You are a mortgage agent and a client approaches you for income of $75,000 andwilling to buy a home of 950,000 in Brampton. His job is in Brampton so he does notwant to leave the place. In my view his income will not be sufficient to afford themortgage of the house he wants. Can you come out with a best alternative for him.You are supposed to provide links of all the homes you are searching for him, all thecalculations should be on a word file submitted here. He is short of funds and youmay search suitable private lending options for him too. You are supposed to submit adetailed solution here. His maternal cousin can give him a gift of $10,000 for downpayment but will this gift qualify legally? If cousin can't make gift, who is authorizedto give gift money.

As a mortgage agent it is my responsibility to provide mortgage loans to the clients at a fixed or…

are a mortgage agent and à člient approaches you ng to buy a home of 950,000 in Brampton. His job is in Brampton so he does t to leave the place. In my view his income will not be sufficient to afford the tgage of the house he wants. Can you come out with a best alternative for h are supposed to provide links of all the homes you are searching for him, all ulations should be on a word file submitted here. He is short of funds and yo search suitable private lending options for him too. You are supposed to sul iled solution here. His maternal cousin can give him a gift of $10,000 for do ake gif uhoicinuthor

are a mortgage agent and à člient approaches you ng to buy a home of 950,000 in Brampton. His job is in Brampton so he does t to leave the place. In my view his income will not be sufficient to afford the tgage of the house he wants. Can you come out with a best alternative for h are supposed to provide links of all the homes you are searching for him, all ulations should be on a word file submitted here. He is short of funds and yo search suitable private lending options for him too. You are supposed to sul iled solution here. His maternal cousin can give him a gift of $10,000 for do ake gif uhoicinuthor

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Your cousin and her partner have a combined gross income of $10,111 and monthly expenses totaling $3,205. They plan to buy a house with a mortgage whose monthly PITI will be $2,000. (a) What is your cousin and her partner's combined housing expense ratio? (b) What is their total obligations ratio? (c) For what kind of mortgage can they qualify, if any? (d) If they do not qualify for an FHA mortgage, by how much should they reduce their monthly expenses in order to be eligible? (Set up an equation and solve it.)
Case, Part 2: Suppose you decide that you will not submit an application for an ARM due to Velma’s intention to retire in three years, about the time the monthly payments on the loan could jump beyond her ability to pay on a fixed income. You don’t want to seem as though you are pushing through an inappropriate loan. Velma is very unhappy and accuses you of refusing to help her because she’s a woman and a minority. It seems as though your choice is between risking accusations of discrimination or accusations of predatory lending. Now, what do you do?
Mike and BrettBrett are students at Berkeley College. They share an apartment that is owned by BrettBrett. BrettBrett is considering subscribing to an Internet provider that has the following packages available: Package Per Month A. Internet access $60 B. Phone services 15 C. Internet access + phone services 65 ... Question content area top right Part 1 MikeMike spends most of his time on the Internet ("everything can be found online now"). BrettBrett prefers to spend his time talking on the phone rather than using the Internet ("going online is a waste of time"). They agree that the purchase of the $ 65$65 total package is a "win dash win""win–win" situation. Requirements 1. Allocate the $ 65$65 between MikeMike and BrettBrett using (a) the stand-alone cost-allocation method, (b) the incremental cost-allocation method, and (c) the Shapley value method. 2. Which method would you recommend they use and why?
Assume you are looking to share an apartment with another person, Joe. The rent for a 2-bedroom/2 bath apartment is $1,000 per month. Joe wants to split the rent 50/50. Prior to agreeing to this, you find out the following information: Joe’s bedroom is 20’ x 24’ or 480 square feet with an on suite bath. Your bedroom is 12’ x 10’ or 120 square feet and the bath will be used by visitors too. You think that the rent should be allocated between you and Joe based upon the relative square feet of your rooms. 2. Using your method of allocating rental costs based upon the square feet of your rooms, how much rent will each of you pay?
i need help with this one
Use the following information. When "trading up," it is preferable to sell your old house before buying your new house because that allows you to use the proceeds from selling your old house to buy your new house. When circumstances do not allow this, the homeowner can take out a bridge loan.Tina and Mike have sold their house, but they will not get the proceeds from the sale for an estimated 3 months. The owner of the house they want to buy will not hold the house that long. Tina and Mike have two choices: let their dream house go or take out a bridge loan. The bridge loan would be for $88,000, at 8.5% simple interest, due in 90 days. (Round your answers to the nearest cent.) (a) How big of a check would they have to write in 90 days?$ (b) How much interest would they pay for this loan?
Could you please solve these questions?
Anne Murray is planning to buy a rental property, inaddition to the family home she and Henry own. She isconsidering a property in Bristol costing £210,000. Shehas savings of £85,000 which she will use as a deposit butwill need to borrow the remaining amount for thepurchase. She has had a fixed-rate mortgage agreed inprinciple by Royal East Bank, for which she will becharged 4.75% interest.She wants to know what income she might expect to geton her investment. Local agents have estimated that themonthly rent may be £1,450 per month, with agent's feesfor managing the property being charged at 5% of therent.Provide Anne with an estimate of the relevant costs ofrenting the property and the net rental income that shemight expect to get. Anne has estimates for some of theother costs she will incur as follows: Repairs and maintenance per year£700Property insurance per year£395Mortgage arrangement fee£1950Surveyors' fees£350Solicitors' conveyancing fees£1050Gardener£870 Explain to Anne what…
Instructions Answer the journal prompts according to the scenario below: Joe-Bob wants to buy a car and will need to take out a loan in order to make the purchase. His current monthly income is $3,500 per month. His mortgage payment is $900 per month, and his student loan payment is $350 per month. Note: You do not need to take taxes into consideration for this journal. According to the affordability formulas given, can he afford to take out another loan? • When should he follow the affordability formulas? In what cases should he not? • How could taking out the car loan impact his other priorities?
need answer with this question
The Bainter family is moving to a new town and needs a place to live. The Bainters have narrowed their search to two houses they think will work for their family. The first house is a rental. The monthly rent is listed at $1,190, with the expectation that it will increase 1.7% each year. The second house is available for purchase. The sale price is listed at $195,000, and the Bainters have been approved for a loan that would allow them to purchase the home and pay for it over 30 years. Cost of Renting To estimate the cost of renting, the Bainters read through the rental agreement to determine for what types of costs they would need to budget. These costs include fees, renters' insurance, and utilities. The Bainters also research average prices for anything the landlord would not provide, such as renters' insurance. The Bainters realize they will have approximately the same costs for electricity and natural gas whether they rent or purchase, so they decide to exclude…
Hi I have a question regarding Austrlian Retirement and Financial Planning. In this example, the couple are retired and one of them is ill and looking for a retirement home, the home is going to cost $450,000 deposit. Neither of the couple work and draw 50,000 from their super in order to stay afloat. They have 20,000 and 562,000 in super combined, have a 900,000 dollar home. They also have 10,000 worth of home contents, a 15,000 dollar vehicle, and 55,000 cash in the bank. It is important to note they have 0 debt and everything is fully paid off. Neither of them have ever received pension money or government support. Myrtle wishes to put bob in an aged care facility, and when that is done she wants to return to work part time. 1. How will Myrtle's income be funded of $40,000 per annum be financed now, in the future and when she retires in 10 years time?