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What strategy do I use to answe Felice bought a duplex apartment at a cost of 245000. Her mortgage payments on the property are 1040 per month. Her real estate taxes total 1632 per year and insurance?
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∙ 9y ago
Felice bought a duplex apartment at a cost of $245,000. Her mortgage payments on the property are $1,040 per month. Her real estate taxes total $1,632 per year, and insurance costs $1,476 per year. She estimates that she will spend $1,236 each year per apartment for maintenance, replacing appliances, and other costs. The tenants will pay for all utilities. Ignore income taxes, changes in equity value, and changes in property value.
Wiki User
∙ 9y ago
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What causes increases in the escrow payments having to be paid?
AnswerGenerally, escrow is for paying county property taxes and home insurance. An increase in either of these could be the cause.AnswerEscrow payments are payments in addition to your Principal & Interest that you pay on a monthly basis. Your escrow payments are set aside and used towards year end for the payment of your Property taxes & Homeowners Insurance. If you experience increases in your escrows its largely in part to either an increase in your taxes or insurance or both. An increase in taxes is common which would be caused by increase of home value.
What is PSI in Real Estate?
I think you mean "PMI" which is an acronym for Private Mortgage Insurance. It applies when more than 80% equity exists in the appraised value of a property. It results in higher interest rates and a higher mortgage payment.
Subject property what does it mean?
The "subject property" is the property referred to in a deed, mortgage, contract, title report, title certification, restriction, lease, etc.
Why should someone get more than just house insurance when owning a home with property?
House insurance covers only damage to the actual house and contents. Additional insurance may be needed for outbuildings and other structures, such as fences. Liability insurance may also be needed in case somebody gets hurt on the property.
How do you unmortgage property in monopoly?
once it is your turn than you are able to unmortgage your property the price for your mortgage house will be on the back of the card and if there are any other problems just read the instruct book.
Are you covered by insurance if you own a home but not making payments on it?
Probably if you have a mortgage on the property. The the bank is probably making the insurance payments for you and just tacking it onto what you already owe them. Many times, your monthly mortgage payment includes amounts that are put into escrow to cover mortgage insurance, property/casualty insurance, and your property taxes. The remainder of your payment is used to pay the debt service (the loan). That said, if something were to happen (for example a fire), the lender would likely take any insurance proceeds, so you wouldn't get anything.
What does account impounding mean?
Account impounding is an accounting term used to describe an account that is maintained by a mortgage company. This account collects hazard insurance, property taxes, private mortgage insurance, and other required payments.
Is private mortgage insurance the same as homeowners insurance?
They are not the same. Homeowner's insurance insures the property: dwelling, personal property, other structures on the property, etc. Private mortgage insurance pays the mortgage in case of the death or disability of the mortgagor.
What would my fixed mortgage be on a $100,000 house?
The amount of a fixed mortgage is based on principal, interest, taxes and insurance. For a $100,000 loan with a 6.5% interest rate and a 1.5% property tax rate, the payments would be 777.90. If mortgage insurance is required, that would be additiona.
If a same-sex couple lives together but the home and mortgage are in the name of only one of the partners what happens to the house and mortgage if that partner dies?
Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.
Mine income is well below the poverty line and i want to buy a house for the first time?
You cannot buy a home unless you can afford to pay the mortgage payments, taxes, insurance and upkeep of the property using your own income. You should speak with a banker to determine your status as a borrower.You cannot buy a home unless you can afford to pay the mortgage payments, taxes, insurance and upkeep of the property using your own income. You should speak with a banker to determine your status as a borrower.You cannot buy a home unless you can afford to pay the mortgage payments, taxes, insurance and upkeep of the property using your own income. You should speak with a banker to determine your status as a borrower.You cannot buy a home unless you can afford to pay the mortgage payments, taxes, insurance and upkeep of the property using your own income. You should speak with a banker to determine your status as a borrower.
What provides the funds needed for expenses such as property taxes homeowners insurance mortgage insurance?
Which of these provides the funds needed for expenses such as property taxes, homeowners insurance, mortgage insurance, etc.?
What is home insurance?
Home Insurance is Insurance coverage for your house, condo or apartment for your personal property and liability coverage for you. The insurance coverage for your house is also called homeowners insurance. The Homeowners isurance is an insurance package that has coverage for the dwelling, the others structures on your property, Loss of Use, Medical Payments and Personal Liability.
What are some reverse mortgage cons?
One of the main con of a reverse mortgage is the fact that it is very expensive. You will have additional payments to make such as property tax and insurance premium, plus all the maintenance bills for your house.
Are mortgage payments on an investment property an expense?
Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
How do banks calculate mortgages and mortgage payments?
Banks will often use the term of the loan, the downpayment, the total cost of the home, your personal interest rate, yearly property taxes as well as yearly homeowner's insurance to calculate the mortgage and the mortgage payments. There are many sites that have mortgage calculators, which include many of the variables that you can enter to figure out exactly what your payment would be.
Do you have to carry private mortgage insurance on an investment property?
no
