For the following second mortgage application, calculate the percentage of appraised value and the potential credit:...
For the following second mortgage application,
calculate the percentage of appraised value and the potential
credit:
Appraised
Lender's
Percentage of
Balance of First
Potential
Value 215,300
Percentage75%
Appraised Value
Mortgage 116,900$
Credit
Homework Answers
| Percentage of appraised value = | Appraised value x lender’s percentage |
| $215,300 x 75% | |
| $161,475 | |
| The potential credit = | Percentage of appraised value – first mortgage balance |
| $161,475 - $116,900 | |
| $44,575 | |
Add Answer to:
For the following second mortgage application,
calculate the percentage of appraised value and the potential
credit:...
For the following second mortgage application, calculate the percentage of appraised value and the potential credit:...
For the following second mortgage application, calculate the percentage of appraised value and the potential credit: Appraised Lender's Percentage of Balance of First Potential Value= $79,100 Percentage= 80% Appraised Value Mortgage= $22,400 Credit
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Question Two Joseph would like to borrow Sh. 114,000 using an adjustable-rate mortgage instrument with 15-year...
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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)...
how
do I calculate mortgage payable?
Sav Homework: chapter 1 Score: 0 of 1 pt 8 of 14 (7 complete HW Score: 50%, 7 of 14 Question 8, S12-2 (similar to) Question Help Ela Company purchased a building with a market value of $305,000 and land with a market value of $25,000 on January 1, 2018. Ella Company paid $15,000 cash and signed a 15-year, 12% mortgage payable for the balance. Requirements 1. Journalize the January 1, 2018, purchase. 2....
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 3 3. Calculate the effect on net income (before taxes) and total assets in Year 1 for...
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Part II-Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her bonge 60 months ago. The amount of loan equals 154,000. She paid cash to cover the 5% down payment plus all required closing costs closing costs include application fee, appraisal fee. loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at...
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