Related articles from Yahoo AnswersOpen Question: simple c++ program returns wrong values?
I'm a beginner in c++ so bear with me. When I run this program I get some value like "1.J#" for the monthly mortgage payment. I'm guessing I'm declaring my variables wrong here.
double cost, downPayment, ir;
int yrs;
cout << "Okay, now you're house..." << endl;
double cost;
cout << showpoint << fixed << setprecision(2);
cout << "What is the cost of your home?" << endl;
cin >> cost;
double downPayment;
cout << "And how much is the downpayment?" << endl;
cin >> downPayment;
double ir;
cout << "What is the interest rate of your loan? (Please enter with decimal =))" << endl;
cin >> ir;
double yrs;
cout << "How many years is the loan for?" << endl;
cin >> yrs;
//Calculation
float monthlyPayment = cost * (1 - pow((1 + (ir / 1200)), (yrs * 12) * -1));
// Output
// Their info
cout << endl;
cout << endl;
cout << "Your information:" << endl;
cout << left ;
cout << "Name:" << name << endl;
cout << "Address:" << address << endl;
cout << "City:" << city << endl;
cout << "State and Zip:" << state << "," << zip << endl;
// Their calculations
cout << endl;
cout << endl;
cout << "And here are your calculations : " << name << endl;
cout << "Cost : " << cost << endl;
cout << "Down Payment : " << downPayment << endl;
cout << "Interest rate: " << ir << endl;
cout << "Life of loan: " << yrs << endl;
cout << "Approximate Mortgage Payment: " << monthlyPayment << endl;
Open Question: Breaking even on a mortgage?
I bought a condo in CA in 2005 at the peak of the housing boom. My sole intention was to sell it in a couple of years, right before the interest rate adjusted. I only wanted to get my foot in the door, showing I am responsible to pay a mortgage, sell it and buy a house. Now that my condo is worth half what I paid, will I ever be able to get rid of it? I can afford the payments, but hate that I'm paying so much for something that's not worth the payments I'm making. I can't refinance at what it's worth now. I don't want to just let it go or do a short sale. Does anyone think it's ever going to go back up to what I paid for it? I don't need to make a profit. I just want to get rid of it without it ruining my credit.
Open Question: How will a 1% interest rate cut by Australia's RBA affect your finances & lifestyle & plans for the future?
The Reserve Bank of Australia has decided to cut interest rates by 1% or 100 basis points as a ward or defence against worsening economic conditions internationally.
The biggest complaint that most Australians have is that the banks won't pass on this interest rate cut to clients with home loans. The excuse for this being that they have increased cost bought about by their exposure to the US bad debt marked - eg CDO's etc.
Australians are having to pay for their folly in good times and are not happy like their counterparts in the USA. Our federal treasurer - the Australian equivalent of the Secretary of Treasury or Chancellor of the Exchequer - will not pressure the banks to lower home mortgage rates.This is causing political angst. What do you think?
Open Question: How are "credit default swaps" not intentional misrepresentation (or fraud)?
INTENT: These industries called them "credit default swaps" so they did not have to call them "insurance," so they wouldn't be regulated.
MISREPRESENTATION: Standard & Poor's and Moody's rated them "investment grade" when they were the fuel that caused the collapse of the real estate and investment community. Lehman brothers, Merril Lynch, AIG, Bears and Sterns portrayed these "derivatives" as "insurance" to mortgages.
FORESEEABLY CAUSED: These investment professionals know what risk is.
AND DID CAUSE PLAINTIFF's DAMAGE: Millions of people and investors have lost hundreds of thousands.
Can you say "Class Action"? Come on attorney's, please let me know what's wrong with this picture?
Open Question: Do I have the SOLUTION to the mortgage crisis?
First, I am not a socialist. Normally.
Second, I think that I have a plan that would resolve the mortgage and credit crises and leave everyone a winner.
1. Government buys up bad mortgate debt (already happening).
2. Government buys up good mortgate debt at the borrower's option (if they want to participtate in this plan I have).
3. Government turns over to everyone a title, free and clear, of their home property.
4. Government imposes a tax of 50% of the typical mortgage payment the borrower had. This tax lasts until the principal (not principal + interest) is paid off. Note: for folks who were on floating interest rate loans, we'd pinpoint the standard payment before things went crazy, then make them pay 50% of that.
Why this all works. A typical mortgage is 30 years and you end up paying about 3 times the price of your home, if you count the interest. If you could pay 50% of your monthly payment over 20 years, you'd cover the principal portion of your loan and still have plenty of cash left over to reduce other debt or to make new purchases.
Think about it. Say your mortage payment is $2,000 per month and finances are real tight (you might have credit card debt too). If someone handed you your title and you took on a 20 year tax commitment of paying $1,000 per month, then not only would you have equity, but if you stayed in your home you would have the other $1,000 you used to pay in your mortgate freed up for other things.
Is this socialist? Yep, a little bit, but perhaps a necessary move, a one-time event, to clean this mess up.
If you hear either candidate propose something like this, you heard it from Mr. Freedom first.
Think this might work? Thoughts?
Matthew, I think this plan would kick the nation's economy into high gear and more than pay for itself over time. While I understand your point about folks being fiscally responsible, I do think that once in awhile, we need to "stand all the pieces on the chessboard back up."
No, I think a clause is that if you sell your house, proceeds must satisfy your personal tax debt first. So you might walk away owning nothing and owing nothing.
Open Question: Looking for a commercial loan for multiple residential properties?
Anyone can suggest a blanket loan at reasonable rate and LTV?
We own 10 properties in TX, 6 in LA and 1 in TN. We would like to refinance these long term cashflow rental properties into one of our LLC and hold them as a blanket loan. Any suggestions from RE investors or from mortgage brokers?
Open Question: Is anyone familiar with the new legislation about refinancing to current market value?
I was wondering if anyone could give me specific details about the new legislation passed about refinancing an ARM mortgage, to a FHA fixed rate based on current market value? What qualifies you to be able to do this? And what are the stipulations following? How long do you have to retain the house? How long do you have to keep it as a primary residence?
Open Question: fixed rate mortgage, y r my payments getting higher?!?
I got a fixed rate mortgage when I bought my house 3 years ago,
now all of the sudden my payments went up over 60 bucks. How can this be happening! I have an escrow acount and pay insurance with my mortgage payment.
Open Question: Use the fixed-rate mortgage monthly payment formula to?
determine the monthly payment for a house that cost $150,550 with an interest rate of 6.5% for 30 years
Open Question: What is the mortgage interest rate?
I have an arm and would like to know what the current mortgage interest rate is.
Open Question: Why cant i buy my mortgage from the bank at the same rate as the buyer that acquires it.?
i believe some banks are paying in the neighborhood of 25 cents on the dollar.
Open Question: Where are interest rates going?
Is this a good time to lock in a mortgage? What do you think is going to happen in the future with the economy looking the way it does?
Open Question: Can I get a mortgage with a Ch. 7 bankruptcy?
Is it possible to get a mortgage (without 50% down) just 4 months from a Chapter 7 bankrtupcty? We're looking to put down between 3% and 5% and will accept a higher interest rate or an ARM loan until we are eligible to qualify for an FHA or conventional loan.
I'm looking for information directly from brokers or lending institutions who have direct knowledge. I know that there is hope as my brother-in-law got an ARM loan just a couple days out of his discharge. There is not an income issue in our case, nor is there an issue of debt-to-income ratio - just the bankruptcy. My score last week was 668, which I believe is fair despite the bankruptcy.
Open Question: who has better interest rates, a bank or mortgage co?
Open Question: If the Fed cuts rates again, and Mortgagers offered 3.5% for 30 year mortgages, would money begin to flow ?
If the Fed cuts rates again, and Mortgage rso's offered 3.5% for 30 year mortgages, would money begin to flow throughout our Economy quickly? (the mortgagers could increase their "fees" and roll them into the customer's mortgages.)
or is this "economic crisis" Mr Bush's way to insure there's no money for a National Health Care Sysem in our future?
Open Question: I have a "fair" credit rating and my wife has an "excellent" credit rating. ?
We are financially linked (in UK) as we have a mortgage account. We wish to put ourselves on a more sound footing and wish to consolidate our debts. We will still pay them back at the same amount we are paying each month, but would just like to try and get a better interest rate. Will my score bring down my wifes? Should she apply on her own?
Open Question: Why is it my job to pay for banks who make poor decisions or homeowners who decide not to pay their mortgages?
Banks are private businesses. They decided to loan money to people who could not pay them back. The homeowner either decides to not pay the money back because the value of the property is lower than the remaining amount of the loan or they can't make the payment because the adjustable rate now makes the payments more than they can afford.
Since I don't have any debt and don't depend on others who need debt to survive, why do I need to care if stupid people get what they deserve? Buyer beware. If you can't afford it, don't buy it. That goes for both banks and home buyers.
Open Question: Could the housing bill help me in my situation?
I do not want to put blame on the lending, but I didnt mean to take a bite of something I cannot chew. I tried to buy a house as a first time buyer. I told my broker the payment I could afford. After being told I was not being approved by lenders, I was told I was approved for a much higher amount so he kept insisting on showing me houses at that price range. He made it sound so good and that my payments were going to easily be made.
After I closed, I am stuck with a huge payment and a HUGE interest rate. (ive told some people and they are shocked at the rate)
I do not want to forclose, but oh has my life been hard. I dont have any food in the fridge, i cant buy any clothes- all for the mortgage payment.
Open Question: Is Biden serious when he says he and Obama are in favor of forcing lenders to change the terms of mortgages?
We are not just talking about protection from creditors by capping interest rates, it appears Obama/Biden want to be able to adjust the original Principle amount owed on loans. If this isn't socialism, what is?
During the debate with Palin, Biden made this comment.
Biden -"...Number two, with regard to bankruptcy now, Gwen, what we should be doing now -- and Barack Obama and I support it -- we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you're paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe." -Transcript of Palin, Biden debate - CNN.com
Open Question: Anyone know anything about the US Treasury Dept Fast Track Initiative?
You know how they say, "If it sounds too good to be true, then it probably is?" I got a letter from my mortgage company today, offering to freeze my interest rate (my fixed converted to an ARM last month) for 5 years beyond the first scheduled rate change. I have 15 days to sign and return. Like I said, it's from the company that already holds my mortgage, and the language seems pretty straight forward. My first instinct is... Post Office - NOW!
However, I can't help but worry. It seems that a hundred thousand or so mortgage-strapped Americans should be all over this deal. How is it that I've never even heard of it before? And why a 15 day deadline? "Act now or lose it forever" lines immediately trigger my scam alarm. How can I be certain that this is legitimate (or find out if it's not) ?
Resolved Question: McCain says lower taxes are the answer to the economy...?
but what about credit default swaps, derivatives, and correcting the AAA bond rating mortgage securities were given?
Can we not admit that there are some aspects that have been left out of this lowering taxes plan?
Please explain how lower taxes ease credit default swap derivatives in the market?
Brian..dude.. you are one of the smarter ones.
Answer the question pls.
Open Question: mortgage rates what do you think will happen in the near future?
My husband and I are in the proccess of buying a home we are going with a fixed 30/fha loan my question is do you think morgage rates will stay the same, go up, or go down in the next week or so?
Open Question: How can a Democrat read this article and not admit that this housing problem is Clinton's fault?
The article appeared in the New York Times on 9/30/99 during the CLINTON administration. Here's the link the the Times Website w. the article....http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=all
“Fannie Mae Eases Credit To Aid Mortgage Lending”, By STEVEN A. HOLMES Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
Resolved Question: How many people would vote for Ron Paul now?
United States House of Representatives
Statement on HR 1424
October 3, 2008
Madame Speaker, only in Washington could a bill demonstrably worse than its predecessor be brought back for another vote and actually expect to gain votes. That this bailout was initially defeated was a welcome surprise, but the power-brokers in Washington and on Wall Street could not allow that defeat to be permanent. It was most unfortunate that this monstrosity of a bill, loaded up with even more pork, was able to pass.
The Federal Reserve has already injected hundreds of billions of dollars into US and world credit markets. The adjusted monetary base is up sharply, bank reserves have exploded, and the national debt is up almost half a trillion dollars over the past two weeks. Yet, we are still told that after all this intervention, all this inflation, that we still need an additional $700 billion bailout, otherwise the credit markets will seize and the economy will collapse. This is the same excuse that preceded previous bailouts, and undoubtedly we will hear it again in the future after this bailout fails.
One of the most dangerous effects of this bailout is the incredibly elevated risk of moral hazard in the future. The worst performing financial services firms, even those who have been taken over by the government or have filed for bankruptcy, will find all of their poor decision-making rewarded. What incentive do Wall Street firms or any other large concerns have to make sound financial decisions, now that they see the federal government bailing out private companies to the tune of trillions of dollars? As Congress did with the legislation authorizing the Fannie and Freddie bailout, it proposes a solution that exacerbates and encourages the problematic behavior that led to this crisis in the first place.
With deposit insurance increasing to $250,000 and banks able to set their reserves to zero, we will undoubtedly see future increases in unsound lending. No one in our society seems to understand that wealth is not created by government fiat, is not created by banks, and is not created through the manipulation of interest rates and provision of easy credit. A debt-based society cannot prosper and is doomed to fail, as debts must either be defaulted on or repaid, neither resolution of which presents this country with a pleasant view of the future. True wealth can only come about through savings, the deferral of present consumption in order to provide for a higher level of future consumption. Instead, our government through its own behavior and through its policies encourages us to live beyond our means, reducing existing capital and mortgaging our future to pay for present consumption.
The money for this bailout does not just materialize out of thin air. The entire burden will be borne by the taxpayers, not now, because that is politically unacceptable, but in the future. This bailout will be paid for through the issuance of debt which we can only hope will be purchased by foreign creditors. The interest payments on that debt, which already take up a sizeable portion of federal expenditures, will rise, and our children and grandchildren will be burdened with increased taxes in order to pay that increased debt.
As usual, Congress has show itself to be reactive rather than proactive. For years, many people have been warning about the housing bubble and the inevitable bust. Congress ignored the impending storm, and responded to this crisis with a poorly thought-out piece of legislation that will only further harm the economy. We ought to be ashamed.
Ron Paul.....
wow truth from a politician who would have thunk it?
Open Question: I NEED HELP WITH BUSINESS MATH! PLEASE!?
Miguel plans to secure a 5-year balloon mortgage of $200,000 toward the purchase of a house. his monthly payment for the 5 years is calculated on the basis of a 30-year conventional loan at the rate of 6%interest compounded monthly. At the end of the 5-years, Miguel must pay the remaining balance (the "balloon" payment). What will be his monthly payments during the 5 years? What will be the "balloon" payment?
Please help me understand this problem by doing it step by step. I am so lost and need major help!
Please and Thank you!
Resolved Question: The bail...err i mean aaaah RESCUE plan.?
they spent $85,000,000,000.00 bailout of AIG.
lets be more Democratic about it
why not give $85,000,000,000.00 to America
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+.
(Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.)
So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+
Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000.00 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
so we lost AIG...so what...i just gave everyone 5+ years of pay instantly....use it wisely
now think if we did this with 750,000,000,000.00 like this rescue plan?
want to see the economy boom?
want to see all those bad mortgages go away?
want to see dead beat dads have to pay back child support?
want to see all of welfare stop long enough to get FIXED
yes folks, it could have been that easy
Resolved Question: Strange Family Situation...I need help figuring this one out?
I live with my parents and help them out. They've had a hard time of it these last couple years with the mortgage rates going through the roof like they have and my dad only being able to work part time due to a bad back. I'm a full time college student but do odd jobs to help out with money and keep food in the house. I also do most of the cleaning so my parents don't have to worry about it. Anyway, my two older brothers know my parents are strapped for cash but think nothing of coming over with their wives and children constantly and raiding the fridge and taking advantage of my folks. I have very few things I actually get for myself in the way of food, but I do try to keep a two-liter of soda around and drink it frugally. Yet, my brothers and their families think its okay to do this. My brother's wife even told my parents she was taking our dog food because she forgot to get some at the store today. We have three dogs, so we buy the 50lb dog food and my parents were going to cave and let her take it. I spent my last little bit of money from my pell grant to make sure we had dog food and food in our fridge. I wouldn't let her take the dog food...and now everyone is upset with me for arguing with her. I told her that between her disability check from the military and my brother's steady pay check they could afford their own dog food. Did I do the wrong thing?
Open Question: How hard is it to get a mortgage now for a 200k house?
I want to move early next year, so I have to sell my house first.
It's worth a little over 200k and it's cost about the same to either rent or buy. Houses in my neighborhood are selling, so I'm guessing people can still get loans.
I was just wondering what a buyer would need to qualify. How much down usually do people need and what are the rates for an good credit score?
A similar house down the street sold in 2 weeks about a week ago. I'd price 10% less then them.
This question is ONLY about mortgages. If you can't read and understand that, then don't answer.
Open Question: I have a fanie mae Mortgage @ 9.75 will the gov give me lower rate?
I have a fanie mae Mortgage @ 9.75 will the gov give me lower rate?
I have a rip off Mortgage fixed 30 year @ 9.75 My lender went out of business ( new Century mortgage) now I have a service company handling it ( ASC). I think it,s owned bt Citi Bank. But its a Fannie Mae. With all that's going down with the bailout could I get my rate lowed?
Open Question: Can someone sum this up for me please? : a statement on the federal reserve?
BARR: If I could wave a magic wand and the Federal Reserve Bank would disappear tomorrow, I would do so. It’s a group of unelected governors that are not answerable to or accountable to the people of this country and yet they wield considerable influence over the economy by basically setting rates at which banks and other financial institutions can loan money. And they have built up, you know, huge reserves themselves that they can then dole out as they’re doing — as they did recently with Bear Stearns to prop up as failing, what they see as failing investment houses, for example. What we’re on the verge of right now, Glenn, through this federal government monkeying around with the mortgage business, both directly and indirectly, is to have the federal government now set a “One size fits all” mortgage criteria for the country. That would be disastrous. It would stifle risk-taking, it would stifle the independence of small mortgage houses and mortgage banks and would simply create furt
further problems down the road. What we need to be doing is tackling government spending. That is the root of all evil, so to speak. We need to get a handle on federal spending, we need to start reducing the economic footprint and, you know, all the other footprints of the federal government if we want to talk about them, and get the federal government out of running our economy. It was never intended to be the job of the federal government to run the economy.”
Open Question: How Would You Get Out Of This Debt? ?
Discover card < $224 a month $8,000
Visa Card <$130 a month $5,000
car payment <$288 a month $15,000
Mortgage <$796 a month $99,000 home is valued at $277,000
we have 4.8% interest rate.
i make $25,000 year wife makes $18,000 week
Any suggestions Please!
wife makes $18,000 a Year
Open Question: Questions from a first-time home buyer?
My husband and I are looking at buying our first house. We've been in an apartment for a year and a half now and we're more than ready to move into a house and actually have some counter space and decently sized bedrooms haha.
How do you calculate mortgage payments? I saw some mortgage calculators online, but they were not accurate. They didn't ask for interest rates or property taxes or anything like that. They just divided the cost of the house over 30 years. I would have assumed that you multiply the interest rate (we'll say 6%) by the cost of the house. Then divide the actual loan amount by 30 and add the interest to it.
80,000 x 0.06= $4,800 (per year, interest).
80,000/30= 2,667 + 4,800= $7,466/year or $622/month.
Is that how you do it? Am I doing it wrong?
Also, my husband is paying back his school loans. Our cars are paid off. We spend $65/week in groceries, $125/month for car insurance, $116/health insurance, etc. We don't waste money on frivolous crap... And according to this mortgage calculator online, it says he needs to make $61,000. If the mortgage + utilities = what we pay in rent now, and we're paying that on time every month with no problems, why does it say his salary needs to be almost twice what it is now?
This is stressful...
Resolved Question: Anyone else agree with this statement?
United States House of Representatives
Statement on HR 1424
October 3, 2008
Madame Speaker, only in Washington could a bill demonstrably worse than its predecessor be brought back for another vote and actually expect to gain votes. That this bailout was initially defeated was a welcome surprise, but the power-brokers in Washington and on Wall Street could not allow that defeat to be permanent. It was most unfortunate that this monstrosity of a bill, loaded up with even more pork, was able to pass.
The Federal Reserve has already injected hundreds of billions of dollars into US and world credit markets. The adjusted monetary base is up sharply, bank reserves have exploded, and the national debt is up almost half a trillion dollars over the past two weeks. Yet, we are still told that after all this intervention, all this inflation, that we still need an additional $700 billion bailout, otherwise the credit markets will seize and the economy will collapse. This is the same excuse that preceded previous bailouts, and undoubtedly we will hear it again in the future after this bailout fails.
One of the most dangerous effects of this bailout is the incredibly elevated risk of moral hazard in the future. The worst performing financial services firms, even those who have been taken over by the government or have filed for bankruptcy, will find all of their poor decision-making rewarded. What incentive do Wall Street firms or any other large concerns have to make sound financial decisions, now that they see the federal government bailing out private companies to the tune of trillions of dollars? As Congress did with the legislation authorizing the Fannie and Freddie bailout, it proposes a solution that exacerbates and encourages the problematic behavior that led to this crisis in the first place.
With deposit insurance increasing to $250,000 and banks able to set their reserves to zero, we will undoubtedly see future increases in unsound lending. No one in our society seems to understand that wealth is not created by government fiat, is not created by banks, and is not created through the manipulation of interest rates and provision of easy credit. A debt-based society cannot prosper and is doomed to fail, as debts must either be defaulted on or repaid, neither resolution of which presents this country with a pleasant view of the future. True wealth can only come about through savings, the deferral of present consumption in order to provide for a higher level of future consumption. Instead, our government through its own behavior and through its policies encourages us to live beyond our means, reducing existing capital and mortgaging our future to pay for present consumption.
The money for this bailout does not just materialize out of thin air. The entire burden will be borne by the taxpayers, not now, because that is politically unacceptable, but in the future. This bailout will be paid for through the issuance of debt which we can only hope will be purchased by foreign creditors. The interest payments on that debt, which already take up a sizeable portion of federal expenditures, will rise, and our children and grandchildren will be burdened with increased taxes in order to pay that increased debt.
As usual, Congress has show itself to be reactive rather than proactive. For years, many people have been warning about the housing bubble and the inevitable bust. Congress ignored the impending storm, and responded to this crisis with a poorly thought-out piece of legislation that will only further harm the economy. We ought to be ashamed.
RON PAUL.
Cergio, Great point
I allready emailed both Parties in my area and rither thanked them for voting against it or shamed them for voting for it.
Open Question: Is it subprime mortgages or mortgage-backed securities?
If the actual rate of foreclosure is .2%, with half of those being from sub-prime mortgages, how is it that mortgage-backed securities are also failing, given that most of the people 98.8 percent are paying their mortgages, thus most of the mortgages backing the securities are flush. I am confused, sorry.
Open Question: Can someone please help me...I am in need of help!?
I have to write an essay on 100% adjustable mortgage rates and how it contributes to the financial crisis America is in. Can anyone tell me how I should start it: ie Intro
PS It is a three paragraph essay
Open Question: will i have trouble changing to a repayment mortgage?
i have a mortgage of 147000 that i took out in november 2007. the house was valued at 160000, however i suspect it is worth less now due to the current housing slump. my mortgage is an interest only tracker until november 09. i am hoping to change to a repayment mortgage. do you think i will find it difficult finding a good deal? my monthly payments are 614 i can afford about 800 a month now after getting a pay rise. if interest rates come down will this help me?
uk answers. (kent)
Open Question: How are house prices and interest rates related?
i.e. is it worth waiting to buy as a first time buyer as prices are still on the decrease or will the mortgage rate you pay be higher then and therefore make the saving negligable?
Open Question: My fixed rate mortgage is coming to an end, am I in a good position or not?
Due to the current economic climate am I in a good position or not? I read about less and less mortgages being offered or bought, so does this effect me?
The mortgage adviser at my bank has cancelled two appointments I had, and seems to want me to commit to an offer over the phone. Should I take this? Is this the best I can expect? Or should I be able to shop around?
I feel like I deserve a bit more time, at least a face to face meeting regarding what I am signing into.
The mortgage is only small, around £40,000 left.
Moneepenee:
It is the end of a fixed intrest rate, after 5 years, learn to speak english you muppet.
Resolved Question: Are you in serious financial trouble when your debt is 4 times your annual income?
In the US, our annual income (or tax revenue) is about $2,674,007,818,000 (2007 #'s).
Our Debt is quickly approaching 4 times this income at 10 Trillion dollars.
The classic financial model for mortgages was 28% of your annual income allocated to home payments for 30 years at a fixed rate. But, this debt ratio is closer to 35% of annual revenues.
What do we do?
1) Get another job (i.e. increase revenues via more taxes)?
2) Spend more to make more (i.e. invest in ourselves to increase productivity - e.g. Infrastructure projects like the Interstate system was)?
3) Reduce spending (i.e. cut programs like Defense, Nation Building, Social Security, Medicare, and government bailouts for disaters like Katrina or the banks)?
4) Your idea - which is?
Open Question: finance math problem help?
House Mortgage Mr. Smith obtained a 25-year mortgage on a house. The monthly payments are 2355.48 dollars (principal and interest) and are based on a 7% interest rate. How much interest will be paid?
Resolved Question: Do you agree with former Treasury Secretary Roberts -the bailout is backwards?
In actual fact, the Paulson bailout does not address the core problem. It only addresses the problem for the financial institutions that hold the troubled assets. Under the bailout plan, the troubled assets move from the banks’ books to the Treasury’s. But the underlying problem--the continuing diminishment of mortgage and home values--remains and continues to worsen.
The origin of the crisis is at the homeowner level. Homeowners are defaulting on mortgages. Moving the financial instruments onto the Treasury’s books does not stop the rising default rate.
The bailout is focused on the wrong end of the problem. The bailout should be focused on the origin of the problem, the defaulting homeowners. The bailout should indemnify defaulting homeowners and pay off the delinquent mortgages. As Koppell and Goetzmann point out, the financial instruments are troubled because of mortgage defaults. Stopping the problem at its origin would restore the value of the mortgage-based derivatives and put an end to the crisis.
http://www.vdare.com/roberts/081002_bailout.htm
Open Question: How does the bailout bill that passed help me any?
My wife and I have a 2.5 year old and a 9 month old. We have a mortgage on a mobile home on rented land. We have been trying to sell our place for a year, and we are currently asking for 10,000 less than we owe on the place still. We need to move, but are stuck in this situation. Our mortgage is with GreenTree, and they will not negotiate on a short sale option.
At any rate, I did the responsible thing and held myself out of the housing speculation market because I knew on our middle class income we could not afford the mortgages no matter how pretty the lenders were trying to make them look. Now it feels like there is no reward for the guys like me for doing the right thing, and we are stuck with the bill to bail out those banks and others that encouraged everyone else to do things they really could not afford to do.
Will someone who understands tell me if there is any good news for our family in this new bailout bill that passed?
Open Question: HELLO.. CAN YOU HELP ME SOLVE IT?
tHANK OYU
House Mortgage Mr. Smith obtained a 25-year mortgage on a house. The monthly payments are 2269.68 dollars (principal and interest) and are based on a 7% interest rate. How much interest will be paid?_______
Open Question: In today's turbulant financial market would it be wise to sell Ira's and 401K to pay down home?
I am 54 years old. I have enough rental properties to pay me a decent income when I retire in 10 years. I think it wouldn't be a bad idea to sell about $100,000 in Ira, Roth and 401k holdings to pay down my $265,000 mortgage. I've lost over 25% this year alone in my mutual funds with no end in sight. (I don't think the bail out is going to help in the long run. I think the Dow could drop another couple thousand points before it rebounds.) Yes I will have to pay a 10% penalty and some capital gains. But the market could well lose another 10% or more before it rebounds. And I will have to pay the capital gains some day anyway on the Ira/401K. By selling off the mutual funds I can reduce my house payment by about $1000 a month. (I have several places I can get no cost refinacing on the home at good rates.) I will instantly earn 6.35% (my mortgage rate) on my money no questions asked. Doesn't this make sense?
Resolved Question: What is a typical income requirement for a mortgage? 4x? Also, no initial cost mortgages, worth it?
I'm looking to find out what banks would "typically" require for income for a mortgage. Also, if they would look at gross pay or net pay, what debts they look for to calculate it, and if they include home-owner's insurance in the estimate of a monthly payment. Also, my wife and I have student loans, but they are on deferment since we are both in school. Would it make any different if we got the loan before my wife's payment became due in January? I'm not interested in doing any kind of high risk loan. I just want a strictly "safe" 20% down, 30 year mortgage.
My story is this: I'm trying to finish college. I decided that I wanted to get married young, then we had my daughter which slowed school down a lot. I had about a year before finishing, then we just found out that my wife was pregnant again, even though we took precautions against it. Now that I'm looking at having two children, I feel like I need to get out of these apartment complexes and get into a solid home that I can call my own. I understand that there are plenty of benefits to apartments, like on-site maintenance, but I'm pretty handy and the benefits are losing their value. I've looked around at several houses in the area and found some relatively cheap houses on the market that would fit my wife's and my tastes. I have access to enough money for a 20% down payment for most of these houses. My biggest worry about affording a house would be the closing and other associated costs. Bank of America offers a no-closing-cost loan, but I feel like they might have such a high interest rate that it wouldn't even be worth it. Does anyone have any experience with this loan or something else similar?
Open Question: If the concept of Adjustable Rate Mortgage was never thought of, would America be in this mess?
seems like people with bad credit who got loans where still able to make their payments, but things went bad when rates went up?
would America be in the mess we are in if these people with bad credit where just given Fixed Rates initially?
Open Question: Who is to blame, people with bad credit, or adjustable rates?
as i see it, giving loans to people with bad credit is no the cause of the problem, because these people with bad credit were able to their mortgages.
seems like everything went bad with rates started to go up. so is who or what to blame the person or company who came up with "adjustable rate loans"?
why not just give people with bad credit fixed rates, because they seem to be able to pay a fixed amount just fine, or have rent to own agreements?
as i see it, giving loans to people with bad credit is no the cause of the problem, because these people with bad credit were able to pay their mortgages.
Resolved Question: Could the Financial Crisis be addressed another way.?
http://blog.360.yahoo.com/blog-zsvYAyk2erRtpRpSG9A37lWX7LQH;_ylt=AgP7Dry6NoetIUiXz664g_OqAOJ3
I submit to you that the "hired help" just signed the first shots of a real class war! This class war is now an open established fact. There were several alternatives to handing Wall Street 750 Billion tax dollars. We could have taken all mortgages worth less than $250,000. paid off half each mortgage and adjusted payments and interest rates accordingly and eliminated the problem with out giving the Billionaires a dime of taxpayers money. We also could have frozen all credit card accounts. Every one would have to pay all balances that they have as of this date. All interest rates would have dropped to 5% and all Cards would be useless. Both plans would have freed up billions of liquidity Problem solved in a manner that would have helped Main Street America.
Pleas read all of the blog BEFORE you post your answer.
Resolved Question: Will the "Bailout" bill cause mortgage interest rates to go up or down?
Open Question: Who is to blame for the economic crisis? I keep hearing Lars Larson and Sean Hannity etc., blaming Democrats ?
and home buyers who took out sub prime mortgages. It seems to me if lenders didn't charge such hefty interest rates these buyers, they could make have made their mortgage payments. I heard Greenspan say at one time that having a certain amount of these types of loans was a good thing for the economy, like having a certain amount of unemployment was a good thing. So, was it really the bad decision making of prospective home buyers who caused all this?
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