One of the advantages of a home equity loan is that you can borrow money any...
One of the advantages of a home equity loan is that you can borrow money any time, up to the approved amount. True or False
Homework Answers
Home equity is the market value of your property minus any remaining mortgage payments.
Home equity loan can be taken anytime upto the home equity value.
The statement is true
Add Answer to:
One of the advantages of a home equity loan is that you can
borrow money any...
A couple wishes to borrow money using the equity in their home for collateral. A loan...
A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 13 years ago for 60,634. The home was financed by paying 15% down and signing a 15-year mortgage at 8.1% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15-year period. The net market value of the house is now$100,000. After making their 156th...
A couple wishes to borrow money using the equity in their home for collateral. A loan...
A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 1313 years ago for $60 comma 63460,634. The home was financed by paying 1515% down and signing a 1515-year mortgage at 8.18.1% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 1515-year period. The net market value of the house is now $100,000. After...
us Econ 3.4.59 E Question Help A couple wishes to borrow money using the equity in their home for collateral. A loan...
us Econ 3.4.59 E Question Help A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 12 years ago for $61,384. The home was financed by paying 20% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan ver the 15-year period. The net market value of the house...
Question Help A couple wishes to borrow money using the equity in their home for collateral....
Question Help A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 10 years ago for $71,374. The home was financed by paying 20% down and signing a 30-year mortgage at 8.7% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-year period. The net market value of the house is now $100,000. After...
please answer the question Which of the following is true about a home equity loan? Select...
please answer the question
Which of the following is true about a home equity loan? Select one: a. The interest may be tax deductible in Canada. . b. It has a fixed interest rate and maturity. - . c. It is a good way to combine different kinds of debt. d. It allows you to borrow up to 100 percent of the market value of your home.
PART A: Home Equity Loan Home equity credit loans and credit lines have become very popular...
PART A: Home Equity Loan Home equity credit loans and credit lines have become very popular sources of consumer credit. Why do you think individuals are turning to these loans? What is the security for this type of loan? Are there advantages to the borrower beyond the tax deductibility of the annual interest paid? What are some of the disadvantages? Have you or anyone you know made a home equity loan? What was the outcome? What effect does a home...
You want to borrow money to buy a vaction home. You are looking at 15 year...
You want to borrow money to buy a vaction home. You are looking at 15 year loans. Loan A has an interest rate of 6%. Loan B has an interest rate of 5%. All else equal, which of the following are true? a. You should choose Loan A because you will pay more total interest. b. You should choose Loan A because it will pay less total interest. c. You should choose Loan B because it will pay more total...
A home equity loan can be risky because the lender can foreclose if you don’t make your payment.
A home equity loan can be risky because the lender can foreclose if you don’t make your payment.TRUE or FALSE.
You urgently need to borrow $5,000 for one month. You can get a loan from either...
You urgently need to borrow $5,000 for one month. You can get a loan from either a Jamaican bank that is charging 50% APR, or you can borrow the money from Vito Corleone on a five-for-six arrangement, i.e, for every $5 he gives you, you will repay him $6 one week later. Calculate the total interest you would need to repay the Jamaican bank and Vito Corleone. Which loan is better and why? (Be clear and concise and show all...
The interest paid on which type of loan is not tax deductible? Multiple Choice Home equity loan interest for home impr...
The interest paid on which type of loan is not tax deductible? Multiple Choice Home equity loan interest for home improvements Credit card interest Mortgage interest to buy a home Mortgage interest to build a home Investment interest up to the amount of investment income oan Martin expects interest rates to decline over the next few months. To achieve her long-term financial goals, she will trade off liquidity for a higher return by using a: Multiple Choice regular savings account....
us Econ 3.4.59 E Question Help A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 12 years ago for $61,384. The home was financed by paying 20% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan ver the 15-year period. The net market value of the house...
Question Help A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 10 years ago for $71,374. The home was financed by paying 20% down and signing a 30-year mortgage at 8.7% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-year period. The net market value of the house is now $100,000. After...
please answer the question
Which of the following is true about a home equity loan? Select one: a. The interest may be tax deductible in Canada. . b. It has a fixed interest rate and maturity. - . c. It is a good way to combine different kinds of debt. d. It allows you to borrow up to 100 percent of the market value of your home.
You urgently need to borrow $5,000 for one month. You can get a loan from either a Jamaican bank that is charging 50% APR, or you can borrow the money from Vito Corleone on a five-for-six arrangement, i.e, for every $5 he gives you, you will repay him $6 one week later. Calculate the total interest you would need to repay the Jamaican bank and Vito Corleone. Which loan is better and why? (Be clear and concise and show all...
Most questions answered within 3 hours.
-
(2) For the following questions, consider a data set that
exhibits a normal distribution. Report the...
asked 1 minute from now -
What exactly is an information system? How does it work" What
are its people organization,
...
asked 20 seconds ago -
The Food Marketing Institute shows that 17% of households spend
more than $100 per week on...
asked 9 minutes ago -
Go to NCBI BLAST search web page
1st search: GEKDLRRAKDINQEVYNF
2nd search: PTSQRLQLLEPFDK
3rd search: GEKDLRRAKDINQEVYNF...
asked 13 minutes ago -
Explain how each of the following three conditions could be a
red flag for a register...
asked 18 minutes ago -
In a two-way factorial ANOVA, the final F-ratio for
factor AxB is determined by dividing _____...
asked 48 minutes ago -
Show your solutions for answer.
4. An aqueous solution contains 9.21 g of
K4Fe(CN)6 in a...
asked 18 minutes ago -
The random variable X has a uniform distribution with values
between 16 and 18. What is...
asked 27 minutes ago -
Evaluate each of the following transactions in terms of their
effect on assets, liabilities, and equity....
asked 26 minutes ago -
The amounts of nicotine in a certain brand of cigarette are
normally distributed with a mean...
asked 47 minutes ago -
The commercial lending department of First Bank made a
substantial loan to Alpha Company after obtaining...
asked 32 minutes ago -
For a reaction, reagents --->products, it's forwarding rate
(rate of products formation) is proportional to the...
asked 46 minutes ago