
loanTerm[i]= loanTerm[i]/12;
intRate[i] = (intRate[i]* .01)/12;
monthlyPay = loanAmt*intRate[i]/(1- Math.pow(1+ intRate[i]/12,-loanTerm[i]/12));
//////////////pow(double,double)////////////
if (loanNum <= 2)
{
loanNum++;
//Display results for each loan in the console window
System.out.println();
System.out.println("Loan" + loanNum);
System.out.println("********************");
System.out.println();
System.out.println("The monthly mortgage payment for a $" + loanAmt + "over a" + loanTerm[i]/12 + "+year period at a" +
(interest.format(intRate[i]*12)));
System.out.println("interest rate =" + (money.format(monthlyPay)));
System.out.println();
System.out.println("The mortgage payment, interest paid, and loan balance for the loan is as");
System.out.println("follows");
System.out.println();
}
//Begins loop
while (newLoanBal >200000);
{
newLoanBal=200000;
if (i >= 0)
monIntPaid = intRate[i] * newLoanBal;
monPrinPay = monthlyPay - monIntPaid;
newLoanBal = newLoanBal - monthlyPay + monIntPaid;
//Display result of calculations for monthly principal paid, and new loan balance
System.out.println((money.format(monthlyPay)) + "\t" +(money.format(monIntPaid)+ "\t\t" +
(money.format(newLoanBal)) +"\tPayment(s)"));
//Decrements monthly count one month at a time until count reaches zero
monthNum--;
//Pause console window, then continue calculations
if (line == 20)
{
line = 0;
try
{
Thread.sleep (2000);
}
catch (InterruptedException e){}
{
}
}
}
}
}
}
}
public class Main {
/**
cBride Mortgage Calculator 2
This program will calculate three separare mortgage payments for a $200000
with the following loan terms and interest rates
7 years @5.35%
15 years @5.50%
30 years @5.75%
Following the math calculation of the payments, the program display the
mortgage payments, interest paid, and loan balance for the terms of the
three different loans
The loan results are as follows
Loan1
********************
The monthly mortgage payment for a $200000over a0+year period at a5.35%
interest rate =$∞
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$∞ $891.67 -$∞ Payment(s)
Loan2
********************
The monthly mortgage payment for a $200000over a0+year period at a0.00%
interest rate =$∞
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$∞ $0.74 -$∞ Payment(s)
Loan3
********************
The monthly mortgag
Loan3
********************
The monthly mortgage payment for a $200000over a0+year period at a0.00%
interest rate =$∞
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$∞ $0.00 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
$∞ $916.67 -$∞ Payment(s)
$∞ $0.76 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
$∞ $958.33 -$∞ Payment(s)
$∞ $0.80 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
BUILD SUCCESSFUL (total time: 0 seconds)
This what I am getting
|
Resolved Question: What is wrong with these pointers (C programming)?
include
#include
#define TAX_RATE 1.25
#define UTILITY_COST 300.0
#define INSURANCE_COST 550.0
void input(float*, float*, float*);
void calc(float, float, float, float, float, float, float, float);
float calcDplomo(float, float, float, float*, float*, float*, float*, float*);
void output(float, float, float, float, float, float, float, float);
int main(void)
{
float sellp;
float anir;
float loand;
float downp;
float amtl;
float mortg;
float propt;
float mtot;
input(&sellp, &anir, &loand);
calc(sellp, anir, loand, downp, amtl, mortg, propt, mtot);
output(sellp, anir, loand, downp, amtl, mortg, propt, mtot);
return 0;
}
void input(float* sellp, float* anir, float* loand)
{
printf("\n\t\t Brian's Mortgage Calculation Program\n");
printf("\nEnter the property's selling price: \n");
scanf("%f",sellp);
printf("\nEnter the annual rate of interest: \n");
scanf("%f",anir);
printf("\nEnter the duration (years) of the loan: \n");
scanf("%f",loand);
return;
}
void calc(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)
{
calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg, &propt, &mtot);
return;
}
float calcDplomo(float sellp, float anir, float loand, float* downp, float* amtl, float* mortg, float* propt, float* mtot)
{
float cdown = .2;
float mins;
*propt = sellp * (TAX_RATE/100)/12;
mins = INSURANCE_COST/12;
*mtot = *mortg + UTILITY_COST + *propt + mins;
*downp = sellp * cdown;
*amtl = sellp - *downp;
*mortg = *amtl * anir/12*(1+anir/12) * loand *12/(1+anir/12) * loand *12-1;
return mins;
}
void output(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)
{
printf("\nMONTHLY COST OF HOUSE\n");
printf("\nSELLING PRICE $%9.2f",sellp);
printf("\nDOWN PAYMENT %9.2f",downp);
printf("\nAMOUNT OF LOAN %9.2f",amtl);
printf("\nINTEREST RATE %9.1f%%",anir);
printf("\nTAX RATE %9.1f%%",TAX_RATE);
printf("\nDURATION OF LOAN (YEARS) %9.0f\n",loand);
printf("\nMONTHLY PAYMENT\n");
printf("\nMORTGAGE %9.2f",mortg);
printf("\nUTILITIES %9.2f",UTILITY_COST);
printf("\nPROPERTY TAXES %9.2f",propt);
printf("\nUTILITIES %9.2f\n",INSURANCE_COST);
printf(" __________");
printf(" $ %9.2f\n",mtot);
return;
}
Trial run:
Brian's Mortgage Calculation Program
Enter the property's selling price:
600000
Enter the annual rate of interest:
2.2
Enter the duration (years) of the loan:
30
MONTHLY COST OF HOUSE
SELLING PRICE $600000.00
DOWN PAYMENT -107374176.00
AMOUNT OF LOAN -107374176.00
INTEREST RATE 2.2%
TAX RATE 1.3%
DURATION OF LOAN (YEARS) 30
MONTHLY PAYMENT
MORTGAGE -107374176.00
UTILITIES 300.00
PROPERTY TAXES -107374176.00
UTILITIES 550.00
__________
$ -107374176.00
Press any key to continue
I know it has to do with the function call in void calc calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg, &propt, &mtot); But how do I fix it?
|
Voting Question: I am in desperate need for assistance with a finance question-missed class and info not in textbook?
"Ron wants to buy a $250,000 house using an adjustable rate mortgage. The teaser rate is set at 4.2% and is good for the first three years of the loan. The loan is structured as a 30-yr mortgage with monthly payments. The index for the ARM is the Treasury Bill plus 2.3%"
-What is monthly payment for first 3 years?.
-What is monthly payment after 3 years assuming the T-bill is providing a yield of 4.75%
I have the answers ($1344.80; $1799.29) but I need help working through the problem! I cannot get the correct answer.
|
Resolved Question: can you solve this maths puzzle?
Mark spends 2/3 of his slary on his mortgage and 2/3 of the remainder on his car loan and saves $2500 per year. What is his salary?
|
Resolved Question: Living with my parents, I'd like everyone's opinions on this?
First of all, I'd like to start by saying I do pay rent to my parents and by 0 means am I a leecher. This statement is for the trigger-happy answerers who aren't interested in reading succinctly.
Two, I define my version of "everyone" as civilized adults over the age of 18. Unfortunately there is no "adult" section on yahoo answers so I am forced to post here. For children (and also the children-minded adults), I suggest you continue to point your browser elsewhere.
I consider myself lucky. I have a decent job, a 4 year related college degree which I paid for completely out of pocket, $0 in combined debt (2 credit cards, paid car loan, paid student loan), $0 in medical bills, and I'm also in my early 20's. At any time I can walk out and throw money away by getting an apartment or rent a condo. But I'd rather buy a house than throw my money away - and I consider paying interest a form of throwing away money. I fortunately "get along" with my parents and I have no other siblings to live with. They are happy with me as well, since I provide them with extra income and they no longer need to "provide" me with anything, save a single room. I would also assume they are lucky as well, they need not worry about having a meth addict for a son (I overhead this once while shopping at a liquor store recently - same age), or else having to provide for a leecher. I pay for everything I take for myself, whether it be food, car insurance, electricity bill, water bill, cable bill, ect. I know people who couldn't stand their family and walked out at 18 and several years later can *just* barely make it month to month on rent and are also unable to get into a "career" because of the constant duty job work and lack of educated skill. I ask them if it was still worth it living in a run-down house in a bad neighborhood with no foreseeable future in mind, and their response: "hell yes."
Anyways before I get too caught up in my own question, I'd like to state I do have a well-defined financial plan in mind, I see myself owning a very nice $350K house by age 28, no higher - with a combined $0.00 paid in mortgage interest. Assuming I can still apply myself as today, I will retire earlier than most and still cross the "million" barrier of financial worth. I know that with every year I live at home, I am saving hundreds of thousands of dollars in the process. Now I ask "everyone", is all of this money worth the petty embarrassments like, bringing home a "casual encounter" you meet at a bar which may have been simpler if you had your "own place"?
Why the negative connotation in American society? Why the lack of life-planning? Why the disappointment in self when claiming living situation? Why chose to be the slave to a bank? What is normal?
Thank you to those who can provide a perceptive and rational dialogue.
|
Resolved Question: deed in lieu? please answer this asap!?
my house is in very bad condition, it has a lot a damage. the whole house would have to be torn down a totally rebuilt. we have thought about tearing it down and rebuilding,but the bank doesn't want to give us a loan because we owe more than the house is worth, the bank said something about the house not appraising out?, is it possible to do a deed in lieu and then buy a new home? we are in a desperate situation and really need some advice. no we can not afford 2 mortgages. the home is not worth fixing up. of course we need enough of a loan to pay off our old mortgage and add the old to the new. any good suggestions would help.
all your answers have helped. so how would it be possible to get another home. i have spoke to our mortgage co. and they dont do new costruction loans.thanks again.
|
Resolved Question: I am going to let the bank foreclose my house, however.....?
I have 2 properties. I live in one (since May 1998), and I bought the other one on 2007. The second house is being used as a Sober Living House and the mortgage with all their utilities are getting paid with what the participants pay every week. I wouldn't be able to afford that mortgage at the moment, and it is not a suitable place for our family needs.
The house that I want to let the bank foreclose on me is the one I am currently residing at, we are up side down on the loan for about $200k, it has a half acre lot for which we are not ever allowed to use other then 2,000 Sq.Ft. The house is falling apart, in need of major repairs, and the current mortgage is $2,100 for a 800 Sq.Ft. 2 bedroom in the worst neighborhood of San Diego County.
My question is: If we allow the bank to foreclose on the house we are living, can they go after my other house? Will I be forced to pay the 1099 that I will receive from them for their monies lost when they sell the property? I don't want to file bankrupcty but I am concerned about the other house that is current.
Any personal experiences or an opinion that is very knowledgable in this subject please?
Forgot to mention that we were adviced that a "Short Sale" would read much better on my already ruined credit and is not as bad as a Foreclosure that will stay on record for 10 years. A realtor friend of my husband is putting the house up for Short Sale soon. Is this really a benefit or a wise idea? I live in San Diego CA
I was adviced to Short Sale the property instead of Foreclosure -if there is time left- so that it doesn't affect my already ruined credit further more. Is this a better idea?
|
Resolved Question: Why do I owe the guy/gal who bit off more than they can chew and went into forclosure?
Why do owe them? Why should they get a 2nd or 3rd chance when they consistatly screw up with wrong choices? Why should they get to keep their homes or loan adjusted down so they can afford it? Why am I not getting this option? I'm the one that was responsible and I didn't buy more of a house than I could afford and I pay my mortgage on time ...Why am I getting punished and the freeloaders keep getting a free ride?
|
Resolved Question: 2nd mortgage question?
Can I use a 2nd mortgage from the seller, as the full 20% down payment, for a conventional BANK loan?
|
Resolved Question: Can someone obtain an FHA or Mortgage while still in Chapter 13?
Hello, We are 2 years into our chapter 13 and my husband and I have found a house that we fell in love with and we would love to have it! However, we do not know whether or not we will be able to get approved for a loan. Also, does anyone know of a specific company I can contact that could help us? Right now the only debt we have is the chapter 13 and we owe a little over 10 thousand on the bankruptcy. Do we have a chance with anyone?
This is really hard for us, my husband and I filed because the economy went down right after we had a brand new baby (she was only three weeks old) when my husband and 250 others were laid off. Before that our credit was perfect and I mean completely perfect. Even still we lost everything and I know my husband feels like a poor provider because we had to file but we were getting screwed by bill collectors not to mention we had to give up our land we were paying 1500.00 per month interest only and the bank refused to help us get on a mortgage, so we had to give them our land, they forgave the loan and kept the land. Do we have any options? We really want a nice home to raise our little girl in. Thanks Guys, any help you can give us will be greatly appreciated!
Currently, we own our own home and it is paid off, we have both of our vehicles paid for and we have no bills. When we filed bankruptcy it was because of one bank. We had a $1500.00 per month interest only mortgage pymt so & had already paid 80 thousand dollars in interest. When my husband got laid off in 2006 we tried to get the bank to give us a reg mortgage on the property since we had already paid so much and they said no. We tried for almost 2 years to continue to pay the 1500, we did without everything. The baby was 3 weeks old when my husband was laid off and when our child was 3 mos old, I got deathly sick. That is why we filed chapter 13 not because we live beyond our our means. We cashed out some things and paid off everything except the loan. We owe about 10thousand on the bkrpcy. now, we've paid regularly for a long time. To be honest I think we got a mrtgage co that wanted the prop. we owed 170 th. and it was worth 1mi
|
Resolved Question: why did our mortgage company add an escrow account to our mortgage without our consent?
we currently have 2 mortgages with bank of america, 1st with a 30 year fixed and the second, a 15 year fixed. after 2 years, they added $1100+ escrow account on the first eventhough we pay our taxes and insurance on time each year. customer service said that the reason is that since we applied for home loan modification a few months ago, we were under review(?) and they had to add the escrow account because of this. we got turned down with our loan modification due to the fact that we were never late on the mortgage and me and my wife just decided to work extra hours to continue paying for the mortgage on time. honestly, i do not know what to do. we were already struggling with the payments before but adding $1100 a month(something that we have paid for already!) is going to kill us and on top of that, our taxes and insurance doesnt even remotely come close to that amount. we have spent countless hours with costumer service being given the run around and answers like "i dont know" is commonplace. can someone shed some light into this? im desperate. thanks.
|
|