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Home Equity and Refinancing
Home equity is the ownership value accumulated in a property. A refi involves restructuring a debt, usually to take advantage of lower interest rates.
5,740 Questions
if the wife owned a home prior to marriage and the spouse signed non vested spouse. does the home still belong only to the wife.
How does a short sale affect the bank?
In most cases MIP will take the hit on the loss, or they will apply for some stimulus money...
Only banks that had portfolio loans really take the hit, now rules have changed banks will be more responsible for their loans because of a loss share agreements that have been put in place.
If you claim a tax credit that exceeds the tax owed, you may be able to carry it over to the following year but it depends on the type of credit. General business credits, foreign tax credits, and low income housing credits are a few examples of credits that can be carried over. Credits claimed by the every day taxpayer, however, such as education credits and child-related credits, cannot be carried over to the following tax year.
A related question is whether you can receive a refund for the excess credit in the current year. The answer is yes if is a refundable credit:
A refundable tax credit allows taxpayers to lower their tax liability to zero and receive a refund for the portion of the credit remaining.
A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero. Any excess credit remaining is lost.
The attached link discusses some refundable and nonrefundable credits. Once you get to the IRS website, type the specific credit you are curious about in the Search box to find out if it refundable or eligible for carryover.
It is a security agreement used as eveidence of debt secured by real property and a promise to repay the debt at certain terms agreed to by both the lender and borrower.
What is the difference between fixed rate and adjustable rate mortgage?
A fixed rate mortgage has its interest rate fixed (ie. stays the same) over the life of the loan. An adjustable rate mortgage (also called variable rate mortgage in Australia) has an interest rate that can be changed at any time by the lender. For example, if central bank interest rates go up then a variable rate loan will usually go up too. If the interest rate is fixed, then the lender can't change the rate even if their funding costs rise.
How much interest will you pay on a 4000 pound loan over 48 months apr is 14.9 percent?
1333.67 pounds in interest if you also repay the capital with a constant monthly repayment of 111.12pounds, if you repay only interest you pay 2384 pounds over the 4 years.
How do you calculate mortgage payments with a plain calculator?
You can do it, but it isn't exactly straight forward. Here is the basic formula that you will need to follow:
M = P * (i / (1 - (1+i)^-T))
M - is the monthly payment
P - is the principle
i - is the monthly interest
T - is the term
So, we buy a house for $200,000 with a 3% interest rate, and the term of the mortgage is 30 years (360 months)
Convert the interest from percentage to decimal, and then to monthly.
3% divided by 100 = 0.03 and then 0.03 divided by 12 months = 0.0025
So i = 0.0025
Add in your Term, in this case it is 30 years (30x12=360 months)
T=360
Break the calculations into sections, doing the innermost parenthesis first
M = P * (0.0025 / (1 - (1+0.0025)^-360))
(1+0.0025) = 1.0025
M = P * (0.0025 / (1 - (1.0025)^-360))
This next part is the most complex. You have to deal with a negative exponent. 1.0025 to the -360 power. To do this you have to convert the negative to a positive.
On your scientific calculator, you will need to use the button that has an X with a small y above it. This is the "power" or exponent button.
Enter 1.0025 xy 360 = 2.45684
Then divide 1 by 2.45684 = 0.40703
The rest is relatively simple
M = P * (0.0025 / (1 - 0.40703))
1 - 0.40703 = 0.59297
M = P * (0.0025 / 0.59297)
0.0025 Divided by 0.59297 = 0.00422
P is our principle, which is $200,000. Multiplying 200,000 by 0.0042 will give us a monthly mortgage payment of $844
M = $844 per month
Are construction to perm loans securitized?
Yes, they can be securitized but generally not until the construction is completed and the loan has been converted from a construction loan to a permanent loan.
What happens if you default on your reverse mortgage?
Its hard to default on a reverse mortgage because there are no payments due, so to default you have to move out of the home or rent it out, or not keep the property maintenance, taxes or insurance up.
There is no default for the mortgage balance exceeding the home value. as a result there is typically no default for a reverse mortgage. However, if there is a negative equity position the borrower is still guaranteed to never make a payment as long as they live in the home. once they move or pass away the home can then be turned over to the lender who takes the loss on the loan if there is any, or if there is equity the home can be given to heirs who keep the equity in the home by selling it or refinancing it. (they will have 6 months from the borrowers passing to get this done)
There is never recourse against the borrowers heirs for negative equity or loan defaults, nor is there recourse against the borrowers other assets.
Can you get a home loan with a 628 credit score?
Yes as long as you mid score is at least a 620 but you better hurry. I know of several lenders that have have increased the credit score requirement to 640+ for <A href="http://www.fhamortgagesdoneright.com">FHA loans</A>
What is maximum amount of fha mortgage loan in philadelphia?
It depends on what county you live in. The loan limits range from $271,000 to $420,000.
You can check the county loan limits here: https://www.entp.hud.gov/idapp/html/hicostlook.cfm
How do you calculate federal debt?
Federal Debt is the money that a country has borrowed from others that can not be repaid immediately. Short term notes are not part of the debt.
In the case of the United States, this is money owed to China, Japan, The European Union and other groups. This can not be bankrupted away and will eventually be paid by our children and grandchildren. Debt makes a country weaker.
Can you make a land contract if you have a mortgage?
Yes there are several ways to do this. You can use an All Inclusinve Deed of Trust, Wraparound Mortgage Note or a Land Trust. Most mortgages have a "due on sale" clause that says the lender has the right to call the loan due in full in the event of a sale, however, as long as the payments get made on time, they will never know or care in most cases.
A property cannot be mortgaged twice at once. Additionally, you must hold the title to the property to place it under mortgage. Unless the other mortgage is paid off and your parents give you the house, you will not be able to get a mortgage on it.
What is the purpose of the national redamation act?
The purpose of the National Reclamation Act was to set aside federal lands to collect rain runoff and replenish lakes and streams. It was passed in 1902.
What is the purpose of the Elkins act?
The Elkins Act was imposed to stop the practice of rebates from railroad companies. It was supported as a way to end the influence of certain organizations that used railroads to transport goods. The organizations often sought out rebates from railroad companies after travel was completed.
What is going to happen in bab al hara 5?
there will be many surprises in bab al hara 5 in 2010. former actors might be coming back and more so stay tuned believe me bab al hara 5 in going to be full of surprises.
Can you do a loan modification if you are not working?
In order to get a loan modification you need to have a job. Lenders will have difficulty agreeing to any kind of reduction in your mortgage if you are unable to make payments.
What is Mortgage and what are the types of mortgage?
A mortgage is a conveyance of title to real property that is given as security for the payment of a debt. If the mortgage isn't paid the lender can take possession of the property by foreclosure. There are numerous types of mortgages and different practices under different jurisdictions.
See related links for more information.
Originally a latin word meaning death and debt/ pledge - or literally death pledge. Mort is from the word 'mori' also morbid therefore has the same scense of meaning. Gage is from the sense of that meaning a pledrge to forfeit something of value if debt is not repaid.
How do you get your name off your ex husbands mortgage in new york state?
how do i get my name off my ex husbands mortgage in new york state if he cannot requalify with the bank
What is a charged off loan when connected to Chapter 13 Bankruptcy?
A charge-off is a tax-related matter and has nothing to do with bankruptcy. The debt is still owed.
