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Resolved Question: buying my first home, I know nothing....any pitfalls to avoid?
And any direction to reasonable advice and information are greatly appreciated. I have a steady job (more than four years) earn a decent rate, and do not have a lot of debt. 2k on a card, and two car payments. But my calculations, suggest that my ratio of committments, to an affordable house payment, mean I can easily afford a mortgage of around 1k to 1.2k a month. I also am interested, in if anyone here, can direct me to where in the US, in Ca, the laws allow me to take money from my pension, for the down, without any penalties. I have heard, that I can draw 10k without penalties. I know there are some very informed people here, and I would be truly grateful, for any information relative to what I have asked, and to any pertinent info, that I will need to consider. Home prices, in my area, have dropped from 390k for a 3b 3 bath 1200sq ft, to 150k and under. Please help, because this market seems to be a once in a lifetime opportunity. Thank you in advance. Any and all relevant links appreciated. moreResolved Question: Is my home equity line of credit included in a bank's Loan-to-Value calculation?
I'm looking to refinance my house and while the loan amount on my first mortgage is 800K, my house is appraised at $1M. However I also have a home equity line of credit for $100K. I'm only looking to refinance the first mortgage, however. Will the bank count the HELOC, in addition to the new first mortgage, when evaluating the refinancing of the first mortgage? Thanks. moreResolved Question: 700billion for what... the bailout is now 3.8trillion! WHY?
Every one has heard about the $700billion (700 000 000 000) bail out. The other day however I read an article that this package has now turned into a $3.8trillion dollar monster! Who’s going to pay for all this? Assuming every one in this country 300 000 000 people had a mortgage of $200 000, - (US average home price = $265 000) this would equal a value of $ 60 000 000 000 000 or in a political terms a value of $60trillion! Now we all know that not every one owns a house in the US, as the 300 000 000 population is made up of every one in the US, old, young, teen, baby! So, for this calculation (to make it easy) lets say only the “young” own a house! That’s ¼ of the population or 75 000 000 people. They all have a mortgage of $200 000 which will sum up $15 000 000 000 000 or $15trillion… the USA is in dept $10trillion $10 000 000 000 000. Now we all know that only a small percentage of the population own a home! I’m just trying to understand some thing here! If the government would spend the money on the people… instead of giving it to the money pulverizing financial crisis, we would not have this problem! In other words, instead of pulverizing the money, pay off every ones 1st Mortgage, or 1st car loan/lease or highest credit card debt! My current monthly mortgage is $2600,-! (Average mortgage in the US is some where around $1600) If the government would pay for my house that I can’t sell, and they did that for every one and every one (for calculation…), 75 000 000 people, had an extra $2600 bucks in there pocket, the US economy would be looking at $195 000 000 000 bucks floating around… I mean, an extra 2.6K in my pocket a month… WOW, I’d drive a new car… hmmm, if every one got a new car, then GM, FORD, CHRYSLER and others would have to build 75 000 000 cars! FINANCIAL CRISIS??? WHAT financial crisis? PS: GM is looking to build 60 000 VOLTS (their electric hybrid) per year (if they are still around that is) in other words, it’ll take GM 1250years to build 75 000 000 volts…. I say give the money to the people and united the people will resolve the international financial crisis! PS: these are my thoughts, not any one else’s! I just needed to write this down and see if others think the same way… if not cool! No worries! moreResolved Question: What are Obama Past Associations and Are They Important?
Barack Obama does not want anyone talking about his radical associations. He’s even sought criminal prosecutions against those who have dared to speak out on issues that make him squirm. Average Americans are judged by the company they keep, and our leaders ought to be held to the same standard. Even though Obama says the issue is resolved (and John McCain refuses to raise it) voters must consider the case of Jeremiah Wright. Think of it this way: Barack Obama has himself estimated that he attends church twice a month. He spent twenty years at Chicago’s Trinity United Church of Christ under the leadership of Rev. Wright. Within this metric, a rough calculation concludes that Obama sat through approximately 500 sermons at that church. 500. Still, he claims he never heard outrageous, racist, or anti-American comments from the pulpit. Watch the following clips—you probably saw them back when this controversy erupted—and ask yourself if you believe Obama’s self-serving selective deafness. The man featured in these clips is the same man who performed Obama’s wedding and baptized his children. Notice that his unhinged rantings did not elicit stunned silence from his congregation, but approving cheers. Is Obama’s “this isn’t the Jeremiah Wright I once knew” a credible excuse? Can you imagine anything like this being said at your church or house of worship—much less applauded? http://www.youtube.com/watch?v=617eK2XIaLk&eurl=http://hotair.com/archives/2008/10/21/the-comprehensive-argument-against-barack-obama/ Bill Ayers is another name many Americans have heard by now. He is a former terrorist who detonated bombs at federal buildings and plotted to blow up an army dance at Ft. Dix, New Jersey. He remains proud of his actions, http://query.nytimes.com/gst/fullpage.html?res=9F02E1DE1438F932A2575AC0A9679C8B63&sec=&spon=&pagewanted=all and only regrets not having bombed more. Obama has been personal and professional friends with Ayers for more than a dozen years. When confronted with this association, Obama has said Ayers is (a) just a guy in his neighborhood, (b) a local professor, and (c) someone with whom he’d served on a charitable board. These are all true statements, but they obfuscate a much deeper relationship about which Obama is not being honest. In fact, the two served together on two boards—The Woods Fund and the Chicago Annenberg Challenge, where together they funneled huge sums of money to a who’s-who leftwing causes. Obama’s 1995 political coming-out party took place in the home of Ayers and his wife, a fellow unrepentant terrorist. Obama now denies this, but it’s a matter of record, confirmed by individuals who attended the party. Investigative journalist and Ethics and Public Policy Center Fellow, Stanley Kurtz, has written many thorough and indispensable articles on Obama’s substantial ties to Ayers. If you don’t have time to read them, consider the following videos. The article: http://online.wsj.com/article/SB122212856075765367.html First, CNN looks into Bill Ayers and the Obama connection. The report concludes that “the relationship between Obama and Ayers went much deeper, ran much longer, and was much more political than Obama says.” It also confirms the 1995 political party Ayers hosted for Obama. http://www.youtube.com/watch?v=wI7pUMbaINI&eurl=http://hotair.com/archives/2008/10/21/the-comprehensive-argument-against-barack-obama/ Second, Obama repeatedly states that Ayers’ violence took place 40 years ago when he was just eight years old. This is true, and it’s irrelevant. Would you shake hands with, let alone work comfortably with, someone who bombed the US Capitol and Pentagon, and remains proud that he did so? It is implausible that Obama didn’t know about Ayers’ sordid past, just as it’s implausible that he was unaware that Ayers’ hatred of this country continues to fester to this day. The following video features a 1998 ABC News interview with Ayers and his wife that showcases their continued defiance. It also portrays Ayers at a 1960s radical reunion just last year during which he describes the United States as he sees it today. Why did Obama feel comfortable around these people, and is it any wonder that he’s been less than forthcoming about their relationship? ACORN is a community organization whose fraudulent voter registration activities have drawn indictments and investigations in more than a dozen states. http://www.nytimes.com/2008/10/17/us/politics/17acorn.html?_r=1&ref=politics&oref=slogin Their intimidation tactics in the 1990s forced banks into issuing unwise mortgage loans to low-income individuals, setting the stage for the recent mortgage crisis that send the economy into a tailspin. Barack Obama has denied any connection to ACORN beyond performing some minimal legal work on their behalf in the distant past. http://fightthesmears.com/articles/20/acornrumor Once again, this is an intentionally misleading understatement. As it turns out, moreResolved Question: What is the average cost paid by someone in the secondary mortgage market for an existing mortgage?
I am curious as to what is the typical percentage paid on an existing mortgage in the secondary market currently. Is it merely a present value of money calculation, or is there more of a discount premium? For example, say you have a $300k 30yr fixed at 6%, by my calculations, over the life of the loan the lender would receive $347,515 in interest which would be there profit for lending the money, typically if a contract like this is sold as a right to receive these future payments they will not receive this entire amount due to present value calculations, but is there any more or less of a discount? So what is the rate or percentage a typical loan is sold for in a secondary market within its first few years? Also, do banks accept lower offers to get rid of loans now than the principle balance much as they are so willing to get rid of homes in short sale situations, etc. for banks that need cash and have obviously lent out most of their assets and want some cash assets back. The reason I am asking is, I know a personal lender who would possibly being willing to hold a mortgage for me at an equal or current rate as I currently have and that way I would be paying them a substantial and safe interest rate instead of a bank, and instead of me refinancing my current loan with a loan from this private individual I was thinking I could have them maybe make an offer to the current holder of my note to buy it, that way I would avoid closing costs, etc. And possibly they would give this person a good deal since so many banks are willing to liquidate loans for cash right now at substantial discounts to meet other needs even though they know I am a great borrower, I would think they may be willing to at least even take just the principal balance, or even less, and be happy with the interest they have received over the last 3 years, and enjoy having actual cash on hand since so many banks are hurting with other loans, though I don't know my lender's situation, they are a big bank/lender so I am sure they are experiencing difficulties with some borrowers and the economy as all others are. If anyone works or has personally held a loan and knows what type of value loans have in the secondary market compared to their principal balance and the expected income over the life of the loan I would greatly appreciated it. Also any tips if my thought is no good. In response to Ronwhiz's attempt at an answer, assume this is as low of a risk loan as there could be that the lender will recoup all the principal and interest, which it is. Borrower has great credit, solid income and assets, and the loan-to-value ratio is still only half since I paid half cash for the home. I am merely looking for a general answer such as, typically a loan that seems to be low risk for like this goes for about 90% of the present value of the future income, that's all I am looking for, not more insight, just a generic answer, yes obviously, like most things, this will be evaluated on a case by case basis, I am just looking for a general average generic response, so please (Ron for example) don't give me further advice, opinions, or insight into the issue, this is yahoo answers, not a forum for your opinion, so please if you can answer this question please do, but an answer would be in the form of a percentage or rate not an opinion or insight. moreResolved Question: Simple C++ program, not compiling, I'm having trouble?
Please bear with me. I am a first year CS student and I know the mistakes I've probably made are silly. // Mortgage Calculator #include <iostream> #include <string> #include <iomanip> #include <cmath> using namespace std; int main() {// User input cout << "Welcome to Eric's Mortgage Calculator!"<< endl; string name; cout << "First,what is your name?" << endl; getline(cin,name); string address; cout << "Your address?" << endl; cin >> address; string city; cout << "Your city?" << endl; cin >> city; string state; cout << "Also, your state?" << endl; cin >> state; string zip; cout << "And your zip code?" << endl; cin >> zip; cout << "Okay, now you're house..." << endl; string cost; cout << showpoint << fixed << setprecision(2); cout << "What is the cost of your home?" << endl; cin >> cost; string downPayment; cout << "And how much is the downpayment?" << endl; cin >> dp; string ir; cout << "What is the interest rate of your loan? (Please enter with decimal =))" << endl; cin >> ir; string yrs; cout << "How many years is the loan for?" << endl; cin >> yrs; //Calculations and assignments float num = cost * (ir * (1 + ir)); float num2 = pow(num, 12); float den = (1 + ir); float den2 = pow(den, 12); float den3 = (den2 - 1); float monthlyPayment = (num2 / den3); //Output //Their info cout << endl; cout << endl; cout << "Your information:" << endl; cout << left ; cout << "Name:" << name << endl; cout << "Address:" << address << endl; cout << "City:" << city << endl; cout << "State and Zip:" << state << "," << zip << endl; // Their calculations cout << endl; cout << endl; cout << "And here are your calculations," << name << endl; cout << "Cost:" << cost << endl; cout << "Down Payment:" << downPayment << endl; cout << "Interest rate:" << ir << endl; cout << "Life of loan:" << yrs << endl; cout << "Approximate Mortgage Payment:" << monthlyPayment << endl; I know I'm not declaring the variables right. I think I should be using char or string for some. I also think my syntax for the formula is messed up. Heeeellpp! By the way this is a program that calculates the monthly payment of a mortgage using the amortization formula. moreResolved Question: If I borrow money for deposit towards buy to let mortgage, is that interest is also tax rebatable?
I am planning to buy a buy to let property. I am raising money from my residential home to put deposit of 25 percent. I am aware that i can claim tax for the interest on buy to let mortgage. What i want to know is whether i can claim tax on the interest I will be paying for the deposit money as well. For example, £100,000 property. 25,000 raised from my current home. Say i pay £200 interest towards that. 75000 mortgage for the buy to let property. 500 interest. Rent is £750. a. If i can claim tax for both the interests, then my tax liability is only£30 (750-(500+220)). (For this calculation i have ignored other tax benefits). b. interest on deposit is not tax claimable and my tax liability is £250 (750-500). Which scenario is correct. Many thanks for your help Sen moreResolved Question: Match the time value of money problems below with the correct calculation application...?
PROBLEM: ___ a. Calculation of the amount that will be in a special endowment fund created by the will of a donor after 20 years ___ b. Select the best current value from among several investments promising different future return amounts ___ c. after opening a retirement account with a large initial deposit, you want to know how much you need to deposit each year to have a certain amount at retirement ___ d. you have an opportunity to buy a home with a fixed down-payment and either assuming the existing mortgage or taking out a new mortgage and you need to determine which is the least expensive option __ e. Deciding how much to deposit monthly into a fund for the repayment of a loan in 30 years POSSIBLE APPLICATION: 1. Present value of a sum 2. Future value of a sum 3. Present value of an annuity 4. Future value of an annuity 5. Combined annuity and single sum calculation moreResolved Question: My mortgage company has been overcharging me for several years. who do i call to get help.?
In 2004 something was changed and the late fees were almost doubled. I called and was told that it was correct. so that went on until now. In 2006 I filed chapter 13. the mortgage company disputed my filing because the payment was to low to cover the monthly charges. i was told my monthly mortgage payment went from 1623 to 1720. So that is what i was paying since dec 2006. I have recently been sick and am out of work. I had recieved a letter in may stating that due to escrow shortage my payment would be going from 1623 to 1709. I called and they have been over charging me since 2006. Putting that money in a suspence account. and racking up the late fees. they filed to dismiss the chapter 13 because i fell behind. I worked that out. But all their calculations are wrong. where did my money go. They are making some payments out of the suspense account. if they had a couple of thousand dollars of mine how could they file to dismiss. I could have lost my home and they had my money. moreResolved Question: karen tumulty should be nominated for the best jounalism 2008?
How to Pick a Veep Jun. 23, 2008 | By KAREN TUMULTY ...to picking vice-presidential nominees...of Vice President should tell...three-star running mates. The right... 1591 words | view cover So who might be pizazz choices for this year's contenders? McCain might turn to his longtime hero Colin Powell, the former Secretary of State and Chairman of the Joint Chiefs of Staff. =========================================== One of the stranger ironies the Constitution has bestowed on American politics is this: some 50 million people just finished choosing the parties' two nominees in a grueling, yearlong primary campaign that cost millions of dollars and captivated the world. But when it comes to picking vice-presidential nominees, only two people on the planet get a vote: John McCain and Barack Obama. Between an explosion of democracy in the spring and an even bigger explosion of self-determination in the fall is a brief interlude of, well, something that Vladimir Putin could probably live with. Related Articles The Keys to McCain’s VP Pick When you are running for President, you can’t exactly just have a few friends over on the weekend, e... Wooing New Hampshire’s Undeclared The guy in the purple "I’m a health care voter" shirt stands up to ask a question at a John McCain t... Romney Frees McCain for New Fight When Mitt Romney stepped forward to announce his endorsement of former rival John McCain, the former... McCain: Frail with the Far Right John McCain emerged from Super Tuesday the undisputed heavyweight in the fight for the Republican pr... Everyone knows that the main qualification for the vice presidency is being ready, at a moment's notice, to step into the most powerful job in the world. But what qualifies you to do the job and what qualifies you to get the job may involve two completely different calculations. Both McCain and Obama have their selection committees already at work scouring candidates' financial and personal backgrounds, voting records and public statements. In a sudden setback that could slow the Democratic nominee's search, Obama lost his top Veep hunter, Jim Johnson, after the former Fannie Mae executive came under scrutiny for accepting preferential mortgages from a lender linked to the foreclosure crisis. Both camps will finish their work by early August, if not sooner. When they do, the choice of Vice President should tell us something — maybe a lot — about how McCain and Obama think and how they could run the government. There are a lot of ways to choose a Vice President, and each comes with risks. Here are five of the most reliable: 1. Play to Your Strength Perhaps the fastest way to send a message about who you are is to pick someone who appears to be ... just like you. In 1992, Bill Clinton picked another Southern baby boomer with a moderate record and a full head of hair. Then Clinton, Al Gore and their wives took a bus trip that looked like a rolling scene from The Big Chill. Picking Gore reinforced Clinton's claim to be part of a new generation of Democratic pols, liberated from the tired (and losing) politics of the past. If McCain were to take a similar approach, he might pick a No. 2 who has strong national-security credentials or another maverick who defies party labels — perhaps someone like independent Connecticut Senator Joe Lieberman. By this standard, Obama might opt for a partner who is young and charismatic and also breaks a historic barrier of race or gender — perhaps Kansas governor Kathleen Sebelius — or one who transcends partisan politics, like Republican Senator Chuck Hagel of Nebraska. 2. Look at the Map An old-fashioned road atlas is a good Michelin guide for three-star running mates. The right choice can add balance to a nominee whose roots may seem a tad too effete to go over well in the heartland — or add some coastal glitz to a rural candidate's prairie-flat steadiness. As it happens, the last two candidates to make their picks with geography clearly in mind — John Kennedy in 1960 and Michael Dukakis in 1988 — were both from Massachusetts. And they both picked Texas Senators — Lyndon Johnson and Lloyd Bentsen — for the second spot on their ticket. More narrowly, the map can help a nominee make a play for a state that is crucial in November, though that is never a sure bet. Kennedy, with Johnson as his running mate, squeezed by Nixon to win Texas with a margin of merely 46,000 votes, in what turned out to be one of the closest elections in American history. But Dukakis got swamped in the Lone Star State, where Bentsen's considerable popularity was no match for the thrill of having another Texan, George H.W. Bush, in the Oval Office. This year, given the closeness of the race and the importance of winning a few battleground states, McCain and Obama will keep at least one eye on the Electoral College map right through November. That means Obama will be considering choices like Ohio governor Ted Strickland (though Strickland says he would turn down the offer) or one of three possibilities from Virginia — Governor Tim Kaine, former governor Mark Warner or Senator Jim Webb. Or perhaps a Westerner like Montana governor Brian Schweitzer. McCain might get an Electoral College boost by picking Minnesota governor Tim Pawlenty, Pennsylvania's ex-governor Tom Ridge or former rival Mitt Romney, who has family roots in pivotal Michigan. 3. Shore Up Your Weak Side On the other hand, the nominee might need a partner who compensates for his vulnerabilities or perceived weaknesses. That was plainly what George W. Bush had in mind in 2000 when he picked Dick Cheney, a seasoned Washington insider with a long foreign policy résumé (who also happened to be heading up Bush's vice-presidential-selection process). And Gore knew that in picking Lieberman, who had been one of Bill Clinton's harshest Democratic critics during the Monica Lewinsky scandal, he was buying some distance from the incumbent Commander in Chief. In McCain's case, any doubts that voters have about electing a 72-year-old President might be allayed if he tapped someone far younger. And it wouldn't hurt, in a year when gasoline prices and financial jitters have moved past the Iraq war to the top of voter concerns, to look for a sidekick who is more comfortable than McCain is with economic policy. It may well turn out to be someone about whom the conservative base, which is a little leery of McCain, is more enthusiastic. Some possibilities the two might want to consider as hedges against their shortcomings: McCain could pick Romney or Pawlenty, both of whom have executive experience and relative youth, or perhaps an economic-policy expert like former Ohio Congressman Rob Portman, who served as both budget chief and trade representative for Bush. Obama, however, might want to address concerns about his youth and inexperience by picking a running mate who is older and has strong national-security credentials. He could turn to seasoned, silver-haired foreign policy experts like Senate Foreign Relations Committee chairman Joe Biden or former Senate Armed Services chairman Sam Nunn. Pennsylvania governor Ed Rendell or former South Dakota Senator Tom Daschle would add some experience as well. 4. Hug Your Rival Even after a long, hard primary fight (and sometimes because of it), the ultimate winner almost always has to consider bringing the loser aboard the ticket. That's what Ronald Reagan did when he picked George H.W. Bush in 1980 and how John Kerry came to choose John Edwards in 2004. Sometimes party unity simply demands it. "We ended up with the obvious choice," says adviser Bob Shrum of Kerry's decision to tap Edwards. "People in the party overwhelmingly wanted him." Then again, a former adversary can have extra baggage. For one thing, there will be lingering tensions and suspicions that former rivals still harbor ambitions of their own. The other party is certain to dredge up every damaging sound bite — "Voodoo economics!" — that your former rival hurled in your direction back in February. These worries are usually overcome. Already it's hard to miss the steady thaw in McCain's once frosty relationship with Romney as the former Massachusetts governor throws himself — and his formidable fund-raising operation — into campaigning for the man who beat him. And Hillary Clinton's supporters — starting with her husband — are letting it be known that they expect Obama to give her serious consideration. 5. Hire Some Pizazz Some nominees find themselves in need of excitement. That explains why Walter Mondale tapped Geraldine Ferraro, the first woman on a national ticket, in 1984. "This is an exciting choice," he said at the time. Within weeks, Mondale did not see it that way. Given their difficult history of tangling over just about everything, hardly anyone would have expected Bob Dole to pick Jack Kemp as his running mate in 1996 — least of all Kemp. As little as three weeks before he was selected, recalls Dole's campaign manager, Scott Reed, Kemp was grumbling in GOP circles that he hadn't been given a speaking spot at the party's convention. So why did Dole pick him? "We were going for oxygen, heat and energy," Reed says. "We went through the traditional list, and we just weren't happy with what we were coming up with." Kemp later turned out to be far more complicated a partner than Dole or Reed had imagined. So who might be pizazz choices for this year's contenders? McCain might turn to his longtime hero Colin Powell, the former Secretary of State and Chairman of the Joint Chiefs of Staff. Excitement is hardly what Obama needs, but he could pick a woman, such as Sebelius or Arizona governor Janet Napolitano, who might force McCain to spend more time in his otherwise safe home state. But if you venture too far out of the box, voters will scratch their heads sooner or later — and eventually you might too. George H.W. Bush seems to have entered his Veep wish list into one of those dating computers back in 1988. That year he stunned nearly all his advisers when he tapped someone whose Midwestern roots were an antidote to his privileged Kennebunkport background, who was young to his old, who could balance his moderation with a dose of conservatism, and came up with Dan Quayle. The ticket beat the Democrats that fall, but by 1992 even Bush was trying to nudge him off the ticket. The ploy failed. Which is a reminder that however you choose a running mate, another rule will always apply: hard as it is to find a good one, it is sometimes harder to get rid of a bad one. moreResolved Question: Why does the bank have a different credit score than what my credit report says?
I'm in the process of purchasing a home. As part of this process, I obtained credit reports from the three reporting agencies. I'm working with a mortgage lender and he told me that my scores are 100 points below what my credit reports tell me. That's a pretty big discrepancy. He told me that a month ago. I checked and I had other score. He told me that again this past week. I ran new credit reports for the three agencies both those times and keep coming up with the 100 point discrepency. The mortgage lender said they use a different calculation for credit scores than what would show up in my credit reports. That doesn't make sense to me. Is that the case? I should say that the difference between the mortgage lender's score and mine is roughly 100, it is not exact. So, they are not subtracting 100. Also, I've ordered my credit reports from the agencies. I've paid for them. I have the report. They are not the freebies. moreResolved Question: Need a Mortgage with a 615 credit score?
I need to purchase a home in the Atlanta, GA area for approximately $200K, currently working in NY earning $50K /year, credit score is 615 and should be rising. I would prefer to get a regular loan instead of FHA. Did some calculations with FHA and due to ratios I would only qualify for about $160K. Can anyone suggest a broker or company for: $200K Home Loan 1st time home buyer 615 Credit Score Looking for a 80/20 loan - 100% financing. Thanks in advance for all the help. Ryan M... Why do you think you NEED to answer my question? It is obvious I was not asking a question to A-holes. GET A LIFE!.. Thanks to everyone else. moreResolved Question: Possible to reduce capital gains tax on home sale?
My parents are selling their investment property to fund their retirement. However upon my calculations they are looking at a 45K hit in capital gains. I was going to suggest that upon selling they use a seller financed mortgage so that they will not be taxed on the full amount at once along with providing them a steady investment without any risk. Would this work? What if they incoming payments were put directly into a Roth...would this still be taxable income? Is there any way to reduce this amount? moreResolved Question: Could my taxes be wrong?
If I filed my taxes (for the first time) through H&R block (or any place for that matter) and for some reason they messed up, would the IRS fix it and send me the corrected (possible lower) amount? I'm getting back well over $5,000.00 and have NEVER got anything near that before. Thing that was different was for the past 3 years I was itemizing my home mortgage interest and daycare expenses. This time, it did not do that b/c they said it was ok to do w/o. If the IRS calculates my taxes and finds it is wrong and should be less, will they re do them and send me the less amount (IF it is wrong)? They will have to see it was done through H&R block and if so, their online software is what did all the calculations which means I just entered exactly what it asked, paid and printed to mail. moreResolved Question: Child support calculations?
Situation: My husband has 2 children = a 2 yr old with me and a 10 yr old with the ex-girlfriend. He is not court ordered, but direct deposits $100/week into her account. My step-son is homeschooled, and she may be using this as an excuse to stay home, as she openly states that she hates to work. We have no legal documentation of his educational status, but fear he is not doing as well as he should be. She uses this child support and her live-in boyfriend's income to pay for expenses. With a mortgage (comparible to rental rates), car note, gas, groceries, med insurance, home insurance, auto insurance, etc, etc,....you get the idea.....it's very difficult to afford everything while having to afford two children, especially when my step-son doesn't live with us. He lives 1 1/2 hrs away, but we get him anytime we want. How can we calculate legal child support (without going thru courts) that will take into account our 2 yr. old and our living expenses? We're having expense trouble. Why doesn't she have to work to support my step-son too? Don't get me wrong, please! I love my step-son. I just wish he lived with us. I don't think he's in a bad situation. His mom IS a nice woman. I just think he's not in the best situation. She keeps him in the house all day. She says she's afraid of failure, and this line of thinking is crossing over to him. Before I had our son (things happen), my step-son was all the children I ever wanted to have. I love him. Just remember, we support him with more than just the child support.....we provide a room here for him, clothes, 1/2 of his homeschool supplies, health insurance, etc. I'm just trying to figure things out. This came about due to health insurance expenses (thru work). I'm deciding not to be covered so we can afford to just have my husband and the children on it. Trust me everything comes back around to the kids in the end. Please, don't say,"shame on you." My heart is with our 2 children. moreResolved Question: adjustable-rate mortgage help?
I'm having trouble understanding what the calculation for this is & my textbook is kinda confusing, can someone explain how I would calculate this please? Shawn bought a home with an adjustable-rate mortgage. The margin on the loan is 2.7%, and the rate cap is 7.2% over the life of the loan. If the current index rate is 4.3%, what is the initial interest rate of the ARM? moreResolved Question: Do you think this lady got more than tired of pressing one for English?
Shown below, is an actual letter that was sent to a bank by an 86 year old woman. The bank manager thought it amusing enough to have it published in the New York Times. Dear Sir: I am writing to thank you for bouncing my check with which I endeavored to pay my plumber last month. By my calculations, three nanoseconds must have elapsed between his presenting the check and the arrival in my account of the funds needed to honor it. I refer, of course, to the automatic monthly deposit of my entire pension, an arrangement which, I admit, has been in place for only eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account $30 by way of penalty for the inconvenience caused to your bank. My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways. I noticed that whereas I personally answer your telephone calls and letters, --- when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become. From now on, I, like you, choose only to deal with a flesh-and-blood person. My mortgage and loan repayments will therefore and hereafter no longer be automatic, but will arrive at your bank, by check, addressed personally and confidentially to an employee at your bank whom you must nominate. Be aware that it is an offense under the Postal Act for any other person to open such an envelope. Please find attached an Application Contact which I require your chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Notary Public, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof. In due course, at MY convenience, I will issue your employee with a PIN number which he/she must quote in dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modeled it on the number of button presses required of me to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery. Let me level the playing field even further. When you call me, press buttons as follows: IMMEDIATELY AFTER DIALING, PRESS THE STAR (*) BUTTON FOR ENGLISH #1. To make an appointment to see me #2. To query a missing payment. #3. To transfer the call to my living room in case I am there #4. To transfer the call to my bedroom in case I am sleeping #5. To transfer the call to my toilet in case I am attending to nature. #6. To transfer the call to my mobile phone if I am not at home #7. To leave a message on my computer, a password to access my computer is required. Password will be communicated to you at a later date to that Authorized Contact mentioned earlier. #8. To return to the main menu and to listen to options 1 through 7. #9. To make a general complaint or inquiry. The contact will then be put on hold, pending the attention of my automated answering service. #10. This is a second reminder to press* for English. While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call. Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement. May I wish you a happy, if ever so slightly less prosperous New Year? Your Humble Client (Remember: This was written by an 86 year old woman) 'YA JUST GOTTA LOVE ' US SENIORS' !!!!! As far as I am aware, the lady was not refunded her $30. She should have been. This very thing has happened to me, too! moreResolved Question: Trying to build an Excel Sheet out of a PDF form with calculation?
Does anyone know of a tool/trick or program that will allow me to create an Excel sheet out of a PDF form. Say the PDF form is a fancy application form with built-in calculation. If I want the excel to look the same. I know an excel sheet can be made to look really sharp, say see http://www.vertex42.com/Calculators/home-mortgage-calculator.html as an example. The PDF form might not have as many inputs as that and not complicated calculations (just addition) but I showed this excel sheet as an example. Perhaps Adobe Acrobat 8 Professional allows that or...? Any input would be appreciated if you have any. Thanks! moreResolved Question: How does a spouse "buy out" of the marital home when you owe more than the house is worth (no equity)?
Husband & I refinanced our home 1.5 yrs ago to pay off his college loans & our joint credit card debt. We qualified for a "110% loan," leaving us with no equity. Plan was to not sell for quite some time. However, we're now divorcing. 1st mortgage = $160k, 2nd mortgage = $50k ($210k total). Home's current value is ~$170k. Husband accepts responsibility for debt from his college loans ($42k). He also agrees that I get $10k "credit" for original down payment which came out of my personal savings. I will probably stay in the home for a few years; it's not in our best interest to sell now given the $ situation & housing market. Based on my assumptions & calculations, to "buy him out" he actually owes me $72k. Correct? Lawyer recommends not refinancing & leaving husband's name on mortgages so he feels more pressure to pay, or me refinancing with parents cosigning to reduce payments but then husband has no financial responsilibity to mortgage company, only to me. Recommendations?? moreVoting Question: Refinance calculation on new home purchase in CT?
I'm thinking of selling my home for not less than $250K and buying one for $275K. My current mortgage has $164,145 outstanding. I bought my current home for $215K. Is there some formula I can use to figure out how much I need to finance. I also want to pay off $24000 in credit cards and keep about $4000 for a rainy day. I need to pay for moving and closing costs also (I'm in CT). The taxes on the new home would be $3410. Anybody know how to figure this out. Never was any good at stuff like this. Thanks in advance moreResolved Question: Need a real estate advice.?
Hi all, My wife and I own a house for 16 months now in Ontario, Canada. This is our first home and we went in with 5% down. Real estate prices in our area have gone up some good 20%, BUT our calculations show us that even with the price increase, we'd lose 10K if we sold now. Here's how: We've calculated all the money we've invested over the course of 16 months (property tax, insurance, down payment, initial lawyer expenses, mortgage payments) and when we add it all up, and deduct agent's 5%, we're gonna come up $10 K short. Is this something that's common for sellers like us, who've spent short time owning a house? Does anyone know if there's some sort of formula on what you should expect to get back on investment after one year? We're selling the house cuz my wife got a job transfer, so we need to sell. I'd really appreciate if anyone local to Ontario could share advice. moreResolved Question: Questions about carrying costs for a bank-owned foreclosure property?
I can’t find any internet sources on this so hopefully someone here can help. I am more than willing to do the calculations myself if someone has a formula for this. If a bank foreclosed on a mortgage that was somewhere between $150-160,000, what would it cost that bank per month in carrying costs? If you can’t give me a number, can you at least define "carrying costs?" I understand that it’s the cost of owning the home until it sells, but what items/expenses make up the actual cost? Is it just the foregone mortgage payments? Thanks so much in advance! moreResolved Question: What to offer on this foreclosed bank home?
What is an appropriate starting offer to place on this home? What is the maximum you would offer to pay on this home? It was up for sale back in November 2006 by the owner, then bank took it over and listed in April 2007 and was at $139,000 now dropped to $133,000. It has all galvanized plumbing, looks like it will need a new roof in about a year, possibly needs a updated furnace, basement is from the 60's (out of date) and yard needs to be relandscaped. 6349 Cambourne Rd Dearborn Heights, MI $ 133,000 3 Bedrooms, 1 Full Bath, 1 Half Bath Year Built: 1957 Style: Ranch Possession: IMMED Subdivision: Lewis Manor Sub County: Wayne Approx. Square Footage: 1,026 Lower Finished Square Footage: 500 Garage Description: 2 Car, Detached Taxes: $2,740 Mortgage Calculation Living Room: 14x20 Kitchen: 11x11 Master Bedroom 1: 11x12 - Entry level Bedroom 2: 11x11 Bedroom 3: 11x09 Basement: Finished Cooling: Central Air Heating: Forced Air moreResolved Question: Unethical? Unlawful? Lost 20 Square feet 1 month after buying a condo!!?
We recently bought a brand new condo with 800 square feet in NJ. After moving in for 6 weeks, we were informed by our lawyer that the square footage calculations previously provided to us were incorrect and according to the corrected calculations, my unit now is actually 780 square feet. From the start, we were not only informed by the seller’s realtor, the owner of the building, but also the appraiser hired by the mortgage company that it has 800 square feet. We feel we were mislead. If I knew the condo was smaller, I would have adjusted my offer price accordingly. We talked to our lawyer and he said that we don’t have a case because the master deed somehow has the correct square feet. Is there anything I can do now? It's unethical and unfair to first home buyer like us. Please give me some suggestions. Thanks. moreResolved Question: Unethical? Unlawful? Lost 15 Square feet 1 month after buying a condo!!?
We recently bought a brand new condo with 800 square feet in NJ. After moving in for 6 weeks, we were informed by our lawyer that the square footage calculations previously provided to us were incorrect and according to the corrected calculations, my unit now is actually 780 square feet. From the start, we were not only informed by the seller’s realtor, the owner of the building, but also the appraiser hired by the mortgage company that it has 800 square feet. We feel we were mislead. If I knew the condo was smaller, I would have adjusted my offer price accordingly. We talked to our lawyer and he said that we don’t have a case because the master deed somehow has the correct square feet. Is there anything I can do now? It's unethical and unfair to first home buyer like us. Please give me some suggestions. Thanks. Thanks for all the suggestions. I know it's only 20 square feet (sorry not 15). But in Hoboken, NJ (next to the NYC), when a typical new condon costs over $700,000, losing 20 square feet is costly. So we paid over $8500 per square feet. Do the math. It adds up. I am a first home buyer. I guess I'll learn from this mistake and move on... moreResolved Question: Should I get a home equity loan at 7+% or keep moving credit bal. to new cards with 0% intro rates, 3%fixed?
I owe about 20k in credit card debt, 8k of that is at 2.9% or 3.9% til paid off! The rest is at 0% til April '08. By then I'll get more offers for new cards, with bal. transfers free, and often 18 months at 0% I could keep moving the balances and not worry, since I've done this for years and it doesn't seem to have affected credit score enough to matter. I know there are tax advantages for home equity loans, and I could easily get one, but is it worth paying 7+%? Is there a math calculation to figure this out? Another factor: I'll probably sell the house within 10 years and pay everything off. A complete cash out refi. doesn't look good because my mortgage is at 5.38% and would surely go up to at least 6% moreResolved Question: What's wrong with my simple interest calculation for my mortgage?
I have a home loan that I've made 8 payments on so far. The initial loan amount was for $139,650 at a simple interest rate of 8.5%. The interest accrues on a yearly basis. The bank calculated my monthly payment to be $1,130 / month. Alright, so I'm getting ready to sell the house and I call up the bank to ask how much I still owe on the house. They tell me $139,400. That's only $250 that I've paid off after paying 8 payments of $1,130 (which is $9,040)! I've done this calculation: I = PRT, which gives I = $139,650 * 0.085 * 1 = $11,870.25 of interest this year. $11,870.25 / 12 = $989.19 of interest per month. This should mean I'm paying $1,130 - $989.19 = $140.81 of principle per month, which is about $1,125 over the course of 8 payments! So why have I only paid $250 towards the principle? What am I missing here? moreResolved Question: Home loan interest rate - was I quoted wrong?
My husband and I are buying a home. The home we are looking at is about $73,000. We were quoted a 6.25% interest rate for a 30 year note with a monthly payment of $908 (without tti). This seemed quite excessive to me. Coming home and doing the calculations (on bankrate.com's mortgage calculator), a 30 year note of $73,000 with a 6.25% interest rate should result in a $450 monthly payment. In order to get my monthly payment up to $908, I had to make my interest rate 14.75%. Now, the underwriter said the 6.25% wasn't the APR. What does that mean? Why would I have two interest rates, and why is one so much higher than the other? If we pay $908 a month, we end up paying $326,000 for a $78,000 home. This seems a little ludicrous to me. Anyone with financial experience got any wisdom to share? This was just the man who's selling me the house who will put everything together for the loan application. The total including TTI was $1208. moreResolved Question: monthly mortgage calculation... please help you mathematics out there...?
can anyone tell me what my monthly mortgage payment would be on an 84,000 home with a 30 yr loan at 7 % with 5-6,000 down? please help.. we are looking at a nice house, and my husband wants to get a good idea of what our monthly payment would be without going to one of those stupid "lending tree" sites, where the bug the crap out of ya for months. we both have pretty decent credit.... in the 600's for both of us. moreResolved Question: How much money do you think we need to live a fairly comfortable life?
I mean a mortgage free home, 2 cars, one vacation a year for a small family, etc. Not a celebrity lifestyle like owning a few villas, 4-5 cars, butlers etc. Just an above avergae lifestyle with something to spare. When I did my calculations, I came up with the conclusion that if you have 500,000 dollars in the bank, and a secure job paying $10,000 a month, you don't have to worry about anything. So am I right? moreResolved Question: Adjustable rate mortgage calculations.......?
My arm will adjust from 5.5% in December 2007. I'm not sure we will refi since we plan to move from this home in the fall. However, if we do stay (in case home takes longer to sell) what will interest rate adjust to? Prime is at 8.75% now? Does it adjust to that rate? Just asking..... moreResolved Question: How does depreciation and deduction of mortgage interest save a home owner money in taxes?
What are the calculations that will show me how these two items affect cash flow for a home owner? moreResolved Question: How do you calculate private mortgage insurance for a home loan?
I am looking to buy a home and because I am putting less than 20% down I was told I have to pay private mortgage insurance, I am wondering what is the calculation in order to determine what my monthly payment of pmi will be for a loan of $115, 000. moreResolved Question: Any other women in their early twenties feel this way?
Ive been shopping for a home for about a year now. I want to own a house. I live alone now, but I rent, and thats such a waste of money. I rented the house 5 years ago when prices were good so now it seems Im paying NOTHING compared to everyone else. I just want to know how people do it? Any other young women feel like they are dreaming the impossible? I dont see how I will EVER be able to afford a home and insurance and utilities and all that without having 3 jobs and no life. How do people do it? There is no way. Ive done the calculations and by the time I deduct my car insurance and my estimated utility bills, that leaves me like 400 bucks for a mortgage and insurance. Not gonna happen with todays prices. Not to mention that leaves me nothing to put in savings monthly so if my car breaks down or I get sick, Im screwed. Ugh, its so depressing. Please tell me Im not the only one that feels this way. moreResolved Question: Can you estimate a monthly mortgage payment with a $250K mortgage loan?
My brother and his wife detest their home and always have. They admit getting it was a big mistake because they were being ultra- conservative. I'm sorry for them because I love my home and think people should. They probably have quite a bit of equity in their home and have found a new home they love that costs about $350K. Brother is worried to move forward on this thinking the monthly payments would be too high, even though I think he'd qualify. With my amateur calculations, I think he could afford to put $100K down on this $350K home, so there would be a mortage balance in the neighborhood of $250K. With a fixed interest rate for a 30 year loan, what would the monthly house payment be? He's frozen right now so I thought I'd offer him some estimate because he won't ask a realtor at the moment. He's a little vague, but I'm pretty sure he grosses about $5K a month. His wife's a stay-at-home mom. Thanks much. moreResolved Question: Business Math Software?
Business Math software? Hello, Is there a good software out there to help figure out stuff like: interest rates on mortgages, credit on home equity loans, estimates, inventory turnover, excis and property tax and income taxes, stocks, bonds...etc. Webmath.com only has interest calculations.. I need something good I could buy that will do most of the stuff above. Thanks moreHome Mortgage Calculation News
home mortgage calculation
DETROIT - Beset by falling revenue, Detroit's newspapers announced yesterday that they plan to offer only three days of home delivery and will push their online editions instead, making the city the largest in the nation to undergo such a makeover ...
Read moreDetroit News, Free Press to curtail home delivery - Toledo Blade
I'm not exactly sure where I stand yet on the issue of solving the housing crisis by having bankruptcy judges modify loans, but I do know that the President-elect has spoken in favor of the proposal. I've heard a lot of arguments against, but today I ...
Read moreReasons NOT To Modify Troubled Home Loans - CNBC
The more fear Harper spreads, the less likely people are going to want change. And he can come in with all kinds of help - mainly through ideas promoted by the opposition parties weeks ago. Politics before people. Justin Kase from Victoria, Canada ...
Read morePM's pessimistic talk makes bad situation worse, critics say - Globe and Mail
In Missouri, we're what's known as a privacy state. That means, among other things, that you don't have to tell anyone how much you pay for your house. Sure, you might have to file a deed listing a mortgage amount as a public record in the county ...
Read moreReal estate sales data should be disclosed - News-Leader.com
Americans have lost a great deal in recent months. Hundreds of thousands of jobs have disappeared. Retirement portfolios have imploded. Families worry about making next month's mortgage. Venerable names in banking and finance are no more. Automobile ...
Read moreAmerica’s Economic Strengths - Richmond Times-Dispatch
Virgin Mobile USA has decided to shut its offices in Walnut Creek in a move that will eliminate nearly 200 jobs once the cuts are completed by early 2009, the wireless services provider disclosed. For the most part, the slumping economy is not ...
Read moreNews In Brief - San Jose Mercury News
The incoming US Congress will be running full out in January to develop a stimulus package to have ready, potentially, for signature by President Barack Hussein Obama minutes into his Presidency. Organization after organization, business after ...
Read moreMassively Efficient Path to Save the Economy - Huffingtonpost.com
This is the third installment of "Providing Relief from the Crisis." Read editor-in-chief R. Emmett Tyrrell, Jr.'s introduction here . The government has pulled out all the stops, and is injecting trillions of dollars into the economy through just ...
Read moreRules Have Consequences - Spectator.org
Six weeks before leaving office, the Bush administration is giving up on an eight-year effort to ease restrictions on pollution from coal-burning power plants, a key plank of its original energy agenda and one that put the president at odds with ...
Read moreEPA drops rules easing controls on power plants - Las Vegas Sun
The battle over the bailout of some segments of the US auto industry has become increasingly defined in terms of class, with the head of the United Steelworkers union accusing Washington of bailing out "those who shower before work but not those who ...
Read moreHome Mortgage Calculation Links
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