Percentages, Fractions, and Decimal Values
How does a 90 percent loan to value with a six percent seller's concession work?
Do you need an appraisal for a fifty-percent loan to value ratio refinance?
Is there any way to add fee to the total loan amount?
I am not quite sure what the question exactly pertains to, as far as "fees". If by fees you mean closing costs then yes you can. In a purchase you can include your closing costs into the loan by getting what is known as a "sellers concession" Basically the closing costs are added to the purchase price and that is now the new purchase price. To do that first off you have to get the seller to agree to let you do that. Secondly the home must appraise for that amount. Say for eample you are buying a home for 100,000 your closing costs are 5,000. The new purchase price with a full sellers concession is 105,000 on the contract, on your mortgage and on the appraisal. The house must appraise for atleast 105,000, if it appraises for 100,000 then you can't do it. It has to be written in the contract and the seller must agree because they are conceding they could have sold the home for 105,000 but they are selling it for 100,000 and letting the buyer include their closing costs. Sellers concessions can cover all or half of the closing costs. In a refinance you can roll your closing costs into the refinance as long as your loan to value doesn't go over 100%, though some banks will go as high as 125% on your loan to value though I don't recommend it in most cases. Loan to value is your current debt on the home divided by its current market value. A home worth 100,000 with a 50,000 mortgage has a LTV of 50%.
Asked in Federal Loans and Mortgages
What percent of retirement assets can be used in a Fannie Mae loan?
Asked in Personal Finance, Loans, Money Management
What is an example of an inexpensive loan and a medium price loan and a expensive loan?
Asked in Loans, Home Equity and Refinancing
What are typical home loan rates in Raleigh NC?
Asked in Banking, Math and Arithmetic, Algebra
Why do you pay 13 percent interest on a car loan but earn 1.5 percent on a savings account?
How do you calculate mortgage insurance premiums?
1. alculate the Loan to Value ratio (LTV). LTV = loan amount /total mortgage value, where loan amount = total value of mortgage --down payment on the property. If the mortgage value is $100,000 and the client makes a 10-percent down payment ($10,000), the loan value is $90,000. LTV ratio is equal to 90000/100000 or 0.9 or 90 percent. 2. Determine the mortgage insurance rate. Rates are different for private mortgage insurance (PMI) and an FHA loan. In order to determine the correct insurance rate, contact the insurance provider. Generally, PMI insurance rates fall within the range of 0.5 to 1 percent. FHA loans require a premium of 1.5 percent of the loan value at closing; monthly premiums fall in the range of 0.5 percent of the loan amount. Contact the insurance provider to determine the correct insurance rate. 3. Calculate the premium with the following formula: Mortgage insurance premium (annual) = LTV amount x mortgage insurance rate. Mortgage Insurance premium (monthly) = mortgage insurance annual premium / 12. For example, if the LTV is $90,000 and the mortgage rate is 1 percent, the annual mortgage insurance premium = $90000 x 0.01 = $900, and the monthly mortgage insurance premium = $900 / 12 = $75 4. Research the benefits, liabilities and costs of owning mortgage insurance. Mortgage insurance may be tax deductible. However, the cost of the insurance can be substantial on large loans. Generally, the insurance can be canceled when 20 percent of the loan has been repaid, but the terms vary according to the provider.
How do you calculate the percent in a loan?
When does an agent get his percent of an approved loan?
If you borrow on the loan value of a whole life policy but never pay it back does the face value of the policy decrease?
Asked in Loans
How musch is an interest on a 2.5 billion dollar loan?
Asked in Loans
what would the payment be on a fixed home loan at 5 percent?
Which term is defined as the value of the home minus the loan?
Why might the market value of a loan differ from its outstanding balance?
How can you get a loan on a paid-off vehicle?
To apply for a loan on a paid-off vehicle, first if the "true" value is more than or the same as what you want to borrow, go to your local bank or credit union (The rules at a credit union are not as strict as a bank). They will look up the loan value on it. Based on your credit history and the loan value amount, the loan value is what they will lend you, and the car will be used as collatrel to secure the loan in case you default. Most credit unions use the NADA book value of a car. Have yourself armed with the book value when you go to the bank, so you can show them what you know also.