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What else can I help you with?
Is mortgage payable an asset?
A mortgage is an asset to the mortgagee (lender).
What is a spontaneous source of financing?
Accounts Payable is such a source.
Who do you make your Wells Fargo mortgage payment payable to?
wellsfargo home mortgage
What are the advantages and disadvantages of 100 percent financing however having a first mortgage and subfinancing in order to get 100 financing?
The advantage to having a first and second mortgage equalling 100% financing is that you would not have to pay PMI, which would be required on a first mortgage at 100%. The second mortgage is subordinate financing, meaning it is in the second lien position on the house, and therefore does not affect the first mortgage lender's ability to persue the subject property in the event of a default on the loan. The thing to consider is that when you do this on a purchase, your first AND second mortgage lender will qualify you at the cumulative mortgage payment.
What is purchase money financing?
Purchase money financing is when the seller agrees to take back a mortgage for the new buyer. It is owner financing in whole or in part.
Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
Is mortgage payable an asset?
A mortgage is an asset to the mortgagee (lender).
Mortgage payable is a current liability?
No, although Mortgage Payable would be a liability a mortgage is generally not a payable that could or would be paid off in less than one year or one accounting cycle. Current liability refers to just that, a liability that will be paid off in one year or less, while a Long-term liability takes longer, such as a mortgage payable. More commonly referred to as a "note payable" a mortgage payable for a business would be a Long-term liability. A mortgage would be what the company is paying to "purchase" their building or land. The property itself that the mortgage is on of course is the asset.
What is a spontaneous source of financing?
Accounts Payable is such a source.
Does Wells Fargo offer mortgage financing?
Yes they do in fact offer mortgage financing. Please go to you local location to speak with them about their current rates for a mortgage.
Who do you make your Wells Fargo mortgage payment payable to?
wellsfargo home mortgage
Is mortgage payable is credit or debit?
credit
Does mortgage payable post to the income statement or balance sheet?
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
On a balance sheet the accounts payable salaries payable and mortgage notes payable would fall under the category of?
Liabilities.
Where can I get reverse financing mortgage information?
You can get information on reverse mortgage financing from your local mortgage lender or bank. You can also find many places on the internet such as http://www.reversemortgage.org.
What is a seller held mortgage?
It means that the person from whom you bought the property is personally supplying the mortgage financing themselves. (i.e.: they are supplying the financing and not some mortgage company or bank.)
What is the journal entry for mortgage loan in accounting books?
For a mortgage payment, the only amount that should be listed in the Mortgage Loan Payable section is the principal amount. Any interest that has accrued is reported as Interest Payable.
