ON Canada - did you talk to the bank prior to skipping a payment? You may want to consider refinancing your current mortgage if the rates would make sense . Email me if you are in Ontario and I will be more than happy to review your consideration victor_catalan@centum.ca - Victor Catalan (647) 378-2143.

You need a minimum of 5% down payment (14K) to buy this property. The down payment depending on the lender can be from different sources. Assuming we do the standard 5% down payment on this property at 3.45% interest for 25 years (266K loan), you will be paying 1321.05. If down payment is your issue, send me a quick email at victor_catalan@centum.ca and we can review your file together.

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Lost job in the begining of may. paid may mortgage payment, but only a fraction of june's. it is now july 21. can the bank foreclose already? i just sent $600 but still owe $1,000 of june's mortgage.

Depends on your state, but here in California, once you are 30 days behind, the lender can file the first notice called a "notice of default". This must be published in your local newspaper and then once it is recorded with the county recorders office, you have a 90 day window in which you can bring your mortgage current. Once the 90 day window from the notice of default has elapsed, the lender then must file the next notice called a "notice of trustee's sale". Once this is filed, you have 21 days to come up with the entire balance or your home can be sold at auction. Now, typically, the lenders never file these documents on the exact 30 day and 90 day time frames, but if they do, you can expect to have 121 days from the time you become 30 days behind before your home is sold in a foreclosure sale. You must contact your lender now and start negotiating with them. Request a forbearance agreement now and request the delinquent payments be added to the end of your mortgage. A forbearance is note modification where you make arrangements to take care of delinquent mortgage payments before your home is lost to foreclosure. Your lender, like all lenders today, does NOT want to foreclose your home. They will work with you as long as you work with them. Good luck.

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I have recently graduated from a graduate program and got a job offer with approx $100,000 salary before tax. i also plan to purchase a house that will cost me $1,600 + 180 (property tax) + 150 (home insurance) = $1,930 per month. my question is: how does the house payment benefit me in terms of tax credit? please use calculations and numbers in my example.

There is no guarantee that it will "benefit" you. However, mortgage loan interest and property taxes are deductible on your income tax return if you itemize your deductions. For most people in that situation, itemizing deductions results in less tax liability than taking the standard deduction. Your monthly mortgage payment amount is not relevant. The amount of loan interest and property tax paid is what matters.

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Supposing you are planning to buy a home in near wsc selling for $ 600,000. your plan is to make a down payment of 20% and finance the balance from a friendly bank at a fixed interest rate of 5.5% over 30 years with monthly payments. your monthly mortgage payments will be? "please show how you arrived at your answer, so i know how to do it next time" thanks so much!

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx $2725.39 with $480,000 financed, $120,000 downpayment

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Assuming you have a good credit score, i have heard that when getting approved for a mortgage, your mortgage payment must be around 30% of your gross income. if you were to purchase a condo, would they count the maintenance fee into the approval process. example, the monthly mortgage is $600 and the monthly maintenance fee is $400 = $1,000. so that would mean, you need a gross income of $3,333 a month to be approved. is this correct, or do they only look at the $600 monthly mortgage, which would mean you need to earn $2,000 a month to be approved.

Conventional Qualifying is 28% of gross mo. income for house pmt. , which includes mtg. pmt. taxes, insurance, and assoc fees. , you cannot exceed 36% with H.P. and credit debt per month. F.H.A. is 31%/ 43% , sub prime, (if still availible has a 50% bottom ratio, but a higher rate. Hope this helps, Good Luck!

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On june 30, rioux management company purchased land for $400,000 and a building for $600,000, paying $500,000 cash and issuing a 6% note for the balance, secured by a mortgage on the property. the terms of the note provide for 20 semiannual payments of $25,000 on the principal plus the interest accrued from the date of the preceding payment. for a compound transaction, if an amount box does not require an entry, leave it blank. journalize the entry to record the payment of the first installment on december 31. journalize the entry to record the payment of the second installment the following june 30.

Each payment is applied first to interest accrued to date, and the remainder to principal. The note was for 500,000, so interest due on the first semi annual date will be 3% of 500,000, or 15,000. The entry on Dec 31 is DR Interest Expense 15,000 DR Notes Payable 10,000 CR Cash 25,000 On June 30 of Yr 2, interest will be 3% of 490,000, or 14,700 DR Int Exp 14,700 DR Notes Pay 10,300 CR Cash 25,000

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Women age: 58 about to purchase a home for $350,000. she is currently renting cash on hand: $370,000 net monthly take home from her job is $2,600 monthly expenses not including a mortgage payment after purchasing home will total $2,400 women projected to be working for only an additional 2-3 years more then likely (95% chance) women will recieve a minimum of $600,000 of non taxable cash in the next 2 years. (settlment from a civil case) i was thinking the women should not take out a mortgage. the women will have $20,000 left over after the sale, ok maybe $15,000 after moving expenses and g-d knows what else. however, she can draw on that for the next 3 years to supplment her income and have a larger buffer per month. why pay interest on a mortgage when you dont need it? sure its tax deduct. but that doesnt mean that its interest free loan. in term of taking out a mortgage and reinvesting the money to beat out the mortgage, she would need a volitile portfolio to do that and considering her age i am not sure how wise that is. if she needs more money during the 3 years she can always get a fixed heloc. the settlment will have come through within those three years, of which i agree is not enough for retirment but thats a problem for later on. thoughts??

She has the cash, pay for the house! Why borrow? The income takes care of all other expenses with 200 to spare, so save/invest that 200/month. With a likely (but not guaranteed) settlement coming things should be pretty easy. You don't say where the 370,000 is currently. If it is truly cash on hand (earning nothing) or in a bank deposit account (also earning virtually nothing), again it makes no sense to borrow. If the money is invested, then that changes things!

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Selling price 45,000 need payments under $600 per month.i am the seller,and will recieve the payments.

If the loan is only $45000 and you want the payments under $600, first I would want to know if the taxes and insurance are included in your $600 payment. Otherwise, it depends on you. A 45,000 loan for 30 years at 15.8% is only $597.89 monthly. That is a really high rate by today's standards. A 12% rate, not bad for owner financing, is $462.88 monthly over 30 years. 13.0% = $497.79 12.5% = $480.27 12.0% = $462.88 11.5% = $445.63 11.0% = $428.55 10.5% = $411.63 10.0% = $394.91 Hope this helps...

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My husband and i are trying to purchase something. a lender told us we are able to get $350,000 loan which the payments would be $2,600.00 which i don't think we can afford. how much would be safe to get so we can pay $1,500.00 per month?

OK, I will buck all mortgage agents right now, and tell you the truthful answer: NOBODY CAN TELL YOU! I work in the mortgage industry, and until I have a complete application, a credit report, and I lock your loan, I cannot tell you what your payment will be, nor can I tell you how much house you can afford on $1,500 per month. In addition, with the myriad loan programs out there, a $1,500 payment could be structured in many ways. With a negative amortization mortgage (Option ARM), you might be able to afford $400,000+, but your mortgage principle will go up each month until it equals 110-115% of the original amount. At that point, your loan will be recast and amortized over the remaining life of the loan. You can expect that your payment would increase to about $4,000-$4,500 at this point. Oh wait, you can't afford that. Well, you will just lose your house in a few years. On an interest-only loan, you might be able to afford something in the $300,000 range. For a fully-amortized payment, you might be looking at $150,000-$250,000 depending on the length of the mortgage. Oh, but wait! There's more. You will have to pay property taxes and insurance. That means that about 20-25% of your payment goes for these expenses. If that must come from the $1,500, then you must reduce the numbers above by up to 25%. Oops. If the houses you like are in the $350,000 range, then you cannot afford to buy a house just yet. I would recommend building your savings account over the next year or two, and then revisit the idea, based on your income at that time. For now, take the $1,500 per month, subtract your current rent, and put the rest into savings. Let that accumulate over the next year or so, because a lender will want to see that you have at least twice your PITI payment in savings before giving you a loan. In addition, you may need down payment money on top of that. If you ever run into a month in which you cannot make this deposit into your savings account, thank me, because I just saved your credit rating. This is a good test to see how much you can really afford for a house payment, without the risk. Don't worry about the market getting away from you. I don't expect to see house prices rising in the next two years to any great degree. You might find a "deal" in the meantime, but keep in mind that so many people are looking for deals, that very few real deals exist in the current market. People just feel like they are paying low prices for houses, when they are actually paying exactly what the market will bear. Owning a home is the second American Dream. The first is owning a business. I wish you luck in your quest, and I urge you to be prudent in search of this goal. Good luck to you. I hope that I have helped, at least a little bit.

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My wife credit score is 647 with not one negative thing one her report , my crdits score is a little lower at 622, our combined income is 3800 a month , after we put the 10% down we still will have 20,000 saved in the bank, we both have car payments that both equal 600 dollars a month with no other depth, what kind of income on our w2 forms do we need to qualify for this townhouse. the taxes on the town house are 3500 a year maybe a lttle less the insurance on the townhouse is 1000 a year and the hoa fees are about 100 a month , is any mortgage person out there able to help us get approved , please feel free to email me your contact info so we can speak some more , duffytahoeatyahoodotcom

First, you should put 20% down so you will not have to pay Private Mortgage Insurance, and you will qualify for a better interest rate. Second, why are you sitting on $20K in the bank when you have car debt? Surely you have no credit card debt, right? You definitely make enough to afford this home, but put 20% down! Then, work hard to get those cars paid off and stay out of other debt. Debt keeps people from building wealth, and once you get out of it you will be amazed how much money you have to spend and invest. If you haven't read Dave Ramsey's book, Total Money Makeover, please read it soon. Check the library.

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Crowley corporation purchased a building on january 2 by signing a long-term $600,000 mortgage with monthly payments of $5,500. the mortgage carries an interest rate of 10 percent. what will be the amount owed on the mortgage at the end of the first month (after the first payment has been made)? please show steps.

Principal = $600,000 Interest at 10% per annum is $600,000 * 0.10 per year = $600,000 * 0.10 / 12 = $5000 per month. For 1 month, the interest is $5000. The $5500 payment covers this interest and pays off captial of: $5500 - 5000 = $500. The capital still owing is: $600,000 - $500 = $599, 500.