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 $

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 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Appraised Value	Lender's Percentage	Percentage of Appraised Value (in $)	Balance of First Mortgage	Potential Credit (in $)
$358,900	75%	$	$199,500	$

Similar questions

Suppose you earn a gross income of $2,710.00 per month and apply for a mortgage with a monthly PITI of $501.35. You have other financial obligations totaling $428.18 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above
Question content area top Part 1 Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $405,398 5.25% 35 $2111.08
Pls help on this question. Pls show all steps and complete all parts pls I beg pls pls pls pls pls pls i beg.
can you please help me with this problem
A mortgage applicant who has a monthly gross income of $4,705.00 applies for a mortgage with monthly PITI of $1,411.50. The applicant's other financial obligations total $282.30 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above
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)
1) The amount of down payment one makes on a home directly affects the size of the monthly payments a. True b. False 2) A monthly payment of $ 850 on a 30 year $ 80,000 mortgage results in a total cost of interest of $ 306,000. a. True b. False 3) What are the points on a mortgage?
Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers t Monthly Gross Income Monthly PITI Other Monthly Financial Obligations Housing Expense Ratio (%) Total Obligations Ratio (%) Applicant Expense Emerson $2,900 $777 $290 %
Suppose you earn a gross income of $2,915.00 per month and apply for a mortgage with a monthly PITI of $900.74. You have other financial obligations totaling $174.90 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above
Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Applicant MonthlyGrossIncome MonthlyPITIExpense Other MonthlyFinancialObligations HousingExpenseRatio (%) TotalObligationsRatio (%) Emerson $2,700 $633 $270 % %
Find the mortgage balance after the first three payments on a 3030-year $170,000$⁢170,000 mortgage that was financed at an APR of 4.25%4.25% and has a monthly payment of $836.30$⁢836.30. Payment Number Interest Payment Principal Payment Mortgage Balance 11 $602.08$⁢602.08 $234.22$⁢234.22 Balance 1 22 $601.25$⁢601.25 $235.05$⁢235.05 Balance 2 33 $600.42$⁢600.42 $235.88$⁢235.88 Balance 3
For 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