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Which ONE of the following is NOT a common characteristic of a Mortgage Note Payable? The...
11) Which of the following is a characteristic of a balloon loan? A) Prior to maturity,...
11) Which of the following is a characteristic of a balloon loan? A) Prior to maturity, the borrower only pays interest (usually monthly). B) The loan is typically 10 - 15 years in maturity. C) At maturity, the entire loan amount is due. D) All of the above are true. E) Only A and C of the above are true. 12) Which of the following protects the mortgage lender's right to sell property if the underlying loan defaults? A) A...
ROAGE MINDIAP Ch 05: Assignment - Making Automobile and Housing Decisions Term Answer Description Loan-to-value ratio...
ROAGE MINDIAP Ch 05: Assignment - Making Automobile and Housing Decisions Term Answer Description Loan-to-value ratio A. This insurance policy protects the mortgage lender from a default by its mortgage borrower, and it is typically required when the borrower uses a down payment that is less than 20%. Mortgage points B. This refers to the process in which a lender seizes and sells a property, because the borrower cannot make the scheduled principal and interest payments. Closing costs This is...
1) Which of the following is not true for a 5/1 Adjustable Rate Mortgage (ARM). A)...
1) Which of the following is not true for a 5/1 Adjustable Rate Mortgage (ARM). A) is a mortgage in which the rate is adjustable for 5 years B) in the sixth year, the loan becomes an ARM C) the new rate is determined by an economic index D) a predetermined margin is usually between 2.25-3.0% E) An adjustment interval is the period between potential rate changes 2) In A(n) _____ arrangement, the borrower may end up making payment to...
On January 1 of Year 1, Kylie Ramona borrowed $250,000 under a mortgage note payable contract....
On January 1 of Year 1, Kylie Ramona borrowed $250,000 under a mortgage note payable contract. The annual interest rate on this mortgage is 6% compounded monthly. (Hint: “6% compounded monthly” means, by definition, 0.5% each month.] This is a 30-year, fully-amortizing monthly mortgage. The monthly payments are $1,498.88 and are due at the end of each month, starting on January 31 of Year 1. Which ONE of the following is included in the journal entry made by Kylie Ramona...
Q Searc Ch 05: Assignment - Making Automobile and Housing Decisions Term Answer Description Fixed-rate mortgage...
Q Searc Ch 05: Assignment - Making Automobile and Housing Decisions Term Answer Description Fixed-rate mortgage A. This mortgage allows borrowers to make smaller-but gradually and constantly increasing-payments for the first three to five years. At the end of this period, the payments then stabilize at the higher level and are repaid over the remaining life of the loan. Interest-only mortgage B. Over the life of this mortgage, the interest rate and the monthly payment are fixed. VA loan guarantee...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Asset based lending is commonly used to finance leveraged buyouts. Which of the following is not...
Asset based lending is commonly used to finance leveraged buyouts. Which of the following is not true about such financing? The borrower generally pledges tangible assets as collateral. Lenders look at the target firm’s assets as their primary protection. Bank loans are secured frequently by receivables and inventory. Loans maturing in more than one year are often referred to as term loans. The target firm’s most liquid assets generally secure longer-term loans. Security provisions and protective covenants are included in...
2.) Consider a fixed-rate mortgage with the following characteristics: loan amount is $133,000 with 30 years...
2.) Consider a fixed-rate mortgage with the following characteristics: loan amount is $133,000 with 30 years to maturity, an interest rate of 7.5% and monthly payments of $929.96. Assume the borrower decides to sell the collateral an get a new property. If the borrower prepays at the end of month 60, what is the amount outstanding on this loan at the time of prepayment? which of these is the answer? (show your work!): $110,145 $122,445 $125,841 $129,302 3.) Consider the...
6 Which of the following is not a factor that private mortgage insurance companies consider when ...
6 Which of the following is not a factor that private mortgage insurance companies consider when they set their rates and coverage parameters? Oa. Loan amount and loan type O b. LTV and the borrower's credit score c. Borrower's age and familial status 7 The waiver clause in a promissory note states that all parties to the contract are waiving the right of: b. alienation. O c. assumption d. unconditional promise of payment 8 The Uniform Residential Appraisal Report (URAR)...
Consider a 30-year adjustable rate mortgage (ARM), which requires the borrower to make monthly payments at...
Consider a 30-year adjustable rate mortgage (ARM), which requires the borrower to make monthly payments at the end of each month. The mortgage amount is $432,000 and the APR on the mortgage is 3.65% for the first 10 years and then 3.87% for the next 20 years. Prepare a loan amortization schedule for this mortgage. Assume that the mortgage closing date is October 1, 2018. Among other things, the following columns should be included. (50) (i) Date (ii) Beginning Balance...
ROAGE MINDIAP Ch 05: Assignment - Making Automobile and Housing Decisions Term Answer Description Loan-to-value ratio A. This insurance policy protects the mortgage lender from a default by its mortgage borrower, and it is typically required when the borrower uses a down payment that is less than 20%. Mortgage points B. This refers to the process in which a lender seizes and sells a property, because the borrower cannot make the scheduled principal and interest payments. Closing costs This is...
On January 1 of Year 1, Kylie Ramona borrowed $250,000 under a mortgage note payable contract. The annual interest rate on this mortgage is 6% compounded monthly. (Hint: “6% compounded monthly” means, by definition, 0.5% each month.] This is a 30-year, fully-amortizing monthly mortgage. The monthly payments are $1,498.88 and are due at the end of each month, starting on January 31 of Year 1. Which ONE of the following is included in the journal entry made by Kylie Ramona...
Q Searc Ch 05: Assignment - Making Automobile and Housing Decisions Term Answer Description Fixed-rate mortgage A. This mortgage allows borrowers to make smaller-but gradually and constantly increasing-payments for the first three to five years. At the end of this period, the payments then stabilize at the higher level and are repaid over the remaining life of the loan. Interest-only mortgage B. Over the life of this mortgage, the interest rate and the monthly payment are fixed. VA loan guarantee...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
6 Which of the following is not a factor that private mortgage insurance companies consider when they set their rates and coverage parameters? Oa. Loan amount and loan type O b. LTV and the borrower's credit score c. Borrower's age and familial status 7 The waiver clause in a promissory note states that all parties to the contract are waiving the right of: b. alienation. O c. assumption d. unconditional promise of payment 8 The Uniform Residential Appraisal Report (URAR)...
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