Really need help with the finance problem below please:
You have just purchased a new warehouse. To finance the purchase, you've arranged for a 35-year mortgage loan for 85 percent of the $3,350,000 purchase price. The monthly payment on this loan will be $16,800.
What is the APR?
Thanks
Read more: How to find APR given PV and monthly payment?
Friday, March 28, 2014
Monday, March 24, 2014
Jeffrey earned a gross income of $51,280 last year. He made $1,746.83 in student loan what am i doing wrong?
Jeffrey earned a gross income of $51,280 last year. He made $1,746.83 in student loan interest deductions, donated $2,914 to his favorite charities and paid $3,941.47 in home mortgage interest. Jeffrey claims a standard deduction of $11,400 for himself and his non-working spouse. If their exemption is $7,300, what is their taxable income?
26,891.70 <-----------
$23,977.70
$35,377.70
$30,833.17
Earl purchased a living room set for $3,592 using a 12-month deferred payment plan. The interest rate after the introductory period is 21.80%. A down payment of $275 is required as well as a minimum monthly payment of $112. What is the balance after the introductory period if only the minimum payment is made until then?
$4,004.92
$2,839.23
$4,116.92
$2,772.92
Read more: Jeffrey earned a gross income of $51,280 last year. He made $1,746.83 in student loan what am i doing wrong?
26,891.70 <-----------
$23,977.70
$35,377.70
$30,833.17
Earl purchased a living room set for $3,592 using a 12-month deferred payment plan. The interest rate after the introductory period is 21.80%. A down payment of $275 is required as well as a minimum monthly payment of $112. What is the balance after the introductory period if only the minimum payment is made until then?
$4,004.92
$2,839.23
$4,116.92
$2,772.92
Read more: Jeffrey earned a gross income of $51,280 last year. He made $1,746.83 in student loan what am i doing wrong?
Saturday, March 22, 2014
Adv. Algebra w/ Financial Applications?
Drew is purchasing a home for $452,000. He makes a 20% down payment and obtains a 30-year fixed rate mortgage loan at 6% annual interest. His monthly payments are $2,167.98. He pays an intangible tax of 0.2%. Which of the following is the total cost of principal, interest, down payment, and intangible tax?
a.$780,472.80
b.$781,196.00
c.$871,596.00
d.$871,776.80
Read more: Adv. Algebra w/ Financial Applications?
a.$780,472.80
b.$781,196.00
c.$871,596.00
d.$871,776.80
Read more: Adv. Algebra w/ Financial Applications?
At the balance sheet date, a business owes a five-year mortgage note payable of $480,000?
At the balance sheet date, a business owes a five-year mortgage note payable of $480,000, the terms of which provide for monthly payments of $8,000. Explain how the liability should be classified on the balance sheet.
Read more: At the balance sheet date, a business owes a five-year mortgage note payable of $480,000?
Read more: At the balance sheet date, a business owes a five-year mortgage note payable of $480,000?
Wednesday, March 19, 2014
How to stop a 2nd smaller mortgage from foreclosing?
A small 2nd mortgage is over due by 8 years and I thought there was a lien for it on the property, so when I sell it gets paid. Now they posted that they are foreclosing even though Im paid up to date on the first. Can they sell my property or are they selling the loan. Its not clear what they are selling (my home or the loan?)? THis is the 2nd not the first? Anyone know whats going on?
Added (1). There is already a lien on the house for the 2nd so how can they foreclose? Can they change their minds like that?
Read more: How to stop a 2nd smaller mortgage from foreclosing?
Added (1). There is already a lien on the house for the 2nd so how can they foreclose? Can they change their minds like that?
Read more: How to stop a 2nd smaller mortgage from foreclosing?
Do student loans help build credit?
Hi I've been paying my student loan payments on time since 2008, I have a loan from The Dep of Education, Federal student loan, and private loan all through Sallie Mae, I havent checked my credit score but I have a Bank Of America checking/savings acc, I deposit money every two week and have 20,000 saved, and I keep receiving Credit card and mortgage offers because they say I have "excellent credit". Do these loans help build credit? I wanna buy a house.
Read more: Do student loans help build credit?
Read more: Do student loans help build credit?
If mortgage payment is 400 a month at 3%, how much will monthly payment be when it goes up to 5%?
also, should i remortgage and try get it back to 3% again after 3 years?
Read more: If mortgage payment is 400 a month at 3%, how much will monthly payment be when it goes up to 5%?
Read more: If mortgage payment is 400 a month at 3%, how much will monthly payment be when it goes up to 5%?
Tuesday, March 18, 2014
What is the theme of this poem?
To sir john lade, on his coming of age
Here is the poem:
Long-expected one and twenty
Lingering year at last is flown
Pomp and pleasure, pride and plenty
Great Sir John, are all your own.
Loosened from the minor's tether,
Free to mortgage or to sell,
Wild as wind, and light as feather,
Bid the slaves of thrift farewell.
Call the Bettys, Kates, and Jennys,
Every name that laughs at care,
Lavish of your grandsire's guineas,
Show the spirit of an heir.
All that prey on vice and folly
Joy to see their quarry fly,
Here the gamester light and jolly,
There the lender grave and sly.
Wealth, Sir John, was made to wander,
Let it wander as it will;
See the jockey, see the pander,
Bid them come, and take their fill.
When the bonny blade carouses,
Pockets full, and spirits high,
What are acres? What are houses?
Only dirt, or wet or dry.
If the guardian or the mother
Tell the woes of wilful waste,
Scorn their counsel and their pother
You can hang or drown at last.
Read more: What is the theme of this poem?
Here is the poem:
Long-expected one and twenty
Lingering year at last is flown
Pomp and pleasure, pride and plenty
Great Sir John, are all your own.
Loosened from the minor's tether,
Free to mortgage or to sell,
Wild as wind, and light as feather,
Bid the slaves of thrift farewell.
Call the Bettys, Kates, and Jennys,
Every name that laughs at care,
Lavish of your grandsire's guineas,
Show the spirit of an heir.
All that prey on vice and folly
Joy to see their quarry fly,
Here the gamester light and jolly,
There the lender grave and sly.
Wealth, Sir John, was made to wander,
Let it wander as it will;
See the jockey, see the pander,
Bid them come, and take their fill.
When the bonny blade carouses,
Pockets full, and spirits high,
What are acres? What are houses?
Only dirt, or wet or dry.
If the guardian or the mother
Tell the woes of wilful waste,
Scorn their counsel and their pother
You can hang or drown at last.
Read more: What is the theme of this poem?
House mortgage payment help?
Find the total monthly payments on a $40,000 house, if the down payment was $10,000, the monthly mortgage payment on $1000 is $13, insurance is $5 per $1000, and property tax is $35 per $1000.
What is the yearly insurance?
what is the yearly property tax?
what is the monthly payment mortgage?
what is the monthly insurance?
what is the monthly insurance tax?
what is the total monthly payment?
Read more: House mortgage payment help?
What is the yearly insurance?
what is the yearly property tax?
what is the monthly payment mortgage?
what is the monthly insurance?
what is the monthly insurance tax?
what is the total monthly payment?
Read more: House mortgage payment help?
FLORIDA ONLY! Tax Deed auctions and probate issues?
The premise:
1. Property is up for tax deed auction soon here in Florida.
2. There are no mortgages or liens on the property other than a code enforcement lien.
3. The elderly owner is DECEASED.
4. Latest title owner as it appears on latest assessment roll is the deceased owner C/O a Power of Attorney person with same last name.
The question:
1. If the tax certificate does not get redeemed by the time it hits the auction block and it is sold, will there be any probate issues with the property ownership transfer from the deceased owner AND POA or acquiring a marketable title after 4 years?
2. Will the code enforcement liens wipe clean?
Read more: FLORIDA ONLY! Tax Deed auctions and probate issues?
1. Property is up for tax deed auction soon here in Florida.
2. There are no mortgages or liens on the property other than a code enforcement lien.
3. The elderly owner is DECEASED.
4. Latest title owner as it appears on latest assessment roll is the deceased owner C/O a Power of Attorney person with same last name.
The question:
1. If the tax certificate does not get redeemed by the time it hits the auction block and it is sold, will there be any probate issues with the property ownership transfer from the deceased owner AND POA or acquiring a marketable title after 4 years?
2. Will the code enforcement liens wipe clean?
Read more: FLORIDA ONLY! Tax Deed auctions and probate issues?
How to iliminate mortgage insurance?
I pay $311 a onth in mortgage insurance becuse I didnt put down 20%. Is there a secrect program that can help me get rid of the mortgage nsurance?
please help any and all information will be appreciated
thanks
Added (1). please excuse the typo! ELIMINATE! I am sure most of you understood and wernt offended by it
thanks for the answers they were great!When I say "secret" I mean like something I dont know about. I know there are a lot of forgivness programs and people who cant afford to pay their mortgage get assistance so I thought there may be something out there I was missing.
Havent owned the house for a year yet and I did know about the PMI but just hoping
thanks agian:)
Read more: How to iliminate mortgage insurance?
please help any and all information will be appreciated
thanks
Added (1). please excuse the typo! ELIMINATE! I am sure most of you understood and wernt offended by it
thanks for the answers they were great!When I say "secret" I mean like something I dont know about. I know there are a lot of forgivness programs and people who cant afford to pay their mortgage get assistance so I thought there may be something out there I was missing.
Havent owned the house for a year yet and I did know about the PMI but just hoping
thanks agian:)
Read more: How to iliminate mortgage insurance?
HomeSafe program payed my mortgage while i was unemployed. Should i file it as earning on my taxes?
should I file program assistant payment for my mortgage payment as earnings on my taxes?
/
Read more: HomeSafe program payed my mortgage while i was unemployed. Should i file it as earning on my taxes?
/
Read more: HomeSafe program payed my mortgage while i was unemployed. Should i file it as earning on my taxes?
My mortgage company hasn't sent me a 1098, but?
I've called my mortgage company, and have requested they send me the 1098 form, but I still haven't received it. But when I call, the automatic options gave me the information I need from that form, Interest paid, and taxes paid. So do I really need to wait for the 1098 form?
Read more: My mortgage company hasn't sent me a 1098, but?
Read more: My mortgage company hasn't sent me a 1098, but?
Buying a Hud home with a 203K can we also use any first time home buyer assistance?
I am purchasing a HUD home that is uninsurable and requires a 203K loan. My husband and I are also first time home buyers who thought we saved enough money to buy a home but when it's all said and done will be about 5 thousand dollars short. My lender is stating that we cannot use any first time home buyer assistance programs or the "Mortgage Credit Certificate" program because something about her company does not actually hold the loans and if something were to go wrong they would be left "holding the bag"
Are there any mortgage companies out there that would allow us to have a 203K loan and use any of the first time home buyer assistance programs or is this just a lost cause? Any information will surely be appreciated.
Thank you
Read more: Buying a Hud home with a 203K can we also use any first time home buyer assistance?
Are there any mortgage companies out there that would allow us to have a 203K loan and use any of the first time home buyer assistance programs or is this just a lost cause? Any information will surely be appreciated.
Thank you
Read more: Buying a Hud home with a 203K can we also use any first time home buyer assistance?
Im self-employed, can I write off my mortgage interest?
I hear about the benefits of owning is you can write off the mortgage. With me self emplyed and NOT using my home for business, can I also write it off? Same with property taxes?
Read more: Im self-employed, can I write off my mortgage interest?
Read more: Im self-employed, can I write off my mortgage interest?
In a mortgage does the primary borrower have more rights than the co-borrower?
In October 2012 our house caught fire. My husband, the primary borrower listed on the account is incarcerated and has been since 2009. I as the "co-borrower" has been making the mortgage payment. We have had the mortgage since 2003. A special escrow account was created to pay the contractors.
My husband has been uncooperative, to say the least with the house fire. He wouldn't sign checks, he wouldn't allow his POA to do so either. I had been POA, which he revoked an gave to his Mother. I finally filed for divorce in 2013 to force his cooperation.
Today I contacted our mortgage holder to find out when the checks to the contractor would be released. I was told that my incarcerated husband sent a letter in January, instructing the Bank not release any funds from the special escrow account except from a court order or if his divorce attorney gave instructions to do so. The bank says they are following these instructions.
I asked if they had anything else but his instructions, such as a court order. I was told no but because he is the primary borrower and I the co-borrower, the bank does what he says.
Basically, I was told because he is listed first on the mortgage, he is considered the primary borrower and has more rights and say-so than me, the co borrower, despite the fact I have been paying on this mortgage by myself, out of my checking account.
Added (1). yes, I have a lawyer and she is researching it. I am asking if anyone knows if my husband has more rights as the primary borrower than I as the co-borrower as far as giving the mortgage holder instructions. This is exactly what US Bank told me.
Read more: In a mortgage does the primary borrower have more rights than the co-borrower?
My husband has been uncooperative, to say the least with the house fire. He wouldn't sign checks, he wouldn't allow his POA to do so either. I had been POA, which he revoked an gave to his Mother. I finally filed for divorce in 2013 to force his cooperation.
Today I contacted our mortgage holder to find out when the checks to the contractor would be released. I was told that my incarcerated husband sent a letter in January, instructing the Bank not release any funds from the special escrow account except from a court order or if his divorce attorney gave instructions to do so. The bank says they are following these instructions.
I asked if they had anything else but his instructions, such as a court order. I was told no but because he is the primary borrower and I the co-borrower, the bank does what he says.
Basically, I was told because he is listed first on the mortgage, he is considered the primary borrower and has more rights and say-so than me, the co borrower, despite the fact I have been paying on this mortgage by myself, out of my checking account.
Added (1). yes, I have a lawyer and she is researching it. I am asking if anyone knows if my husband has more rights as the primary borrower than I as the co-borrower as far as giving the mortgage holder instructions. This is exactly what US Bank told me.
Read more: In a mortgage does the primary borrower have more rights than the co-borrower?
Will I be able to get a mortgage?
I'm a senior in college and I just started a job where I'm making 11.25$ an hour. Would I be able to get a house with mortgage even though I just started working?
Read more: Will I be able to get a mortgage?
Read more: Will I be able to get a mortgage?
Monday, March 17, 2014
The irs took my refund because i filed bankruptcy?
Okay, a few years ago the IRS took my now husbands refund because he filed bankruptcy. He was going through a divorce and his X stopped paying on the mortgage of the house and racked up the credit cards. When he had his taxes done it he was supposed to get about 8400 back. He did not get any of that back except for 1300 (childcare/daycare). A year or two later he got a letter in the mail stating the refund was wrong and he had to repay the 8400. Turns out the lady who did his taxes messed them all up. We did a amended return and the difference was about 3200.
We are still being charged to pay back this return that we never received to begin with.
My question is should we still have to pay back the refund that we never received?
Thanks for all of your help
Added (1). I believe that is what the trustee did without our knowledge.
Christopher,
We were under the impression that he was supposed to get the 8400 back. It was mostly all taken from the trustee(I believe). Then we later found out the lady who did his taxes messed them up. So instead of "getting back the 8400" we should have only gotten about 5200. Which I what they are wanting us to pay back.
Read more: The irs took my refund because i filed bankruptcy?
We are still being charged to pay back this return that we never received to begin with.
My question is should we still have to pay back the refund that we never received?
Thanks for all of your help
Added (1). I believe that is what the trustee did without our knowledge.
Christopher,
We were under the impression that he was supposed to get the 8400 back. It was mostly all taken from the trustee(I believe). Then we later found out the lady who did his taxes messed them up. So instead of "getting back the 8400" we should have only gotten about 5200. Which I what they are wanting us to pay back.
Read more: The irs took my refund because i filed bankruptcy?
How long does my mortgage holder have to get an interest paid statement (1098) to me?
I still do not have my statement even after asking for it weeks ago. What are the laws around this and what recourse do I have?
Read more: How long does my mortgage holder have to get an interest paid statement (1098) to me?
Read more: How long does my mortgage holder have to get an interest paid statement (1098) to me?
Does this count as a rental property?
I am in London, Ontario, Canada.
I have bought a house for my parents to live in. They will be paying their own bills and property taxes, and will be making a small contribution to the mortgage (enough to cover the mortgage interest).
The city has asked me if this is a rental unit, in which case I'll have to get a Residential Rental Unit Licence and pay for inspections etc.
Does it count as a rental unit in this situation?
Read more: Does this count as a rental property?
I have bought a house for my parents to live in. They will be paying their own bills and property taxes, and will be making a small contribution to the mortgage (enough to cover the mortgage interest).
The city has asked me if this is a rental unit, in which case I'll have to get a Residential Rental Unit Licence and pay for inspections etc.
Does it count as a rental unit in this situation?
Read more: Does this count as a rental property?
So of my one time year bonus?
I saved a little less than half of it and paid two extra mortgage payments. At this point I would like to take about $1k toward a short vacation. And this would still about $1k as well…so should I?or should I be saving more…I want to live albeit responsibly…yes I do live paycheck to pay otherwise…what would suze orman tell me…lol?
Read more: So of my one time year bonus?
Read more: So of my one time year bonus?
Will o get a check once I pay off my mortgage for the escrow?
Will o get a check once I pay off my mortgage for the escrow?
Read more: Will o get a check once I pay off my mortgage for the escrow?
Read more: Will o get a check once I pay off my mortgage for the escrow?
What to do about a toxic parent relationship?
Growing up my dad was very verbally abusive. On drugs from when I was 4-27. He almost tried molesting me when I was 9 when he was high. My mom used to make me hide money and valuables from my dad because he would sell our toys and valuables for his habits. He cheated on my mom numerous times, once with my "best friend" and at 58 he is still hitting on my friends. He kicked me out today with my daughter after I have been helping him pay his mortgage for the past 4 years since my mother died. He is putting things in my daughter's head, he's telling her I am mean and that I am crazy. Should I completely remove him from our lives? What would you do in my situation? Ever had a toxic parent relationship? Should I forgive him once more?
Read more: What to do about a toxic parent relationship?
Read more: What to do about a toxic parent relationship?
British Naturalisation For EEA Citizens?
Hi everyone,
Just wondering if anyone could help me out with this, i read on the UK Border Agency site that when applying for British Naturalisation, one need to provide evidence of five years continuous live in the UK as an Eurpean citizen,
My first question: what evidence they mean?
are they Utility bills such as gas,electric, telephone/mobile bills?
or Mortgage contract
or council tax bills
or bank statments,
my second question is do i need to apply for permanent resident document before that, on the application form it say it is not certifying for EEA to apply for?
I currently hold Eurpean nationality( Dutch ) , living and working in the UK for 5 years and 4months
Many thanks
Read more: British Naturalisation For EEA Citizens?
Just wondering if anyone could help me out with this, i read on the UK Border Agency site that when applying for British Naturalisation, one need to provide evidence of five years continuous live in the UK as an Eurpean citizen,
My first question: what evidence they mean?
are they Utility bills such as gas,electric, telephone/mobile bills?
or Mortgage contract
or council tax bills
or bank statments,
my second question is do i need to apply for permanent resident document before that, on the application form it say it is not certifying for EEA to apply for?
I currently hold Eurpean nationality( Dutch ) , living and working in the UK for 5 years and 4months
Many thanks
Read more: British Naturalisation For EEA Citizens?
Programs that will help pay rent?
My fiancé and I both got laid off out jobs last year (same company) due to a massive lay off. The company is now closed. We've both been putting in applications everywhere and it seems no one will give us a chance. We both have great work experience in the mortgage business and other job descriptions. Anyways, our unemployment ran out and we've used up our income money on rent and bills. If you don't know they haven't had uneployment extensions since dec. 28 '13. We have no idea how we are going to pay our next months rent, due on the 1st of March ($600 short). Does anyone know of any programs that will help? We can't pull out a loan because were both unemployed I assume.
Read more: Programs that will help pay rent?
Read more: Programs that will help pay rent?
If everything is haram then we all will got to hell?
my husband keeps telling me that whatever I do and whatever I say is haram and that I shouldn't do these things so I saw on internet what is haram in Islam and if it is true then everyone will go to hell. On the internet it said:
1. It is haram to steal an egg
2. It is haram to watch television
3. It is haram to buy a mortgage to get a house for your family
4. It is haram to listen to music
5. It is haram to see a movie
6. It is haram to rescue girls that are burning in fire if they do not have hijabs on
7. It is haram to talk to much (or to the opposite gender)
8. It is haram to curse
9. It is haram to look in to the mirror at night
10. Eating with knife and fork
etc…
If even breathing is haram then everyone will go to hell and personally I don't care anymore and because everyone in my family say it to me I intend to live my life to the full then when I go to hell Satan can do whatever he wants to me!
(sorry it REALLY pisses me off when people say that this that and the other is haram - just live your life and then if you go to heaven great and if you don't at least you tried)
So what do you think if nearly everything is haram will everyone go to hell or not
Added (1). I am a Muslim but I don't read the Qur'an or pray because I think people who do that are hypocrites because they pray and then they go out and gossip and curse people. So long as I have Allah in my heart I don't care about anything because to me life isn't about how many times you can be on a prayer mat but its about love and hope and friendship and helping others.
If you want to see some more haram things then hear is the site with a full haram list
http://orbala.blogspot.co.uk/2012/05/things-that-are-forbidden-in-islam.html
Added (2). i don't read Qur'an or pray because its hypocritical - i never said i was a hypocrite i said that people who pray and read the Qur'an are hypocrites that's why i don't do that!
Added (3). personally I have started believing now that atheists are right but I know I'm not an atheist because I believe in Allah and personally I think its the people who make the religion bad as well.
Read more: If everything is haram then we all will got to hell?
1. It is haram to steal an egg
2. It is haram to watch television
3. It is haram to buy a mortgage to get a house for your family
4. It is haram to listen to music
5. It is haram to see a movie
6. It is haram to rescue girls that are burning in fire if they do not have hijabs on
7. It is haram to talk to much (or to the opposite gender)
8. It is haram to curse
9. It is haram to look in to the mirror at night
10. Eating with knife and fork
etc…
If even breathing is haram then everyone will go to hell and personally I don't care anymore and because everyone in my family say it to me I intend to live my life to the full then when I go to hell Satan can do whatever he wants to me!
(sorry it REALLY pisses me off when people say that this that and the other is haram - just live your life and then if you go to heaven great and if you don't at least you tried)
So what do you think if nearly everything is haram will everyone go to hell or not
Added (1). I am a Muslim but I don't read the Qur'an or pray because I think people who do that are hypocrites because they pray and then they go out and gossip and curse people. So long as I have Allah in my heart I don't care about anything because to me life isn't about how many times you can be on a prayer mat but its about love and hope and friendship and helping others.
If you want to see some more haram things then hear is the site with a full haram list
http://orbala.blogspot.co.uk/2012/05/things-that-are-forbidden-in-islam.html
Added (2). i don't read Qur'an or pray because its hypocritical - i never said i was a hypocrite i said that people who pray and read the Qur'an are hypocrites that's why i don't do that!
Added (3). personally I have started believing now that atheists are right but I know I'm not an atheist because I believe in Allah and personally I think its the people who make the religion bad as well.
Read more: If everything is haram then we all will got to hell?
What does a mortgage mean to you?
I believe a mortgage does not mean you own your house, condo, land, it's really more like renting to buy. What's your take on a mortgage? Do you really own it even if your paying on it for 15 to 30 years?
Added (1). Rent to own*… Don't you own something when it's paid in full?
Read more: What does a mortgage mean to you?
Added (1). Rent to own*… Don't you own something when it's paid in full?
Read more: What does a mortgage mean to you?
Sunday, March 16, 2014
Contribute to Roth or 457, on top of pension?
I work for the government, and I will be able to retire at 50 with 3% per year worked (max 90%). I will probably work until 53, which will give me 27 years at 3% (81%). At 27 years you make about the same thing you do working as you would collecting retirement, since you do not have the added deductions. Using the current top out salary, that would be around around $60,000 per year in pension. I'm 32 and have another 21 years until my retirement (18 years minimum, 78%, $54,000).
I also have a 457 retirement that I'm funding, that I can start withdrawing from at 50. I know a Roth can only be accessed at 59 1/2, unless you meet certain requirements. The age in which you can withdrawal is why I'm apprehensive about opening a Roth IRA. I'm looking at contributing $10,000 - $15,000 per year towards retirement starting next year, and $5-8,000 this year.
My questions are,
- Should I increase my contribution to my 457 or open a Roth IRA?
- If I open a Roth. Max out Roth, and then contribute to 457?
- Keep money in a savings account?
- When I retire, what would be the best retirement option for avoiding paying massive taxes?
Other info, I have 0 credit card debt, and my vehicle will be made off by the end of this year (Owe $8,000). I also plan to have my mortgage paid off within 7-8 years vs 25 years (Owe $117,000).
Considering the issues with government retirements and the possibility of losing my retirement or changes in the retirement percentage, I want to have a backup plan in case something happens to mine.
Thanks for your help.
Read more: Contribute to Roth or 457, on top of pension?
I also have a 457 retirement that I'm funding, that I can start withdrawing from at 50. I know a Roth can only be accessed at 59 1/2, unless you meet certain requirements. The age in which you can withdrawal is why I'm apprehensive about opening a Roth IRA. I'm looking at contributing $10,000 - $15,000 per year towards retirement starting next year, and $5-8,000 this year.
My questions are,
- Should I increase my contribution to my 457 or open a Roth IRA?
- If I open a Roth. Max out Roth, and then contribute to 457?
- Keep money in a savings account?
- When I retire, what would be the best retirement option for avoiding paying massive taxes?
Other info, I have 0 credit card debt, and my vehicle will be made off by the end of this year (Owe $8,000). I also plan to have my mortgage paid off within 7-8 years vs 25 years (Owe $117,000).
Considering the issues with government retirements and the possibility of losing my retirement or changes in the retirement percentage, I want to have a backup plan in case something happens to mine.
Thanks for your help.
Read more: Contribute to Roth or 457, on top of pension?
When to give your house back?
Last Summer my wife and I moved out of state for a new job. Our house has been for sale in Texas since last May, but very few people are looking at it. I'd say someone looks at it about once every two months…and it's not just us. The whole town's housing market is really slow. Additionally, my mortgage company screwed up on our escrow causing our house payment to jump $300 a month.
We've yet to miss a payment. In fact, while money is tight, we haven't missed any bills.
That said, my car has 170,000 miles on it and has been having issues. I've spent more than $1,500 in the past 4 months keeping it running. We can't afford a new car or even a decent used one.
Additionally, we've racked up some debt in the last 9 months.
I really don't know what to do. I'm hoping that with summer coming up, things will pick up. But we thought that last summer as well. We've literally cut out everything we can…meaning we don't eat out, we don't have cable, we don't rent movies or take the kids anywhere that costs money. We basically spend our time at the library and home.
At some point, we have to consider the option of giving the home back. We aren;t able to save any money for our retirement, kids college, emergency funds, etc. We don't have a lot of equity in the home, so we won't be losing much. But, as a person with a credit score of 800, it kills me to even think about it.
Any advice?
Read more: When to give your house back?
We've yet to miss a payment. In fact, while money is tight, we haven't missed any bills.
That said, my car has 170,000 miles on it and has been having issues. I've spent more than $1,500 in the past 4 months keeping it running. We can't afford a new car or even a decent used one.
Additionally, we've racked up some debt in the last 9 months.
I really don't know what to do. I'm hoping that with summer coming up, things will pick up. But we thought that last summer as well. We've literally cut out everything we can…meaning we don't eat out, we don't have cable, we don't rent movies or take the kids anywhere that costs money. We basically spend our time at the library and home.
At some point, we have to consider the option of giving the home back. We aren;t able to save any money for our retirement, kids college, emergency funds, etc. We don't have a lot of equity in the home, so we won't be losing much. But, as a person with a credit score of 800, it kills me to even think about it.
Any advice?
Read more: When to give your house back?
UK only. Does FLIPPER Hazel Blears have any street cred left to help form the next Liebour govt?
Has everyone forgotten about how she flipped her houses and mortgages in order to CON the general public out of thousands of pound, claiming expenses she was never entitled to?
Read more: UK only. Does FLIPPER Hazel Blears have any street cred left to help form the next Liebour govt?
Read more: UK only. Does FLIPPER Hazel Blears have any street cred left to help form the next Liebour govt?
UK ONLY! Why is austerity so bad?
My personal debts have never been better, as I spring cleaned all my finances in 2008 when things started to get tough, I consolidated my credit card and overdraft, and now don't owe anything to anyone apart from a bit on my mortgage. My bills are less now than they they were 4-5 years ago as I switched insurance companies for car and house, switched energy providers twice paying less for my electricity than 5 years ago, my council tax is frozen and has been hardly increasing for years now, and although I haven't had a pay rise for 2 years, been able to afford holidays more than I used to. Mortgage almost paid off, final salary pension scheme building nicely. I am not rich, far from it, but Osbourne's policy has not hurt me one iota.
Yes, I noticed that council services got worse, yes I noticed NHS trusts get into debt, yes I noticed thousands of potholes in roads not getting filled, yes I noticed cutbacks to police, fire and ambulance services, so I know that austerity isn't all good. Disagree with food banks, when we are sending more than a billion £ every month in foriegn aid and more than 2 billion £ a month subs to the EU!
But, what the heck are people dribbling on about, whineing about austerity at every opportunity? Socalled bedroom tax, wth it is NOT a tax at all. What did they do to put their OWN finances in order?
Life is good… Watch Ed NoBalls spoil it when he gets to be chancellor and does the old Labour trick of giving it all away again.
Added (1). Yes Antst, I tried to give a 'balanced view' from my own perspective. I tried to show the good and bad in a frank way. Just trying to get my head around all the moaning and whineing about it all, when it seems many people didn't try to help themselves (when they could have done) during a serious cutback that they knew was gonna happen. So there!
Added (2). @Antst. I have 'clearly' described what I did to ensure my finances stayed on track and in the black. My question sits amongst the text I wrote implying why others cannot seem to help themselves like I did, but would sooner do nothing but whinge moan and stuff McDonalds and KFC down themselves instead of staying employed, working hard, coordinating their finances and 'living within their means'. Instead of turning it into some kind of a personal attack like so many do on here, TRY ANSWERING the Q.
Read more: UK ONLY! Why is austerity so bad?
Yes, I noticed that council services got worse, yes I noticed NHS trusts get into debt, yes I noticed thousands of potholes in roads not getting filled, yes I noticed cutbacks to police, fire and ambulance services, so I know that austerity isn't all good. Disagree with food banks, when we are sending more than a billion £ every month in foriegn aid and more than 2 billion £ a month subs to the EU!
But, what the heck are people dribbling on about, whineing about austerity at every opportunity? Socalled bedroom tax, wth it is NOT a tax at all. What did they do to put their OWN finances in order?
Life is good… Watch Ed NoBalls spoil it when he gets to be chancellor and does the old Labour trick of giving it all away again.
Added (1). Yes Antst, I tried to give a 'balanced view' from my own perspective. I tried to show the good and bad in a frank way. Just trying to get my head around all the moaning and whineing about it all, when it seems many people didn't try to help themselves (when they could have done) during a serious cutback that they knew was gonna happen. So there!
Added (2). @Antst. I have 'clearly' described what I did to ensure my finances stayed on track and in the black. My question sits amongst the text I wrote implying why others cannot seem to help themselves like I did, but would sooner do nothing but whinge moan and stuff McDonalds and KFC down themselves instead of staying employed, working hard, coordinating their finances and 'living within their means'. Instead of turning it into some kind of a personal attack like so many do on here, TRY ANSWERING the Q.
Read more: UK ONLY! Why is austerity so bad?
How exactly does getting a construction loan to build a house work?
We've been pre-approved for 450K for a regular mortgage and we already have land, so we were thinking of just building on that. Are they given by normal banks like regular mortgages are? Will we get the same loan amount we would get if we were buying an existing house? What would building a typical 2,000 sqfeet house in massachusetts cost to build?
Read more: How exactly does getting a construction loan to build a house work?
Read more: How exactly does getting a construction loan to build a house work?
Currys Buy Now Pay Later Credit?
Hi there asking on behalf of a friend who is 47.
In the past he has had bad credit history in the last 6 years defaulting and had to remortgage don't know the full ins and outs. However over the last 2 years credit has been fantastic with over £100 a month in phone contracts being paid on time, contracts with Internet, Sky TV etc always being paid on time with no issues.
What are the chances of getting accepted for interest free for six months on an Xbox One in Currys?
Read more: Currys Buy Now Pay Later Credit?
In the past he has had bad credit history in the last 6 years defaulting and had to remortgage don't know the full ins and outs. However over the last 2 years credit has been fantastic with over £100 a month in phone contracts being paid on time, contracts with Internet, Sky TV etc always being paid on time with no issues.
What are the chances of getting accepted for interest free for six months on an Xbox One in Currys?
Read more: Currys Buy Now Pay Later Credit?
Living costs in birmingham uk?
hi im looking to buy a 2 bed flat. Am i accurate with theese estimates?
so. Ive worked out that i need to borrow 60000. As ive 40000 deposit
with barclays, thats around 300-350 a month repayments
its a 2 bed flat with 2 people living there
so monthly
mortgage 300
council tax 100
water 20
elec 70
gas 50
broadband 20
tv lic 12
food 250
service/ground rent 120
meaning costs of 942
paying half each 471 (the person with me is my other half)
round that up to 500
im payed 1100 shes payed 800-900 a month
is this realistic?
Read more: Living costs in birmingham uk?
so. Ive worked out that i need to borrow 60000. As ive 40000 deposit
with barclays, thats around 300-350 a month repayments
its a 2 bed flat with 2 people living there
so monthly
mortgage 300
council tax 100
water 20
elec 70
gas 50
broadband 20
tv lic 12
food 250
service/ground rent 120
meaning costs of 942
paying half each 471 (the person with me is my other half)
round that up to 500
im payed 1100 shes payed 800-900 a month
is this realistic?
Read more: Living costs in birmingham uk?
My husband is working way too much I cant deal with it any longer?
Between my husband and I we make 125,000
Annualy. We have two kids, a 6 year old and a 8 month old. About 4 months ago he began to take weekend shifts and staying late at work. Its not like we need the extra money its nice to have it but we do not need it. I am very frugal with our money and the only debts we have is a 200.00 car payment and an 800.00 mortgage. When he is home all he does is sleep and does not help with the kids at all.
We never get out and he never wants to do anything with the kids. His job is not forcing him to take extra shifts. I am so angry at him all the time and I am ready to have a conversation with him. If he is not here being a parent then should I be a single parent instead? The transition would not be harsh since im the one taking care of everything already. Please help? What do you guys think?
We have been married for 8 years and never been so angry at him like this.
Read more: My husband is working way too much I cant deal with it any longer?
Annualy. We have two kids, a 6 year old and a 8 month old. About 4 months ago he began to take weekend shifts and staying late at work. Its not like we need the extra money its nice to have it but we do not need it. I am very frugal with our money and the only debts we have is a 200.00 car payment and an 800.00 mortgage. When he is home all he does is sleep and does not help with the kids at all.
We never get out and he never wants to do anything with the kids. His job is not forcing him to take extra shifts. I am so angry at him all the time and I am ready to have a conversation with him. If he is not here being a parent then should I be a single parent instead? The transition would not be harsh since im the one taking care of everything already. Please help? What do you guys think?
We have been married for 8 years and never been so angry at him like this.
Read more: My husband is working way too much I cant deal with it any longer?
Is it true when Economy in Europe struggles they turn to racism?
An men who does radio said this, and it does seem true because now the economy in Britain is bad 'immigration' seems to be the obsession now, not that it isn't an issue because it is and its effecting the country citizens.
But why blame vulnerable people, why not look to those in power making all the decisions, even in the 1960 when the West Indians and other Migrate workers came over, Native citizens turned against them because they found it easier to purchase houses and mortgages but they never to those who actually caused the problem.
Added (1). Good point to the first answer, and 2nd answer your right sadly people in poverty are not educated so they thrive on ignorance that the propaganda media that has been sold to them.
Read more: Is it true when Economy in Europe struggles they turn to racism?
But why blame vulnerable people, why not look to those in power making all the decisions, even in the 1960 when the West Indians and other Migrate workers came over, Native citizens turned against them because they found it easier to purchase houses and mortgages but they never to those who actually caused the problem.
Added (1). Good point to the first answer, and 2nd answer your right sadly people in poverty are not educated so they thrive on ignorance that the propaganda media that has been sold to them.
Read more: Is it true when Economy in Europe struggles they turn to racism?
What are journal entries to accrue mortgage note payment?
If you pay the mortgage on the 1st, and accrue on the 31st, what are the accrual entries for the general journal?
My regular payment entries look like this:
(Dr)Interest Expense - Mortgage 1,594.50
(Dr)Mortgage Note Payable 1,105.84
(Dr)Mortgage Tax Expense 500.00
(Dr)Mortgage Insurance Expense 250.00
(Cr)Cash 3,450.34
So far, my accrual entry looks like this:
(Dr)Interest Expense - Mortgage 1,594.50
(Dr)Mortgage Note Payable 1,105.84
(Dr)Mortgage Tax Expense 500.00
(Dr)Mortgage Insurance Expense 250.00
(Cr)Interest Expense - Mortgage 1,594.50
(Cr)Mortgage Note Payable 1,105.84
(Cr)Mortgage Tax Expense 500.00
(Cr)Mortgage Insurance Expense 250.00
My issue is that I have a "Mortgage Note Payable" in the debits and in the credits and I don't know what it should be called in the credits if it is usually a payable in the debits or if I even include it at all when accruing?
Can anyone help? Thanks!
Read more: What are journal entries to accrue mortgage note payment?
My regular payment entries look like this:
(Dr)Interest Expense - Mortgage 1,594.50
(Dr)Mortgage Note Payable 1,105.84
(Dr)Mortgage Tax Expense 500.00
(Dr)Mortgage Insurance Expense 250.00
(Cr)Cash 3,450.34
So far, my accrual entry looks like this:
(Dr)Interest Expense - Mortgage 1,594.50
(Dr)Mortgage Note Payable 1,105.84
(Dr)Mortgage Tax Expense 500.00
(Dr)Mortgage Insurance Expense 250.00
(Cr)Interest Expense - Mortgage 1,594.50
(Cr)Mortgage Note Payable 1,105.84
(Cr)Mortgage Tax Expense 500.00
(Cr)Mortgage Insurance Expense 250.00
My issue is that I have a "Mortgage Note Payable" in the debits and in the credits and I don't know what it should be called in the credits if it is usually a payable in the debits or if I even include it at all when accruing?
Can anyone help? Thanks!
Read more: What are journal entries to accrue mortgage note payment?
Saturday, March 15, 2014
Mortgage advise for renewing a mortgage?
i am thinking of moving,,but still have a large chunk of my present mortgage outstanding. I have had a considerable drop in income, but can still make the payments. I was going to sell my present house, and buy a cheaper one with the money left, but would still have to take out another mortgage. Can I carry on with the present mortgage,or do I have to close this one,and apply for another,as like Isaid,they would probably refuse me due to my reduced income.
Read more: Mortgage advise for renewing a mortgage?
Read more: Mortgage advise for renewing a mortgage?
If 3 people are deeded to a house can the one living there now stop the other one from moving back in?
We added our son to the deed to my husbands family home. We had to move out because we adopted my deceased sisters 5 kids and needed more room. We have still been the responsible for ins, taxes and mortgage. Not our son who lives in the house. I know we cant remove him from the deed for not paying because our agreement was verbal. But can he stop us from moving back in to the house.The mortgage is my husband and mine and the deed is all three of us.
Read more: If 3 people are deeded to a house can the one living there now stop the other one from moving back in?
Read more: If 3 people are deeded to a house can the one living there now stop the other one from moving back in?
Can my doctors office make me pay my full deductible if it is already partially paid at other doctors?
We just found out we're pregnant, but there's a small problem, I'm still on my dad's insurance. My partner and I are financially self sufficient and my dad doesn't pay for anything, so he won't be paying for any part of my pregnancy or delivery. He has an HSA family plan with a fairly high deductible that has to be met as a family (no single person deductible). Fortunately, or so I thought, my parents and sister have paid half of our deductible to various doctors. When I went to my first prenatal visit, the price tag came as a shock. We were told we had to pay our entire deductible before my eighth month of pregnancy. Which, to put it in perspective, is an additional mortgage payment. When I asked about the amount that had already been paid, I was told I would receive a check reimbursing me for the amount that is over-paid.
My personal thoughts: Why in the world would I write you a check for thousands more than I owe you, only to wait on a check from you for reimbursement? Why should I trust this?
My real question(s): Does this seem normal? Has anybody else ever dealt with a similar situation? Should I look for a new doctor?
Read more: Can my doctors office make me pay my full deductible if it is already partially paid at other doctors?
My personal thoughts: Why in the world would I write you a check for thousands more than I owe you, only to wait on a check from you for reimbursement? Why should I trust this?
My real question(s): Does this seem normal? Has anybody else ever dealt with a similar situation? Should I look for a new doctor?
Read more: Can my doctors office make me pay my full deductible if it is already partially paid at other doctors?
Are there any free services for Loan officers out there to get leads?
Ok. I just started this job about a month ago -- I work for a lender(won't say the name), and we have a quota every month. I am very inexperienced in mortgage industry, and I just don't know how, and even where to ask, or get people to convert. I'm hoping there's someone who is knowledgeable on how they do their process on acquiring?
Please serious answers only -- I really don't want to lose this job. Any info or tip would help.
Read more: Are there any free services for Loan officers out there to get leads?
Please serious answers only -- I really don't want to lose this job. Any info or tip would help.
Read more: Are there any free services for Loan officers out there to get leads?
How to get a construction loan to build a house?
Are they given by normal banks like regular mortgages are? Will we get the same loan amount we would get if we were buying an existing house? We've been pre-approved for 450K for a regular mortgage and we already have the land.
Read more: How to get a construction loan to build a house?
Read more: How to get a construction loan to build a house?
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