Depending on your lender, you can normally increase it by 5 to 20%. You would be paying off your mortgage faster. Good job !

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where should mortage (current & long term be) be on the balance sheet?

Wow, my accounting classes are so old that when doing homework, we used to pile up rocks to keep track of account balances. But I think I remember that if it's an asset or liability that has a dollar value to it, then it it should be included.

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I do have a house, but havent lived in it since 2004 and its been rented since then. ive been a travel rn and have been renting since this time and just bought a house that i will use as my primary residence. any thoughts? did i need to claim long term residence? the irs says if i owned rental property within the last 3 years ,i am still eligible for the credit.

How have you been reporting the rental? If the income, and the mortgage interest, have been properly shown on schedule E, then respond saying that, and that the house is a rental not your home. If you're been itemizing your interest on schedule A even though you don't live there, you've been reporting the interest wrong. If you've just been deducting the interest on schedule A but not claiming the rental income, you have a major problem..

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Im 18 and on 12,000 a year mayb a bit more and i really need to move out but i think that i may as well get a mortage rather than rent coz it works out cheaper in the long term. help?!?!

No that won't pay the property taxes and insurance and utilities on a house. It will cost over half your income just for the mortgage and you still need to pay the rest of your cost of living like utilities, food, clothing and medical expenses. Even if you were planning to have a few roommates you can't qualify for a mortgage. You will need 20% down and closing cost as well as two years on the job.

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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.

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I currently have a 30-year loan that i am 5 years into. since my monthly payments are very low, refinancing would take about $55 off my month bill. i like lowering my bills as much as the next guy and $50 could be put to other things, but what are the long-term effects of refinancing? in other words, i don't want to screw up my future investment by costing myself more in the long run. i am able to make ends meet perfectly well without that $55 monthly savings, but if it's not a detriment to my long-term investment then i wouldn't mind going for it.

If you will be staying there long enough to recoup closing costs in the savings, go for it. Try to work with a lender that offers 25 year mortgages or continue making the same payments if you take a 30 year mortgage. That way you won't end up extending the term of the mortgage repeatedly.

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I plan on being in this house for 4 more years, with the principal left under 80,000 on the loan. i plan on purchasing/building my next home for the long term and plan on finding/building one for about 200,000. i will have 20 percent saved up by that time, however, should the extra money go towards my current loan, or save up for to apply on my next loan?

An argument can probably be made for either course of action. Much depends on your mortgage interest rate and what you believe you can earn with the money in the interim. However, a good general rule to remember is that CASH IS KING. It gives you more bargaining power and more flexability when you are ready to make your move or if something unexpected comes up in the meanwhile. There is much to be said for maintaining your liquiity.

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With consumer confidence and new home sales up, it is almost 100% sure that the feds will raise short term interest rate again in december and likely in january. will long term rate move up more? with current mortage rate, buyer are still willing to pay premium for houses. clearly, easy money are still out there.

I think there is a lag in new home sales and the closings in October really were under contract in Aug and September, thus November numbers should be down dramatically even after seasonal adjustment. Rates will undoubtedly go up again at the next meeting, but with the advent of so many new mortgage products (interest only, reverse mortgage, etc.) money is still relatively easy but definitly more risky. I expect volume levels to slow, prices to flatten across most of the US but do not see a big drop in prices unless rates get above 8%.

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Over the past couple of years my husband and i have been saving for a down payment on our first house. by the end of this year we could either have 1) $40,000 saved for a downpayment/closing costs and $7,000 in very recent credit card debt at 7.99% apr. or 2) $33,000 for the downpayment/closing costs and no debt at all (no car loans, cc, or anything) no debt seems like the right approach just by gut reaction, but i know in money matters gut reactions aren't always right. i was thinking that since the credit card debt will be newly aquired short term debt (long story, but it should be a student loan) and the mortage would be a long term debt with fixed payments, shouldn't i go for the lower monthly mortage payments? that way we would still be able to pay off the cc debt within the coming months, but our fixed costs (monthly mortage payments) would be lower plus the total amount we'd be borrowing long term would be less. oh, we're looking in the $120k-$150 range

Your credit card debt will not stay at 7.99%. It will eventually go up. The interest you pay on the credit card debt is not tax deductible. Your fixed rate mortgage I assume will be under 6% and will stay there. The interest you'll pay on your mortgage will be tax deductible. Pay off your credit card and borrow more for your home. Good luck.

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I have purchased a house in london in january 2007 in dagenham, for some reasons i can't shift into it, i have 2 options 1. to sell it at small profit(as currently it is well nice and tidy to look at) 2. to rent it out if i rent it out , i will be getting some700 net rent and my mortage repayment will be 800. rent is less here as it is a minority area with more of dss tenants moreover i am not sure whether i will stay in uk for long term may be i will stay for another 2 years and go back to my country permanently is it worth that i rent out the property and suppose i have to sell it after 2 years there can be some appreciation and that will be my profit or should i dispose it now thinking the house prices can go down or if i keep the tenants ,they may trash the house and i will have to spend money on maintenance. even if i ask the agent to manage the letting , i will get less money from rent. i have to pay some 21 pounds for insurance then general maintenance as house is quite old a

It's your choice, i wouldnt keep the house any longer than the end of 2007 though, as many professionals are predicting a house fall by the end of the year and a decrease in house price between 20-30% in the next 4 to 5 years bringing the average cost of a house to about £100,000 in the UK.

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Can i get any better than that in today's market (aug09)? in 4 years the mortgage will be open to re-negotiate, who know how the market will be? any suggestions to get a better deal? if i go with a mortage broker, do they deal with cmhc insurance as well? how long it takes? i don't have much time, and the deal i have for now is ready to go.

Let's call this what it is...a four year ARM with a balloon payment. Who knows where the market is going to be in 4 years? With mortgages rates near 40 year lows right now, there really isn't any reason not to get a traditional fixed rate loan.