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Helpplease. Business n Finance..(Excel users)?

 Mortgage Loan  1 Response »
Mar 312011
 

Consider the following scenario: John buys a house for $ 150,000 and takes out a five year adjustable rate mortgage with a beginning rate of 6%. He makes annual payments rather than monthly payments.

Unfortunately for John, interest rates go up by 1% for each of the five years of his loan (Year 1 is 6%, Year 2 is 7%, Year 3 is 8%, Year 4 is 9%, Year 5 is 10%).

Calculate the amount of John’s payment over the life of his loan. Compare these findings if he would have taken out a fix rate loan for the same period at 7.5%. Which do you think is the better deal?

ok that is my assignment.. Any one know what excel formulas i could use. My reading material is not detailed enough for my to perform this byhand.

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What is the fastest/most economical way for me to pay of my mortgage?I can afford to prepay, but I don’t know

 Mortgage Loan  8 Responses »
Mar 312011
 

Which one to pay of first or to prepay on all of them equally

I have 3 loans against my house, when I bought my house for 145K 3 years ago I had a 80/15/5 loan (to avoid PMI). And 2 years ago I got a HELC for 15K

Loans – (current balances) [monthly payment]
#1 – 116K (112K) @ 6% fixed for 30 years [$ 836]
#2 – 21,750 (19,860) @ 6.75% fixed for 30 years [$ 165]
#3 – 15K (14500) 4.25% adjustable for 20 years

My monthly payments for #1&2, including taxes are $ 1001. (I prepay my insurance) payment for # 3 varies but is $ 215 per month right now.

I CANNOT refinance, I have tried for 3 months now, with different companies, the numbers don’t make sense, and there is too much cost for it to help me.

I dont live in the property; it is a rented for $ 1050 per month.
I dont have any plans to sell it.

maybe i will try to refi or sell in a year
If you know of an online calculator where is can put in all of my figures and do it myself, i looked but coulnt find one.

I bought my first home about 8 months ago. I had no down payment and ended up getting two separate loans.

The first was $ 114,000 @ 6.75% 30 year fixed.

The second was for $ 38,000 @ 9.436% 15 year balloon.

Monthly payment on the first is: $ 1014.12
Monthly payment on the second is: $ 316.05

I can pay this. Its far from ideal but I’m paying only slightly more per month than I would for an apartment. I thought I might be able to refinance before too long but then too many people making $ 35K bought $ 350K houses and I’m thinking the chances of my doing that right now are slim especially since I’ve paid down next to no principle at this point.

Let’s leave the atrocious 9+% one alone for a minute. I know there are insurance fees and real estate taxes built into mortgage payments but I’m plugging $ 114K and 6.5% over 30 years into the generic calculators online and not getting anywhere near what I’m paying. Any help?
Was supposed to be 6.75% used for calculations…typo.

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If you are buying a property outright with no mortgage, there are closing costs?

 Mortgage Loan  3 Responses »
Mar 312011
 

I am the first time home buyer, I buy a small house is expensive to the absence of a mortgage or loan required. In the investigation of the closing costs, it seems to be associated with these institutions to finance mortgages and wages. If you do not have any mortgage or lender, there are closing costs and, if so, what would it be? Thank you:)

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Mortgage payment increase on Escrow only but cannot afford new payment… ok to do loan modification still?

 Mortgage Loan  6 Responses »
Mar 312011
 

I bought my first house 5 months ago… 30 year fixed 6.5% FHA loan. Required down payment of $ 8200 provided by the state (California) and must be paid back upon refinancing/selling or in 30 years. I bought the house for $ 275,000. House next door, same model floor plan and everything is currently going for $ 205,000, should have waited! Gross income has been reduced from $ 6500 to $ 4500 monthly but that’s because I now choose not to work overtime but I still have no problem paying my current mortgage. My current mortgage is $ 2164. But, starting in March, my lender wants $ 2578! Due to some increase in my property tax which is a complete joke because property values are declining not rising. So my mortgage is going up $ 414 because of Escrow reasons and I want to know because of this, can I can claim a hardship and justify a loan modification? Thanks for your insights.

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What fees can you add on a mortgage loan?

 Mortgage Loan  6 Responses »
Mar 312011
 

I am in the proces of buying a home. I am going to put 1 point to lower the mortgage. Can i include the fees and the points as part of the loan meanning:

If my mortgage is for 100k

I am going to buy 1 point = 1k
Lets say property taxess are 1k
let’s says loan and escrow fees are 2k

can i get the mortgage loan for 104 k so that all those fees are included?

Thanks

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Has a loan of 5 years only on the house upside down on the house Can I refinance or how do I switch to a 30yr fix?

 Mortgage Loan  2 Responses »
Mar 312011
 

Mortgage company is Chase. What can I do?

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Who will approve us for a mortgage loan? Our middle scores are 596 and 587.?

 Mortgage Loan  6 Responses »
Mar 312011
 

The house we want to purchase is 78000. We have already put a $ 3,000.00 down payment…. Seller is giving $ 4,600.00 towards closing. Settlement was supposed to be May 15,2009. But, my credit score dropped from 637 to 587 after I applied for another type of loan…..

First fact: my family is mexican and we live in Mexico.

For the past years i have noticed the mortgage rates in the US are really low, even after the financial crisis 5%. In Mexico the rates are simply insane, they start at 15% and can go up to 20s/30s.

So since your rates are way better up there in the USA… can I get a loan/mortgage there and use that money to purchase a house on this side of the border? *My household makes several times more a month the estimated monthly payment, so what do you guys think?
Forgot to say that we also live and work in Mexico.

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We should do 100% financing for our home?

 Mortgage Loan  7 Responses »
Mar 312011
 

Our costs down payment and closing, but we have a mortgage broker is telling us we need 100% financing (loan Department of Veterans Affairs) to do. She said that the difference in pay ($ 80 more per month) and we just hold cash. While we can pay an additional $ 80 per month. I am a bit hesitant because in today’s market, I do not owe more than house is worth. The assessment of the house to buy more of it. Please give reasons for and against this.

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I would like to refinance my mortgage 80/20?

 Mortgage Loan  4 Responses »
Mar 312011
 

Hello and thank you in advance for any possible stream insetteEk 80/20 mortgage (80% associated with self and the other 20% loan) mortgage balance of more than 30 / 131,246.85 years/6.375APR. 44,252.72 loan balance / 30 / 10,7 AprilEk another one, and loans, and rising a little. Also, a kind of annoying with different things to pay for my house only. So, my idea is to get a mortgage and the best bank in the first Fred April loan + will the mortgage on the consolidation of 6.375 points, but my country is more than 710 date of my credit 0/0/0, not sure it is a good deal or not, I think I deserve nothing less than 6%. This deal could reduce payments in abut $ 200.00 for each additional information maand.Sommige .. 210k home value. The return on the loan (in 10.375%) 44,652.12 Mortgage balance (to 6.38%) and 131,382.78 home value 205k. The return on the loan (in 10.375%) 44,652.12 Mortgage balance (to 6.38%) and 131,382.78

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house loan with zero down…?

 Mortgage Loan  5 Responses »
Mar 312011
 

how can i get a loan with ZERO down for a mortgage. I’m a student with no income and don’t even have a credit history. i need this house for living off campus.. i have found the house and its a huge house with 7 or 8 rooms and it costs about 50k. I will be renting it out while living in it and that’s how i expect to pay the mortgage. I already have everybody who will be renting the house out. The months of the year that they go home for break, i will be working full time to pay off the mortgage. what can i do?

Jack Daniels Pen with built in mini flash light. 2 AVAILABLE
zero down mortgage loan

Sign that home loan with this classy Jack Daniels twist pen. Show the world that you’re ready to be an adult when you sign that mortgage with the adjustable APR that will over inflate to 30% in six months with zero down. Maybe you can use that flashlight to find your way around your car when you’ll be living in it trying to find your toothbrush that fell under your car seat.

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