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Resolved Question: Who is responsible for current financial Crisis?
Frankin Raines? The Clinton budget director appointed as CEO of Fannie Mae who changed Fannie Mae from a boring business of -- issuing debt to buy mortgages from lenders -- into a far more risky one? Timothy Howard? Former Fannie Mae CFO who overstated the company's earnings by $10.6 billion from 1998 to 2004? Barney Frank? House Financial Services Committee chairman has long been a proponent of both Fannie and Freddie, assuring the public that their mission to encourage home ownership outweighed the distortive risks they brought to the market? Angelo Mozilo? Few, if any, extracted more personal profit from the credit bubble than the CEO and founder of Countrywide Financial. Mozilo's talking points always borrowed heavily from the propaganda of the changed Fannie & Freddie, pretending that it was performing some kind of public service -- "breaking down barriers" -- by making homes more "affordable" to the sub average wage earner. Alan Greenspan? who many blame for the housing bubble, and supposed to be providing the country with a financial voice of reason, who fell so far short, that it might be comical if it weren't so tragic? John McCain?, who saw the problems with Fannie and Freddie and and sponsored a bill that could have regulated them in 2005, but was politically unable to get it out of the demotratic controlled Senate Finance committee? Dodd, Obama, and the other Senators who took huge sums of money from Fannie and Freddie? who vigorously defended them even after their accounting scandals in 2004? The financial institutions? who purchased these incredibly complex financial products from Fannie and Freddie with out fully understanding the risks? The people that that bought houses they clearly couldn't afford? The ones who didn't bother to take 3 minutes with a $3 calculator? To be sure, there were many more complicit in this mess. Who do you blame? moreResolved Question: Why do mortgages seem like robbery?
I've run a bunch of different scenarios through different mortgage calculators, and the numbers just seem outrageous. Simple math, ie dividing the purchase price by 360 months for a 30yr loan, it would seem, would give you the principal payment. So why, at 5% interest, does the payment end up at twice or even 1.5X the principal? The payment on a 150K, 30yr mortgage at 5% is $805. The total payments (360 months X $805= $289,800) is 1.932 X the original purchase price!!! Wouldn't that be closer to 200% interest than 5%?? moreVoting Question: First time home buyer, where to go online for help?
So my girlfriend and I are looking to purchase our first house together later this year or early next year. We are starting to shop the market, figure out budgets, and see what is in our price range. I'm not completely dumb founded when it comes to real estate but I certainly need to know more. Where can I go to find good mortgage calculators, info about different types of loans, types of insurance needed ect.? Also, I have bad credit, she has good credit but not extremely established... what are our chances of getting a home if we both have decent paying stable full time jobs? I am 24, she is 21 at the moment. Thanks moreVoting Question: How much can u afford calculator says im buying more than i can afford?
Im closing on my house in 2 weeks, and i just did one of those "how much can you afford" calculators but im not sure its right. Here are the details. Take home pay is 4,000 per month. (i pay taxes at end of the year usually less than 400$ for the year) 30 year fixed @ 4% interest (yeah pretty low, right?) 100% financed 95% First mortgage 5% silent second Purchase price 219k PITI & MI = $1,350 per month no car payment no credit card payment no debt of any kind I thought i was doing pretty good, but this website says the max i can afford is 180k even at that low interest rate. Strange because lender said i qualify for over 300k+ but I felt i didnt want to get over my head so i picked a less expensive place. What do you think? moreResolved Question: Does it hurt you to not use a pre-qualification for a home?
I want to purchase a home but I am hesitant to apply for a mortgage because I dont know how much I can qualify for. If I couldnt qualify for more than $150,000.00 I wouldnt be interested in using the loan. Does this hurt your credit? I havent found home affordability calculators to be very helpful they always give me a different number. moreVoting Question: Is it a good idea to buy a condo to rent out?
I was considering purchasing a cheap condo (in the 110k range) and renting it out. It would be my first property purchase. Currently, I am a renter myself, and I'm wondering if this is still a good idea even if a few years down the line I may want to purchase a house for myself to live in. To a lender, would the fact that I simultaneously owned a condo (that was being rented out) be a postive or a negative? An online calculator predicted I could afford a mortgage of about 180k and I forsee around 80% of the 110k mortgage+fees covered by rent. The reason for the figure of rent covering only 80% is because I planned to rent it to a family member who would have a certain budget. However, the topic of whether or not it is a good idea to rent to family I don't want to get into. I just want to look at it for now as how the investment would or wouldn't benefit me personally, putting aside any cheritable aspect. Excellent answers so far, thank you. moreResolved Question: The pattel family purchased a home and took out a mortgage. Piti payment of the loan?
The Pattel family recently purchased a home, taking out a mortgage of $235,000 at 8 3/4% for 25 years. The annual property taxes on the home are $6,345, and the annual hazard insurance premium is $1,479. What is the PITI payment for their loan? A. $2,729.40 B. $2,586.05 C. $1,849.45 D. $652.00 I tried the mortgage calculator, and it is not working. thank you for the help!! moreResolved Question: finance hw I don't get?
Jim borrows $70,000 toward the purchase of a home at 6.25 percent interest. His mortgage is for 30 years. a. What is his monthly payment? b. How much of his 2nd month payment is contributed to interest? c. How much interest will he pay over the life of the loan? d. If you wish to pay off your loan after having paid the mortgage for 5 years, how much do you need to pay off your loan? How do I do this on the calculator? using a finance calculator of course...plus if you could give the answer to the problem I would know if I was right. moreResolved Question: finance help!!?
Jim borrows $70,000 toward the purchase of a home at 6.25 percent interest. His mortgage is for 30 years. a.What is his monthly payment? b.How much of his 2nd month payment is contributed to interest? c.How much interest will he pay over the life of the loan? d.If you wish to pay off your loan after having paid the mortgage for 5 years, how much do you need to pay off your loan? How do I do this on the calculator? using a finance calculator of course...plus if you could give the answer to the problem I would know if I was right. moreResolved Question: CyberProblem?
Cyberproblem: Prepayment vs. Investment Analysis. In managing one's own finances, as well as those of a business, there are numerous decision situations where applications of "Time Value of Money" (TVM) concepts and methods help one assess the financial consequences of alternative courses of action. One such situation is the decision to prepay part or all of one's mortgage or loan balance by making extra periodic principal payments. As one makes extra principal payments, the loan balance is reduced faster. This means you pay less interest over the life of the loan and the loan will be repaid earlier (i.e. fewer payments). For example, a person might decide to pay $50.00 per month extra (i.e. if their mortgage payment was $900 per month, they might pay $950 each month, $50 extra) on a mortgage loan. The extra payment of $50 would be applied each month to reduce the principal balance. However, there are important factors to consider before making this decision. For example, if the mortgage loan is on the person's primary residence, the interest on the loan may be tax deductible. This reduces the net, after-tax cost of the loan. To consider the financial consequences of this decision, you can search the Internet for free financial calculators, including some that will assist with a prepayment versus investment scenario analysis. Before using a Web site, you will need to amortize the loan you will use as input data for the analysis. Suppose you purchase a home for $150,000 and obtain a 90% mortgage loan, 30-year maturity, at a fixed annual interest rate of 8.0%, with deferred monthly payments. What is the monthly payment for principal and interest (P&I) on this loan? The loan amount is $150,000 x 0.90 = $135,000 The calculator keystrokes follow. PV = - $135,000; N = 360 (30yrs x 12 per year); I = 8.0%/12 = 0.6667; FV = 0 (the loan will be paid off at maturity); SOLVE for PMT = $990.62 Note: If you enter the interest rate at 0.6667% per month you get the payment above. If you carry full precision on your calculator, the PMT = $990.62. The data you will need for the prepayment scenario include the following. Loan Balance: $135000 Current Payment: $990.62 Additional Payment: $50.00 Loan Interest Rate: 8.0% Loan Interest Deductibility: YES Investment Rate Return: 6.00%* Tax Bracket: 30.00% Investment Type: After-Tax *The Investment rate return is your opportunity cost estimate. It is the annual rate you think you can earn on the $50 extra principal payment if you did not make extra principal payments on your mortgage but instead, invested it. Now visit the website http://www.mortgage-calc.com/mortgage/index.html, and select Prepayment vs. Investment. a.After 12 months of making extra payments, what will be the loan balance? b.After 12 months of making the regular payment and investing the $50, what will be the loan balance? c.Under the regular payment and investing option, excluding the tax due on the interest earned, what is the investment balance after 12 months? d.Compare the scenarios of investment versus prepayment by examining the 60th payment, which occurs at the end of the fifth year. What is the difference between the (a) interest portion of that payment, (b) tax deduction for interest, and (c) principal balance? Finally, how much is in the investment account? e.(a) How long does it take to repay the entire loan under the prepayment option? (b) What is the total interest paid over the life of the loan? f.Compare the total interest paid under each scenario? How much less in interest do you pay under the prepayment option? g.If you make an extra $50.00 principal payment per month, what are the opportunity cost considerations? h.What are the relevant cash flows to consider in this decision? For example, do you consider the tax implications and if so, then how? i.Do you go out to lunch too often? Go to this site http://marketplacemoney.publicradio.org/toolbox/calculators/LunchSaver.htmland use the Lunch Savings Calculator to see how much money you can save by not going out to lunch. If this site does not function for you, search the Internet for a similar calculator. Suppose you usually spend $6.00 a day when you go out to lunch, when bringing your lunch to school/work would only cost you about $2.00 a day. Since there are approximately 20 weekdays in a month, enter that value for the days eaten per month. How much money would you save after 15 years if you could earn a 10% yield on the money you save? If this site does not function for you, search the Internet for a similar calculator. If you do use a different site, provide the URL to your instructor. j.Suppose your investment account earns an average annual return of 9%, and the average rate of inflation is 3%. Go to this site http://www.nwcu.com/Web_Tools_and_Links/Calculators/Reitrement_Planner/ and use the Save a Million Calculator to see how long it would take to have a million dollars. State your answer in total years. Imagine that you started with an initial investment of $20,000 and made monthly $150 contributions (assume that your deposits are inflated at the average rate of inflation)? If this site does not function for you, search the Internet for a similar calculator. If you do use a different site, provide the URL to your instructor. *Adapted from: Brigham, E. F. & Houston, J. F. Chapter 6 Cyberproblem: Prepayment vs. Investment Analysis in Fundamentals of financial management (10th ed.). Retrieved March 10, 2006, from http://www.swlearning.com/finance/brigham/ffm10e/ffm10e.html moreResolved Question: What do I need to to before I even look at purchasing a house?
The reason I'm putting this in weddings is that I'm here most of the time and figure there are people here in the same situation. Thanks for your help!! I know a fixed rate mortgage is better than a variable (9 times out of 10). I have looked at some of the calculators online and am having trouble with the tax and insurance rates, as I will be a first time buyer. Any ideas where I can find that information? Any general suggestions? We are working on paying off our credit cards, car, and student loans.. Saving as much as we can for a down payment.. just under a year ago, my credit score was in the mid to upper 600's (depending on the credit company). I will be checking my credit again once it's been a full year. Also, just as a side note, I am not looking to e-mail someone to get approved for a loan. I am nowhere near that point yet, but thank you for any advice you can give. moreResolved Question: What do I need to to before I even look at purchasing a house?
I know a fixed rate mortgage is better than a variable (9 times out of 10). I have looked at some of the calculators online and am having trouble with the tax and insurance rates, as I will be a first time buyer. Any ideas where I can find that information? Any general suggestions? We are working on paying off our credit cards, car, and student loans.. Saving as much as we can for a down payment.. Emcee H - Thank you for the advice, but we're nowhere close to that yet! I will definitely make sure that's done before we go too far. Also, a bit more info.. I'm in the burbs of Chicago, if that helps with anything. moreResolved Question: Combining Credit for Home Purchase?
Here's the situation. My boyfriend and I aren't married yet, but we are looking for houses together very soon. After doing some loan calculators online, we finally went to a mortgage lender and got pre-qualified. Alone - I qualify for $140,000. But that's not really enough for the market we are in and what we need for our families. We've been told he can be on the deed but not the loan. So here's the question, if we got married, what would happen to our combined credit scores? Would they combine them? Would it hurt me at that point? Our combined incomes would put us where we need to be but would the banks even care? Thank you in advance for your help. This whole process can be so stressful!!! moreResolved Question: Should I refinane now?
My mortgage payment is $1500 a month, my interest rate is 8.55% I purchase the house in April 2007 for $175,000. I have $158,000 left on the loan. I call my mortgage company and they told me If I refinance before march 2009 I will get a pre-payment penalty for $7000. My mortgage is attach to libor, my credit score is around 630. I was wondering should I take the hit with the $7000 and save money or should I wait for march 2009. I have check the calculators online and I saw my payment might drop. Please help any comments is appreciated. moreResolved Question: Can I get a $450K mortgage?
After taxes I bring home $4700 a month. My wife and I just got married. Because of relocation, she is able to collect unemployment, which is $330 a week. She has 6 months to find a job with unemployment. Her job will obviously pay more than unemployment, when she gets it. I am getting a 20% pay raise in January as well. Lastly there is a tax abatement for 5 years for the property we are looking to purchase. Do they take all of this into account when applying for a mortgage. And could I get a $450K mortgage with the information I stated above? According to mortgage calculators that's around $2650 a month. Thanks! moreResolved Question: I need to purchase a home, are the mortgadge caculators accurate?
I want to purchase a home for 359,000, The mortgage calculator says my payment will be around 1780 a month on a 50 year loan with 0 down and 7 percent interest rate, is this accurate. Or is this even possible. I'm a first time home buyer and am not too familiar with all of this. My credit isnt the best but its decent. I make around 33,000 a year. Please let me know if this can happen. i would like some advise before i get to serious and get a real estate agent and come to find out i cant afford anything. moreResolved Question: where can i purchase a mortgage calculator for a mortgage loan officer as a gift and recommendations welcome t
moreResolved Question: Is my credit score too bad to buy a home???
I am a 25 year old single male. I am looking to buy a new home next year and I recently checked my credit score to get an idea of what I would be looking at. My credit score was significantly lower than I thought it would be. I am only at a 513. I have a bunch of accounts under collection from when I was younger, and quite a few medical accounts still open. My larger accounts have pretty good payment histories. I have never owned a home before, but I have a few good years of rental history. I recently purchased a motorcyle which will hopefully help my credit, but it is a very new account, so maybe it is hurting me more than helping. I tried to look up mortgage calculators, but I have no idea what kind of instrest rate I would be looking at. Also, I am not even sure if there are any companies that will finance me with such a low score. I have a job where I make about 60-80k a year, but I don't don't know if that will be enough. What are some quick things I can do to bring my score up? morePurchase Mortgage Calculator News
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Read moreWhat the Bailout Means for Mortgage Rates - US News and World Report
This is great news to seniors who have had a desire to purchase a new home but felt they could not either due to their credit, their income, they did not want to have to start making payments again at this stage in their lives or a myriad of other ...
Read moreFHA Issues Home Purchase Program, No Monthly Payments - HULIQ.com
Steer clear of investments that promise huge returns Don't become an ATM for your kids Calculator : Work out a savings plan IF YOU would rather be perfecting your golf swing when you reach retirement age than punching a timesheet, then your 50s are ...
Read moreHow to prepare for retirement - News.com.au
Save Money By Being Savvy Health Care Shoppers How Wall Street Worries Take a Toll on Your Heart Attitudes About Tradional Gender Rolls Lead to Less Pay For Women Farmers, Ranchers Have Higher Premiums For Health Care Medicare Advantage plans ...
Read moreObama Tax Cut Calculator Shows Facts On Savings - eMaxHealth.com
With interest rates dropping after the Fed's 0.75-point cut last week, more homeowners are considering refinancing their mortgages to lock in the lower rates. Refinance applications have risen 92 percent since the beginning of November, according to ...
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