Homework Answers
Answer is C...mortgage is long term installment loan for purpose of buying home.It is a lone provided by bank or lender that enables individual to purchase a home
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What is a mortgage? Choose the correct answer below. O A. A mortgage is an account...
What are the prorated real estate taxes to be charged to the buyer? For this question,...
What are the prorated real estate taxes to be charged to
the buyer?
For this question, prorate using the actual number of days in the month and year. Split the escrow fee 50-50. The seller will pay the revenue stamps, and the buyer will pay title insurance and the recording fee. The buyer assumes the existing mortgage balance of $127,042.42, the buyer will pay in cash at closing the difference between the purchase price and the loan balance, and the...
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...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round
time value factor to 2 decimal places, intermediate and final
answers to the nearest whole number.)
Monthly gross income
$
3,450
Down payment to be made (percent of purchase price)
20
Percent
Other debt (monthly payment)
$
220
Monthly estimate for property taxes and insurance
$
280
30-year loan
7.0
Percent
Affordable...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9)
(Round time value factor to 2 decimal places, intermediate
and final answers to the nearest whole dollar.)
Monthly gross income
$
4,700
Down payment to be made (percent of purchase
price)
20
percent
Other debt (monthly payment)
$
260
Monthly estimate for property taxes and
insurance
$
490
30-year loan
8.5...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable hom...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6. Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 15-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $3,498 25e 6 percent 15 percent 180 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase Exhibit...
Complete the simplified settlement statement form (Excel spreadsheet provided) for the transaction described below. The various...
Complete the simplified settlement statement form (Excel spreadsheet provided) for the transaction described below. The various closing costs will be allocated between the parties in the customary way unless otherwise noted. Use a 360-day year and 30-day months for your prorations. Round dollar amounts to two decimal places for each step in your calculations. (Digits from 1 through 4 should be rounded down; digits from 5 through 9 should be rounded up.) The house at 314 Baker Street...
11) 11) Frank and Diane want to buy a house. Which of the following do they...
11) 11) Frank and Diane want to buy a house. Which of the following do they need before they purchase a house? A) Down payment. B) Handyman Mortgage principal D) Mortgage interest. E) Renter's insurance. 12) What should a home buyer consider when evaluating a house? A) Location of businesses and future construction projects. B) Zoning laws. Property values of the community. D) School system. E) All of these should be evaluated. 13) - 13) When Ingrid was selling her...
Match the acronym to the most correct definition: The interest rate on this type of mortgage...
Match the acronym to the most correct definition: The interest rate on this type of mortgage will be adjusted up or down depending on the current interest rate levels: [ Choose ] DCR ADS HELOC FHA LTV FRM PITI ARM TIL GFE The monthly payment of...
please answer this based off of a 4% Apr moreeestylero mer uger once she transitions 16...
please answer this based off of a 4% Apr
moreeestylero mer uger once she transitions 16 2. Kathy plans to move to Maryland and take a job at McCormick as the assistant director of HR. She and her husband Stan plan to buy a house 17 in Garrison, MD and their budget is $500,000. They have $100,000 for the down payment, and McCormick will pay for closing costs. Kathy and 18 Stan are considering either a 30-year mortgage at 4.5%...
What are the traces of a surface? Choose the correct answer below. O A. The intersection...
What are the traces of a surface? Choose the correct answer below. O A. The intersection of the surface with a plane parallel to one of the coordinates planes O B. The intersection of the surface with a line perpendicular to one of the coordinates planes O C. The intersection of the surface with a line parallel to one of the coordinates planes OD. The intersection of the surface with a plane perpendicular to one of the coordinates planes
What are the prorated real estate taxes to be charged to
the buyer?
For this question, prorate using the actual number of days in the month and year. Split the escrow fee 50-50. The seller will pay the revenue stamps, and the buyer will pay title insurance and the recording fee. The buyer assumes the existing mortgage balance of $127,042.42, the buyer will pay in cash at closing the difference between the purchase price and the loan balance, and the...
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...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round
time value factor to 2 decimal places, intermediate and final
answers to the nearest whole number.)
Monthly gross income
$
3,450
Down payment to be made (percent of purchase price)
20
Percent
Other debt (monthly payment)
$
220
Monthly estimate for property taxes and insurance
$
280
30-year loan
7.0
Percent
Affordable...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9)
(Round time value factor to 2 decimal places, intermediate
and final answers to the nearest whole dollar.)
Monthly gross income
$
4,700
Down payment to be made (percent of purchase
price)
20
percent
Other debt (monthly payment)
$
260
Monthly estimate for property taxes and
insurance
$
490
30-year loan
8.5...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6. Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 15-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $3,498 25e 6 percent 15 percent 180 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase Exhibit...
11) 11) Frank and Diane want to buy a house. Which of the following do they need before they purchase a house? A) Down payment. B) Handyman Mortgage principal D) Mortgage interest. E) Renter's insurance. 12) What should a home buyer consider when evaluating a house? A) Location of businesses and future construction projects. B) Zoning laws. Property values of the community. D) School system. E) All of these should be evaluated. 13) - 13) When Ingrid was selling her...
please answer this based off of a 4% Apr
moreeestylero mer uger once she transitions 16 2. Kathy plans to move to Maryland and take a job at McCormick as the assistant director of HR. She and her husband Stan plan to buy a house 17 in Garrison, MD and their budget is $500,000. They have $100,000 for the down payment, and McCormick will pay for closing costs. Kathy and 18 Stan are considering either a 30-year mortgage at 4.5%...
What are the traces of a surface? Choose the correct answer below. O A. The intersection of the surface with a plane parallel to one of the coordinates planes O B. The intersection of the surface with a line perpendicular to one of the coordinates planes O C. The intersection of the surface with a line parallel to one of the coordinates planes OD. The intersection of the surface with a plane perpendicular to one of the coordinates planes
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