Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $324,800. The balance on their existing first mortgage is $154,720. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit?
Q: Mr. and Mrs. Murthy have a totally monthly gross income of $6000.00. They are interested in…
A: GDSR is a metric that measures housing costs as a proportion of the gross income of the borrower.
Q: Jeronica and Sandy have decided to purchase a cooperative apartment together. They have received a…
A: Given: Monthly payment = $592.40 Years = 30 Interest rate = 16.2% Loan amount = $42,500
Q: Scott & Rebecca can afford to pay $4,000.00 each month for a mortgage. Their credit union is…
A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…
Q: X and Y own a home recently appraised for $317,400. The balance on their existing mortgage is…
A: Appraised value = $317,400Existing mortgage value = $214,074Bank Rate = 70%
Q: Scott & Rebecca can afford to pay $2,500.00 each month for a mortgage. Their credit union is…
A: Compound = monthly = 12 Monthly payment = p = $2500 Interest rate = r = 4.5 / 12 = 0.375% Time = t =…
Q: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing…
A: People and organizations use home loans to purchase land without following through on the whole buy…
Q: Problem: You are a mortgage broker at your local bank. Your cousin submitted an application for a…
A: As per the given information: Details of cousin:Monthly PITI - $1,319Financial and other obligations…
Q: Isaiah and Allison Burton have a home with an appraised value of $190,000 and a mortgage balance of…
A: Appraised Home value = $190,000Loan to Value ratio = 70%Original cost = $ 100,000
Q: Donald and Alex have a combined gross monthly income of $5500. They want to buy a house in a…
A: Maximum monthly mortgage payment refers to the amount that an individual has after considering all…
Q: Ransford and Alda Mariano own a home recently appraised for $426,500. The balance on their existing…
A: Home appraised for = $426,500Balance on existing mortgage = $113,087Bank giving loan = 80% of the…
Q: Alan and Samantha Brown have a mortgage with the Bank of America. The bank requires the Browns to…
A: A mortgage refers to a covered loan borrowed for the purchase or maintenance of a property with the…
Q: Jane Doe earns $41,400 per year and has applied for a(n) $89,000, 25-year mortgage at 7 percent…
A: Amount available for mortgage payment= Debt Service Ratio * Monthly income - Monthly Property taxes
Q: Yara owns a home that was recently appraised for $183,000. The balance on the existing mortgage is…
A: To find out this solution we need to find the loan to value ratio(LTV). LTV ratio measures the…
Q: Greg and Jennifer are both age 75 have a combined life expectancy of another 14 years. They have…
A: A mortgage is a loan provided by a mortgage lender or a bank that enables an individual to purchase…
Q: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing…
A: Firstly we will calculate loan for which bank is willing to give on appraised value : Loan…
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A: Adhering to the 20/10 rule can be a sensible approach to prevent excessive debt and maintain…
Q: Sean and Amy Anderson have a home with an appraised value of $180,000 and a mortgage balance of only…
A: Solution:- Introduction:- Sean and Amy Anderson have a home with an appraised value of $180,000…
Q: Scott & Rebecca can afford to pay $4,000.00 each month for a mortgage. Their credit union is…
A: This pertains to the concept of time value of money. Amount deposited or paid periodically is an…
Q: Justin and Hayley are interested in a fixed-rate mortgage for $450,000. They are undecided whether…
A: given data fixed rate mortgage = 450,000 current mortgage rate = 3.5% for 15 years current mortgage…
Q: The Bowers have a mortgage with National Trust Bank. The bank requires that the Bowers pay their…
A: Monthly payment for property taxes = Semi-annual property tax billNumber of months in semi-annual…
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…
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- X and Y own a home recently appraised for $317,400. The balance on their existing mortgage is $214,074. If their bank is willing to loan up to 70% of the appraised value, what is the amount of credit available to them (in $)?Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $113,087. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $ ______ Answer is not 338,000 or 224,911Yara owns a home that was recently appraised for $181,000. The balance on the existing mortgage is $84,200. If Yara's bank is willing to loan up to 73% of the appraised value, find the potential amount of credit available on a home equity loan. O $47,930 O $61,466 O $96,800 $132,130 * O 0 o o
- Mr. and Mrs. Murthy have a totally monthly gross income of $6000.00. They are interested in purchasing a house with a mortgage payment of $1300.00 per month, annual heating costs of $2100.00, and annual property taxes of $3675.00. Calculate the gross debt service ratio (GDSR). Determine if a bank is likely to offer them the mortgage. Justify your answer.You are a loan officer at the West Elm Savings and Loan. Mr. and Mrs. Brady are in your office to apply for a mortgage loan on a house they want to buy. The house has a market value of $170,000. Your bank requires - of the market value as a down payment. (a) What is the amount (in $) of the down payment? $ (b) What is the amount (in $) of the mortgage for which the Bradys are applying? $ 170,0 (c) Your bank offers the Bradys a 30 year mortgage with a rate of 5%. At that rate, the monthly payments for principal and interest on the loan will be $5.37 for every $1,000 financed. What is the amount (in $) of the principal and interest portion of the Bradys' monthly payment? $ 95 (d) What is the total amount (in $) of interest that will be paid over the life of the loan? $ 2,850 (e) Your bank also requires that the monthly mortgage payments include property tax and homeowners insurance payments. If the property tax is $1,710 per year and the property insurance is $1,458 per year, what is the…Donald and Alex have a combined gross monthly income of $5500. They want to buy a house in a neighborhood where the average monthly heating cost is $200 and monthly property taxes are $325. a) Calculate the maximum monthly mortgage payment they can afford, based on the gross debt service ratio. Show your work. b) Based on the maximum monthly mortgage payment in a), their bank has offered them a 25 year mortgage at an interest rate of 3.5%, compounded semi-annually. If they saved $20,000 for a down payment, what would be the maximum house price they can afford? Show your work.
- Jane Doe earns $41,400 per year and has applied for a(n) $89,000, 25-year mortgage at 7 percent interest, paid monthly. Property taxes on the house are expected to be $3,900 per year. If her bank requires a gross debt service ratio of no more than 30 percent, will Jane be able to obtain the mortgage? Is Jane eligible for the loan?Isaiah and Allison Burton have a home with an appraised value of $190,000 and a mortgage balance of only $95,000. Given that an S&L is willing to lend money at a loan-to-value ratio of 70 percent, how big of a home equity credit line can Isaiah and Allison obtain? $ How much, if any, of this line would qualify as tax-deductible interest if their house originally cost $100,000? $Scott & Rebecca can afford to pay $4,000.00 each month for a mortgage. Their credit union is offering home loans at 4.375%. If they take out a 30-year mortgage how much can they afford to borrow?
- Sean and Amy Anderson have a home with an appraised value of $180,000 and a mortgage balance of only $90,000. Given that an S&L is willing to lend money at a loan-to-value ratio of 75%, how big a home equity credit line can Sean and Amy obtain? How much, if any, of this line would qualify as tax-deductible interest if their house originally cost $100,000?Jackson and Svetlana are applying for a $600,000 mortgage to purchase a new house. The monthly payment for this proposed mortgage is $2.839.48. They have told you that they also have a car payment of $1.305 per month, annual car insurance of $1,850, an RRSP contribution of $150 per month by papall deduction a weekly loan payment of $75 and total monthly credit card payments of $320. Their property taxes are $5,884 per year. Their combined income is $155.394 per year and heat on this house is $100 per month What is their TDS? Select one: a.40.00% b. 38.07% c.41.19% d.42.35%Veronica and Sandy have decided to purchase a cooperative apartment together. They have received a mortgage loan in the amount of $42,500 for a period of 30 years. The interest rate on the mortgage is 16.2%. If their monthly payments are $592.40, how much will they be paying towards interest, and how much towards principal during the first three months of this mortgage loan?