The monthly mortgage payment on a 400,000 loan for 30 years amortization period for 5 year fixed mortgage 3.7% rate is $1,834.76 . It will cost you 260,000 in mortgage interest if will take that long for you to pay the mortgage. Remember that most of the interest paid in the first 5 years of your mortgage. In order to speed up the payent process you can do double payments or biweekly. If you take the same mortgage with biweekly payments your biweekly payment will be $ 846.11 which is $142 less per month.

Good day Vernie, If you have registered the discharge with the land registry office, they would have a copy. If this is what you forgot to do and will be doing it after 15 years , you can approach your lender and find out if they have it in file. They would also point you in the right direction where to get the document in case they do not have it in file. It has to be available somewhere.

Hello, I did a calculation based on your details above. The difference in monthly payment is $62 per month based on 5 year term that is a savings of $3720... But the savings does not stop there. The remaining mortgage balance at the end of the 5 year term is different for both rates, the difference is an additional savings of $1610. So a total savings of $5330! As for the penalty to break with your bank they are the best source of info for this. Give your branch a call and ask them what is the penalty if I pay off my mortgage completely in 30 days from today. That number should be less than the savings you see above. For other readers if your interest rate is higher than the 3.6% you see in this question then the savings is higher as well. I switched a mortgage for a client who had a higher mortgage balance and was at 5.7% interest rate (the rate at the time 3 years ago) He was quoted a penalty of $13,000 to break from his bank, after doing the calculations he did break and pay the penalty because he saved $33,000 over the next 2 years in interest. He almost tripled his initial penalty. There is no investment product that can return this kind of money into your pocket short of loan sharking!! The proof is in the numbers so I encourage anybody who is interested in at least looking into this please give me a call I can do the analysis and send you info for you to decide for yourself. It is not common knowledge so I must mention that at the end of the 25-30-35 year amortization of your mortgage you will end up paying double the amount or your original mortgage balance back to the bank in interest. I can help you find ways to minimize that, give me a call today. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.

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Ok here's what happened. i bought a house 2 years ago using an fha loan which says you have to live in the house as your "primary occupied residence" for the life of the loan which is 30 years fixed at 5.875%. i paid $140,000 which was 100% financed including closing costs ($6200). i'm not behind on the payments but i've decided to move to another area with better schooling for my kids. so.....first scenario, if i sell it at a profit which is very unlikely, i'll have to pay hefty taxes, as fha says you're responsible for the tax subsidy you get from fha which means you pay about $8000 to the irs. secondly, if you sell it at a loss, then obviously you're responsible for that loss payable to the lender at closing which would come out to about $20,000 in my current market. my question is this.....is there a way to refinance my property at 100% so i can rent it out until the time comes for me to sell it in a few years when the market is more favorable? i can't afford closing costs and i'm ready to just walk away from the house, but i don't want my credit destroyed. please help me! i need to hang onto the house and rent it out so i can sell eventually.....

You can safely rent your house with an FHA loan. They do allow your change of circumstance. It is only mortgage fraud to acquire an FHA loan with the intent of renting. Just rent it and buy a new property if you qualify. You may even qualify for a 2nd FHA loan if you meet the criteria. You should speak with a qualified loan officer to discuss your options. Rent your home and you will be just fine.

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Hi i live in vancouver. i'm 21 years old and i've been sick and unable to work for 2 years. anyway i'm in college now. i was in an accident when i was 19 and because of my injuries my insurance company just wrote me a settlement check of about $30,000 i was wondering if anybody more experienced in the investment world could tell me how i might best invest it? i was thinking about pre-buying a $120,000 apartment in surrey (a suburb of vancouver) and renting it in 2 years (i would pay $24,000 for the pre-buy and then get my parents to co-sign a $96,000 25 year mortgage when the project is complete in 2010, then for $600 a month rent it to a student from the nearby university). i was also thinking about mutual funds for 6 months so maybe it could gain some interest while i wait for the option to pre-buy some apartments i've been looking at in the 100-140,000 range? basically i just don't wanna go out and blow it on a new car but i also don't wanna put it in some worthless mutual fund?

I suggest you not to get in debt and finish paying your education with this money . If you are already paying for your education by other means besides school loan, then invest put your money in a money market account and let it earn interest so later when you finish college you can purchase that loft you want, you will have more than $30,000 by then, you'll probably be able to have half.

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N.b. i am in england. i'm twenty one and looking to buy my first house in the next few years. 1. how can i ensure that lenders will be interested in giving me a mortgage of up to £140,000? 2. how can i ensure that i get the best interest rate possible? i assume both answers are credit related. i have no credit history so have got a credit card from my bank and intend to buy my shopping with 1/3 of the limit each month and repaying it in full so that i never carry a balance. perhaps in eight or nine months should i get another credit card and, say, pay all of my utility bills with it and pay off the balance? this way when i come to ask for a mortgage in three years time i will have had two, three or maybe more lines of credit on which i have never carried a balance and reliably paid in full every month. is this the best thing i can do? is there anything else? i am responsible and have enough savings to ensure that i would not run up a load of credit card balances.

Your plan isn't bad, but... get 4 or 5 credit cards right away. Start using them all for regular everyday expenses and bills. Use the ones with the lowest credit limits for the smallest expenses. Pay them all off each month. This establishes a longer solid credit history. The other thing it does is give you a longer credit ratio. This is a very important thing. Creditor scoring modules look at the amount of credit each line has and the percentage of it you typically use, as a very high criteria when setting your credit score. After 1 year of usage, ask the credit cards for a 1 or 2 thousand dollar increase in your limit. This will make your ratios even better. 1/3 of limit is pressing it. 20% or less is optimal for the best scoring. Obviously pay each bill off at least a week before it's due. Preferably with online bill pay, so nothing ever gets lost in the mail. Make sure the payment is set to arrive at the creditor at least 2 full days prior to the bill pay date. This gives them time to process the payment. Be sure to pay all other bills a little early as well. Have a long history of a savings and checking account with a bank. Save as much money as possible to put as a down payment on the home. Obviously have more savings besides. There are always things that come up when you own a house. This method will have some other benefits as well. Many people look at your credit score to judge you. Insurance companies and potential employers are 2 that set rates or hire you based on this information. The bottom line is this. Your credit score is more and more a measure of a persons worth, and not just financial worth. I hope this helps.

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I am a first-time home owner and i have been in my house just under three years. i have good credit and i have never missed a mortgage payment. recently my lender contacted me about the new harp program urging me to refinance. i let them send me a good faith estimate and it looks like i do qualify for this refinance. here are my details - after our 10% down-payment, our loan came out to $200,700. our fixed interest rate is currently 6.375% and we pay approximately $1,570 a month including taxes, insurance and pmi. at our current payment rate we will be down to 78% base in about 2 years so we can look forward to a dropping that

Arbor and Age gave good answers. I have also heard that one extra payment a year - just one - will knock off 7-10 years on a 30-year loan. Keep in mind what the FMV of the house is, not just what you have put into it. If the market is down and the house is worth less, by all means skip the refi.

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Ok so i have a few questions. my husband and i are looking into buying our own home, after ive been renting for 3 yrs, hes been renting for 2. we have an opportunity to buy a great house from a friend private sale at a great deal. they're selling it for $140,000 which is below the appraisal because they got a good deal on the place when they purchased it, so they want to pass those savings onto someone else. how good does your credit have to be to get approved for a mortgage? my husband has had a credit card for a year now and we've only missed one payment. however, he's had a few bills in his name that we always pay off but not always by the due date. will that ruin our chances of getting approved? also, whats this no down payment business? is it a scam and do you pay interest out of your a s s? lol we dont really have anything saved, but could come up with maybe about $2000 for a downpayment. is that even close to enough? im new at this, so im learning as i go. also, if say they want the closing date to be jan. 1st, do we have til then to come up with a 5% downpayment, or would we need to have it right away? for exazmple, if we knew we would get approved for the mortgage as long as we had a 5% downpayment, could we take some time to save it up (over say, 4 months) and then get the mortgage, all the while have them knowing we're buying the house? they're family friends, private sale.

FHA requires a 2.25% down payment. A seller can pay ALL of your closing costs..but it has to be negotiated. It's fairly simple to achieve. MyCommunity requires a 620 with zer down...and has very low PMI payments at that credit score . FHA has no credit score requirement but you cant have no lates in the last 12months

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Bennis company has the following comparative balance sheet data. bennis company balance sheets december 31 2011 2010 cash $ 15,000 $ 30,000 receivables (net) 70,000 60,000 inventories 60,000 50,000 plant assets (net) 200,000 180,000 *totals* $345,000 $320,000 accounts payable $50,000 $60,000 mortgage payable (15%) 100,000 100,000 common stock, $10 par 140,000 120,000 retained earnings 55,000 40,000 totals $345,000 $320,000 additional information for 2011: 1. net income was $25,000. 2. sales on account were $410,000. sales returns and allowances were $20,000. 3. cost of goods sold was $198,000. 4. the allowance for doubtful accounts was $2,500 on december 31, 2011, and $2,000 on december 31, 2010. instructions compute the following ratios at december 31, 2011. (a) current. (b) acid-test. (c) receivables turnover. (d) inventory turnover. (round answers to 1 decimal place, e.g. 10.5.) (a) current ratio ___ : 1 (b) acid-test ratio ___ : 1 (c) receivables turnover _____times (d) inventory turnover _____times and 2nd problem is: the income statement for christensen, inc., appears below. christensen, inc. income statement for the year ended december 31, 2010 sales $400,000 cost of goods sold 230,000 gross profit 170,000 expenses (including $16,000 interest and $24,000 income taxes) is 105,000 net income $65,000 additional information: 1. the weighted average common shares outstanding in 2010 were 30,000 shares. 2. the market price of christensen, inc. stock was $13 in 2010. 3. cash dividends of $26,000 were paid, $5,000 of which were to preferred stockholders. instructions: compute the following ratios for 2010. (a) earnings per share. (round to 2 decimal places, e.g. 10.50.) (b) price-earnings. (round to 1 decimal place, e.g. 10.5.) (c) payout. (round to 0 decimal places, e.g. 125.) (d) times interest earned. (round to 1 decimal place, e.g. 10.5.) (a) earnings per share ____$ (b) price-earnings ____times (c) payout _____% (d) times interest earned _____times

current assets = cash + AR + Inventories = 15k + 70K + 60k = 145,000 current liability = 50,000 current ratio = current assets / current liabilty = 145/50 = 2.9 cash + AR = 15k + 70k = 85,000 acid test ratio = 85,000/50,000 =1.7 Average AR = (70k + 60K) / 2 = 65,000 net credit sales = 410k - 20k = 390,000 AR turnover = 390,000 / 65,000 = 6 times average = (50k + 60K) / 2 = 55,000 inventory turnover = COGS / avg inventory = 198,000 / 55,000 = 3.6

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I bought my home 14 months ago, it was a foreclosure, and we got a heck of a deal. it appraises at about $160,000 or $165,000 right now, and we paid $142,000 for it. since it has only been 14 months, the principal is still at about $140,300. but...we are paying like $133 a month for pmi (property mortgage insurance) since we don't have enough equity in the home at this point. we are also paying an interest rate of 6.75%. i really don't know how that compares to other people...but i didn't think it was all that great. so.....i was just calling around to a few different mortgage companies, and not hearing anything real intriguing until last friday. i talked to a guy who said he could lower my mortgage payment by $60 a month, lower the interest rate to 6.35%, pay off $3000 worth of my student loans (which equates to about a $75 monthly savings), and we would get to skip 2 mortgage payments. skipping those 2 mortgage payments would then allow me to pay off a laptop lease i have, which would save approximatley $90 per month. i would then have about $1500-2000 cash left (from skipping the 2nd month of mortage payment, and getting the remaining balance of my current escrow account), and i could save that, or pay another small student loan off. so...in the end, we could likely knock out close to $300 of monthly expenses, and have 3-4 less bills to send off every month. i really like that idea. he told me all of this, and i was pretty excited......until i saw that our new loan amount would be $152,000.... it's still under what the home appraises for, but i just kinda hate seeing it jump to over $150,000... i'm not sure how long we will be in this home, but i would guess at the very minimum, 5 more years, but who knows, we could be there for another 25. we haven't really put much thought into it. can anyone lend some advice on this? i would appreciate hearing another opinion. ps- it would be refinancing a 30 year fixed, to another 30 year fixed. and i am 25 years old. just throwing that out there.

What you've been offered is a very, very bad deal. The lender is using your mortgage as a debt consolidation loan. You're taking all sorts of little and moderate debts--ones that'll be paid off soon--and putting them into a 30 year mortgage . Your laptop, for instance, will be worth zero in a couple of years (heck, it's a lease, not even a purchase), but you're rolling that debt into a loan that extends for 30 years. Very bad idea. You'd get to "skip" two payments. I'm sure those payments are wrapped into the mortgage, too. So, you save maybe $2,000 from skipping two payments...but you end up owing $2,000 in principle and probably around $4,000 in interest. Very bad idea. As someone else noted, if your interest rate on the student loans is below 6.35%, you'd be trading lower-rate loans for a higher-rate loan. And, again, for 30 years. Also, take a look at the APR on the new mortgage. I'll bet it's a lot higher than 6.35%. (It's normal for the APR to be slightly higher than the state rate; how much higher is the issue.) I'm guessing there are a few thousand dollars worth of junk fees thrown in there. Also, how's he getting rid of the PMI? You're estimating your house might appraise for $160,000. (Get a Realtor to do a CMA on the property.) You'd owe $152,000. That's a 95% loan. Maybe he's doing what was done a couple of years ago--an 80% without PMI and a 15% with PMI. You'd have almost no equity, as you already recognize. And what if property values decline? You'd be upside down--owing more than the property is worth. Even at those figures, $160,000 value, $152,000 owed, if you had to sell, you'd have to bring $8,000-$10,000 to closing. It's a terrible deal for you. Hope that helps.

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Changes in the balance sheet accounts for my two sons company from 6/30/year 6 to 6/30/year 7 are presented below: cash $40,000 accounts receivable $100,000 inventory $150,000 long-term investments $100,000 long-lived assets $(100,000) accumulated depreciation $(30,000) accounts payable $(20,000) mortgage payable $(100,000) bonds payable $200,000 common stock, $1 par $150,000 additional paid-in capital $50,000 retained earnings $40,000 additional information for year 7: the bonds were issued for cash at face value. net income was $240,000. dividends of $200,000 were declared and paid. common stock was issued for cash. a long-term investment was sold for $80,000 with no gain or loss. a new long-term investment was purchased for $180,000. long-lived assets that cost $300,000 were sold for $100,000. the book value of those assets was $75,000 at the time of sale. new long-lived assets were purchased for cash. ----------------------------------- ----------------------------------- ---------- 1. refer to exhibit 5-2. the net cash flow from operations for year 7 is a __________. (hint: analyze the change in accumulated depreciation to determine the depreciation expense for the year.) (points: 5) $100,000 inflow $100,000 outflow $140,000 inflow $140,000 outflow 2. refer to exhibit 5-2. the net cash flow from investing activities for year 7 is a __________. (points: 5) $200,000 inflow $200,000 outflow $300,000 inflow $300,000 outflow 3. refer to exhibit 5-2. the net cash flow from financing activities for year 7 is a __________. (points: 5) $100,000 inflow $100,000 outflow $200,000 inflow $200,000 outflow

1. Refer to Exhibit 5-2. The net cash flow from operations for Year 7 is a $140,000 inflow 2 Refer to Exhibit 5-2. The net cash flow from investing activities for Year 7 is a $200,000 outflow 3. Refer to Exhibit 5-2. The net cash flow from financing activities for Year 7 is a $100,000 inflow

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Hi im looking to apply for a mortgage promise from the halifax ( a lender who are offering 95% ltv) in january with a 5% deposit on a £140,000 house. a few questions if anyone can answer; 1) does the mortgage promise do the credit check etc or is that done during the full application stage? 2) i am a teacher with a permanent job and an excellent credit rating with annual wage £22,249. my partner earns £15,000 and has a "fair" credit history (a few late phone bills paid three years ago.) will this be an issue? 3) are the halifax generally good lenders? have heard stories about banks "picking and choosing" customers. and also i have seen some good 95% ltv deals with bristol and west - can anyone comment on this lender? thanks

Given the choice, if your deposit is only 5%, go with Bristol & West. In many other circumstances, I would say Halifax are a good lender to go for. Not so when you're only looking at a 5% deposit, because they charge an additional fee known as a Higher Lending Charge (HLC) above 90% Loan to Value, and currently their rates are atrociously high for that sort of mortgage anyway. Bristol & West are a brilliant lender for first time buyers, and if you can get one of your parents to act as a sponsor/guarantor, you can get yourself a very competitive deal. This product needs a little explaining though, ask about their "First Start" product.