Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $323,600. The balance on their existing first mortgage is $164,820. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit?
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Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $323,600. The…
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- Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $322,800. The balance on their existing first mortgage is $154,920. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit? $ Need Help? Read ItRansford and Alda Mariano own a home recently appraised for $426,500. The balance on their existing mortgage is $133,085. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $X and Y own a home recently appraised for $317,400. The balance on their existing mortgage is $214,074. If their bank is willing to loan up to 70% of the appraised value, what is the amount of credit available to them (in $)?
- Yara owns a home that was recently appraised for $183,000. The balance on the existing mortgage is $83,600. If Yara's bank is willing to loan up to 76% of the appraised value, find the potential amount of credit available on a home equity loan. $55,480 $63,536 $99,400 $139,080Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $113,087. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $ ______ Answer is not 338,000 or 224,911Mr. and Mrs. Murthy have a totally monthly gross income of $6000.00. They are interested in purchasing a house with a mortgage payment of $1300.00 per month, annual heating costs of $2100.00, and annual property taxes of $3675.00. Calculate the gross debt service ratio (GDSR). Determine if a bank is likely to offer them the mortgage. Justify your answer.
- Jane Doe earns $41,400 per year and has applied for a(n) $89,000, 25-year mortgage at 7 percent interest, paid monthly. Property taxes on the house are expected to be $3,900 per year. If her bank requires a gross debt service ratio of no more than 30 percent, will Jane be able to obtain the mortgage? Is Jane eligible for the loan?Donald and Alex have a combined gross monthly income of $5500. They want to buy a house in a neighborhood where the average monthly heating cost is $200 and monthly property taxes are $325. a) Calculate the maximum monthly mortgage payment they can afford, based on the gross debt service ratio. Show your work. b) Based on the maximum monthly mortgage payment in a), their bank has offered them a 25 year mortgage at an interest rate of 3.5%, compounded semi-annually. If they saved $20,000 for a down payment, what would be the maximum house price they can afford? Show your work.Alan and Samantha Brown have a mortgage with the Bank of America. The bank requires the Browns to pay their homeowner's insurance, property taxes, and mortgage in one monthly payment to the bank. Their monthly mortgage payment is $1,450.30, their semi-annual property tax bill is $6,470, and their annual homeowner's insurance bill is $980. How much is the monthly payment they make to Bank of America?
- Scott & Rebecca can afford to pay $4,000.00 each month for a mortgage. Their credit union is offering home loans at 4.375%. If they take out a 30-year mortgage how much can they afford to borrow?Sally is ready to purchase her first home. The bank has advised her that they need to work on some ratios before letting her know if the mortgage is approved. What is Sally's Gross Debt Service (GDS) ratio based on the information she has provided? Annual gross salary: $85,000 Estimated monthly mortgage payment: $1,650 Estimated annual property taxes: $1,500 Estimated monthly heating: $150 Estimated annual condo fees $500 Monthly student loan $70 Monthly car loan $120 Monthly loan to parents $50 Monthly home renovation loan payments $150 Monthly furniture loan $25 A 24% 34% C 27% D 32% E 16%Sally is ready to purchase her first home. The bank has advised her that they need to work on some ratios before letting her know if the mortgage is approved. What is Sally's Gross Debt Service (GDS) ratio based on the information she has provided? Annual gross salary: $85,000 Estimated monthly mortgage payment: $1,650 Estimated annual property taxes: $1,500 Estimated monthly heating: $150 Estimated annual condo fees $500 Monthly student loan $70 Monthly car loan $120 Monthly loan to parents $50 Monthly home renovation loan payments $150 Monthly furniture loan $25 A 24% 34% 27% 32% E 16%