Tag Archives: interest rate

Your Questions About Mortgage Rates Today

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David asks…

Should I lock in to today’s mortgage rate or wait two days (which is when I’m meeting with my mortgage broker)

I am currently being offered 5.75 with 0 points/0 points origination fee. Should I lock in today (3/18/08) or wait until my scheduled meeting, which is in two days (3/20/08) because the rates will have gone lower by then? Any ideas? Sources would be great. Thanks!
Forgot to mention…This is regarding a 30-year fixed loan.

admin answers:

No one can answer your question because no one knows what will happen in the next 2 days.

Thomas asks…

Today the Fed cut the interest rate 3/4 of a point – how does this affect mortgage rates?

admin answers:

Not very much, if at all. From what I’ve seen, the prime lending rate has to be cut at least a full percentage point, for at least several months to see even a possible quarter point difference in most real estate mortgage markets.

That being said, there are too many variables from market to market (and even lending company to lending company!) to predict much of anything accurately.

Steven asks…

Did mortgage rates go up in California today ?

admin answers:

No. The interest rate has been holding steady.
If you need help with financing or buying / selling real estate, feel free to email me. I’m a Realtor in California.

Sharon asks…

What’s the best type of mortgage to get today in light of the rising interest rates?

admin answers:

I would go with a 15 or 30 year fixed for now. Even with the rise in short-term rates, the long-term mortgage rates have remained fairly low. ARMs on the other hand have climbed.

Chris asks…

do you think mortgage rates will climb again? should I lock in today?

They have been climbing the last week or son and dropped 1/8 today…what do you think

admin answers:

I dont believe the days of rates lower than 5% will ever be seen in our life time again. I think the Fed and the financial industry has learned a lesson that will not be easily fogotten. I dont see any benefit to waiting for a true bottom in the rates. The amount of flucuation is minimal and not worth trying to time it. I think you will do fine to lock in and look ahead.

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Your Questions About Mortgage Calc

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Joseph asks…

Can someone please help me with my calc project? i need to do it using the maple program.?

a couple have just taken on a mortgage of $200,000. an annual interest rate of 7.5% compounded monthly is being offered for a 30-year loan (360 payments). Two different payment schemes are offered.
One consists of a series of ballooning house payments which will increase by exactly the same amount each month until the loan is paid off. the first month’s payment is only $1250, which is exactly the interest due during the first month. determine how much the house payment is to increase each month. list the sequence of payments. list the sequence of balances over the life of the loan.
the other payment scheme is a fixed payment each month over the life of the loan. determine how much that payment should be. list the sequence of balances over the life of the loan.
the Truth in Lending Law requires that you tell your client the true total cost of the loan for each payment schedule. determine these amounts for each of the two payment plans.

i will be indebted to anyone who can help.

admin answers:

Ballooning payments: No single answer. The larger the payment, the quicker the payoff. At increasing amounts of 100 per month, mortgage paid off at payment 60.

Fixed payment:

PV of annuity with n equal payments of P,
is PV = P*( 1 – v^n) / i , where v = 1 / (1 + i)

PV = 200000
n = 360
i = 0.00625
v = 0.99378882
P = PV * i / ( 1 – v^n) =
200,000 * 0.00625 / ( 1 – 0.99379 ^ 360)
=1398.43

Time __Total__Interest__Principal__New
Time__Payment__Payment__Payment__Principal

0__ __ __ _____ __________________200000.00
1__1398.43__1250.00__148.43__199851.57
2__1398.43__1249.07__149.36__199702.21
3__1398.43__1248.14__150.29__199551.92
4__1398.43__1247.20__151.23__199400.69
5__1398.43__1246.25__152.18__199248.51
6__1398.43__1245.30__153.13__199095.39
7__1398.43__1244.35__154.08__198941.30
8__1398.43__1243.38__155.05__198786.26
9__1398.43__1242.41__156.02__198630.24
10__1398.43__1241.44__156.99__198473.25
11__1398.43__1240.46__157.97__198315.28
12__1398.43__1239.47__158.96__198156.32
13__1398.43__1238.48__159.95__197996.37
14__1398.43__1237.48__160.95__197835.41
15__1398.43__1236.47__161.96__197673.45
16__1398.43__1235.46__162.97__197510.48
17__1398.43__1234.44__163.99__197346.49
18__1398.43__1233.42__165.01__197181.48
19__1398.43__1232.38__166.05__197015.43
20__1398.43__1231.35__167.08__196848.35
21__1398.43__1230.30__168.13__196680.22
22__1398.43__1229.25__169.18__196511.04
23__1398.43__1228.19__170.24__196340.81
24__1398.43__1227.13__171.30__196169.51
25__1398.43__1226.06__172.37__195997.14
26__1398.43__1224.98__173.45__195823.69
27__1398.43__1223.90__174.53__195649.16
28__1398.43__1222.81__175.62__195473.53
29__1398.43__1221.71__176.72__195296.81
30__1398.43__1220.61__177.82__195118.99
31__1398.43__1219.49__178.94__194940.05
32__1398.43__1218.38__180.05__194760.00
33__1398.43__1217.25__181.18__194578.82
34__1398.43__1216.12__182.31__194396.51
35__1398.43__1214.98__183.45__194213.05
36__1398.43__1213.83__184.60__194028.46
37__1398.43__1212.68__185.75__193842.70
38__1398.43__1211.52__186.91__193655.79
39__1398.43__1210.35__188.08__193467.71
40__1398.43__1209.17__189.26__193278.45
41__1398.43__1207.99__190.44__193088.01
42__1398.43__1206.80__191.63__192896.38
43__1398.43__1205.60__192.83__192703.56
44__1398.43__1204.40__194.03__192509.52
45__1398.43__1203.18__195.25__192314.28
46__1398.43__1201.96__196.47__192117.81
47__1398.43__1200.74__197.69__191920.12
48__1398.43__1199.50__198.93__191721.19
49__1398.43__1198.26__200.17__191521.02
50__1398.43__1197.01__201.42__191319.59
51__1398.43__1195.75__202.68__191116.91
52__1398.43__1194.48__203.95__190912.96
53__1398.43__1193.21__205.22__190707.74
54__1398.43__1191.92__206.51__190501.23
55__1398.43__1190.63__207.80__190293.43
56__1398.43__1189.33__209.10__190084.34
57__1398.43__1188.03__210.40__189873.93
58__1398.43__1186.71__211.72__189662.22
59__1398.43__1185.39__213.04__189449.17
60__1398.43__1184.06__214.37__189234.80
61__1398.43__1182.72__215.71__189019.09
62__1398.43__1181.37__217.06__188802.03
63__1398.43__1180.01__218.42__188583.61
64__1398.43__1178.65__219.78__188363.83
65__1398.43__1177.27__221.16__188142.67
66__1398.43__1175.89__222.54__187920.13
67__1398.43__1174.50__223.93__187696.21
68__1398.43__1173.10__225.33__187470.88
69__1398.43__1171.69__226.74__187244.14
70__1398.43__1170.28__228.15__187015.99
71__1398.43__1168.85__229.58__186786.41
72__1398.43__1167.42__231.01__186555.39
73__1398.43__1165.97__232.46__186322.93
74__1398.43__1164.52__233.91__186089.02
75__1398.43__1163.06__235.37__185853.65
76__1398.43__1161.59__236.84__185616.80
77__1398.43__1160.11__238.32__185378.48
78__1398.43__1158.62__239.81__185138.66
79__1398.43__1157.12__241.31__184897.35
80__1398.43__1155.61__242.82__184654.53
81__1398.43__1154.09__244.34__184410.19
82__1398.43__1152.56__245.87__184164.32
83__1398.43__1151.03__247.40__183916.92
84__1398.43__1149.48__248.95__183667.97
85__1398.43__1147.92__250.51__183417.46
86__1398.43__1146.36__252.07__183165.39
87__1398.43__1144.78__253.65__182911.75
88__1398.43__1143.20__255.23__182656.52
89__1398.43__1141.60__256.83__182399.69
90__1398.43__1140.00__258.43__182141.26
91__1398.43__1138.38__260.05__181881.21
92__1398.43__1136.76__261.67__181619.54
93__1398.43__1135.12__263.31__181356.23
94__1398.43__1133.48__264.95__181091.28
95__1398.43__1131.82__266.61__180824.67
96__1398.43__1130.15__268.28__180556.39
97__1398.43__1128.48__269.95__180286.44
98__1398.43__1126.79__271.64__180014.80
99__1398.43__1125.09__273.34__179741.46
100__1398.43__1123.38__275.05__179466.41
101__1398.43__1121.67__276.76__179189.65
102__1398.43__1119.94__278.49__178911.15
103__1398.43__1118.19__280.24__178630.92
104__1398.43__1116.44__281.99__178348.93
105__1398.43__1114.68__283.75__178065.18
106__1398.43__1112.91__285.52__177779.66
107__1398.43__1111.12__287.31__177492.35
108__1398.43__1109.33__289.10__177203.25
109__1398.43__1107.52__290.91__176912.34
110__1398.43__1105.70__292.73__176619.61
111__1398.43__1103.87__294.56__176325.06
112__1398.43__1102.03__296.40__176028.66
113__1398.43__1100.18__298.25__175730.41
114__1398.43__1098.32__300.11__175430.29
115__1398.43__1096.44__301.99__175128.30
116__1398.43__1094.55__303.88__174824.42
117__1398.43__1092.65__305.78__174518.65
118__1398.43__1090.74__307.69__174210.96
119__1398.43__1088.82__309.61__173901.35
120__1398.43__1086.88__311.55__173589.80
121__1398.43__1084.94__313.49__173276.31
122__1398.43__1082.98__315.45__172960.85
123__1398.43__1081.01__317.42__172643.43
124__1398.43__1079.02__319.41__172324.02
125__1398.43__1077.03__321.40__172002.61
126__1398.43__1075.02__323.41__171679.20
127__1398.43__1073.00__325.43__171353.77
128__1398.43__1070.96__327.47__171026.30
129__1398.43__1068.91__329.52__170696.78
130__1398.43__1066.85__331.58__170365.21
131__1398.43__1064.78__333.65__170031.56
132__1398.43__1062.70__335.73__169695.83
133__1398.43__1060.60__337.83__169357.99
134__1398.43__1058.49__339.94__169018.05
135__1398.43__1056.36__342.07__168675.98
136__1398.43__1054.22__344.21__168331.78
137__1398.43__1052.07__346.36__167985.42
138__1398.43__1049.91__348.52__167636.90
139__1398.43__1047.73__350.70__167286.20
140__1398.43__1045.54__352.89__166933.31
141__1398.43__1043.33__355.10__166578.22
142__1398.43__1041.11__357.32__166220.90
143__1398.43__1038.88__359.55__165861.35
144__1398.43__1036.63__361.80__165499.55
145__1398.43__1034.37__364.06__165135.50
146__1398.43__1032.10__366.33__164769.16
147__1398.43__1029.81__368.62__164400.54
148__1398.43__1027.50__370.93__164029.61
149__1398.43__1025.19__373.24__163656.37
150__1398.43__1022.85__375.58__163280.79
151__1398.43__1020.50__377.93__162902.86
152__1398.43__1018.14__380.29__162522.58
153__1398.43__1015.77__382.66__162139.91
154__1398.43__1013.37__385.06__161754.86
155__1398.43__1010.97__387.46__161367.40
156__1398.43__1008.55__389.88__160977.51
157__1398.43__1006.11__392.32__160585.19
158__1398.43__1003.66__394.77__160190.42
159__1398.43__1001.19__397.24__159793.18
160__1398.43__998.71__399.72__159393.46
161__1398.43__996.21__402.22__158991.24
162__1398.43__993.70__404.73__158586.50
163__1398.43__991.17__407.26__158179.24
164__1398.43__988.62__409.81__157769.43
165__1398.43__986.06__412.37__157357.06
166__1398.43__983.48__414.95__156942.11
167__1398.43__980.89__417.54__156524.57
168__1398.43__978.28__420.15__156104.41
169__1398.43__975.65__422.78__155681.64
170__1398.43__973.01__425.42__155256.22
171__1398.43__970.35__428.08__154828.14
172__1398.43__967.68__430.75__154397.38
173__1398.43__964.98__433.45__153963.94
174__1398.43__962.27__436.16__153527.78
175__1398.43__959.55__438.88__153088.90
176__1398.43__956.81__441.62__152647.28
177__1398.43__954.05__444.38__152202.89
178__1398.43__951.27__447.16__151755.73
179__1398.43__948.47__449.96__151305.77
180__1398.43__945.66__452.77__150853.00
181__1398.43__942.83__455.60__150397.41
182__1398.43__939.98__458.45__149938.96
183__1398.43__937.12__461.31__149477.65
184__1398.43__934.24__464.19__149013.45
185__1398.43__931.33__467.10__148546.36
186__1398.43__928.41__470.02__148076.34
187__1398.43__925.48__472.95__147603.39
188__1398.43__922.52__475.91__147127.48
189__1398.43__919.55__478.88__146648.60
190__1398.43__916.55__481.88__146166.72
191__1398.43__913.54__484.89__145681.83
192__1398.43__910.51__487.92__145193.91
193__1398.43__907.46__490.97__144702.95
194__1398.43__904.39__494.04__144208.9
195__1398.43__901.31__497.12__143711.79
196__1398.43__898.20__500.23__143211.55
197__1398.43__895.07__503.36__142708.20
198__1398.43__891.93__506.50__142201.69
199__1398.43__888.76__509.67__141692.02
200__1398.43__885.58__512.85__141179.17
201__1398.43__882.37__516.06__140663.11
202__1398.43__879.14__519.29__140143.82
203__1398.43__875.90__522.53__139621.29
204__1398.43__872.63__525.80__139095.49
205__1398.43__869.35__529.08__138566.41
206__1398.43__866.04__532.39__138034.02
207__1398.43__862.71__535.72__137498.30
208__1398.43__859.36__539.07__136959.24
209__1398.43__856.00__542.43__136416.80
210__1398.43__852.61__545.82__135870.98
211__1398.43__849.19__549.24__135321.74
212__1398.43__845.76__552.67__134769.07
213__1398.43__842.31__556.12__134212.95
214__1398.43__838.83__559.60__133653.35
215__1398.43__835.33__563.10__133090.25
216__1398.43__831.81__566.62__132523.64
217__1398.43__828.27__570.16__131953.48
218__1398.43__824.71__573.72__131379.76
219__1398.43__821.12__577.31__130802.45
220__1398.43__817.52__580.91__130221.54
221__1398.43__813.88__584.55__129636.99
222__1398.43__810.23__588.20__129048.80
223__1398.43__806.55__591.88__128456.92
224__1398.43__802.86

William asks…

Legal Q on home appraisal: can above-the-ground part of basement of split-entry house be included in GLA calc?

When I bought the house, init appraisal did not include it and it came back not worth asking price, the owner request another appraisal and this time it is included because it is said that half of the basement is above the ground so it should be include in GLA, which increased the house appraisal value and got the mortgage from bank.
Now I’m selling my house, the buyer/bank appraiser said the entire basement should not be included in GLA, even though half of it is above the ground, which makes the appraisal result again lower than my asking price and the buyer failed to get mortgage. Anybody know is that above the ground part should be included in GLA at all? If should not, do I have a case against the appraiser who did it when I bought the house?

admin answers:

Sorry but if any part of the basement is below grade then it does not count as GLA. GLA MUST be all above grade. You can not split the basement in 2 section. Yes you do have a case against the first appraiser who included the basement into the GLA. Thats Mtg fraud and once the docs and funds were transferred across state lines then it becomes wire fraud. Federal crime 30 years and a $1,000,000 fine.

Richard asks…

What is wrong with these pointers (C programming)?

include
#include
#define TAX_RATE 1.25
#define UTILITY_COST 300.0
#define INSURANCE_COST 550.0

void input(float*, float*, float*);
void calc(float, float, float, float, float, float, float, float);
float calcDplomo(float, float, float, float*, float*, float*, float*, float*);
void output(float, float, float, float, float, float, float, float);

int main(void)

{

float sellp;
float anir;
float loand;
float downp;
float amtl;
float mortg;
float propt;
float mtot;

input(&sellp, &anir, &loand);

calc(sellp, anir, loand, downp, amtl, mortg, propt, mtot);

output(sellp, anir, loand, downp, amtl, mortg, propt, mtot);

return 0;
}

void input(float* sellp, float* anir, float* loand)

{

printf(“ntt Brian’s Mortgage Calculation Programn”);

printf(“nEnter the property’s selling price: n”);
scanf(“%f”,sellp);

printf(“nEnter the annual rate of interest: n”);
scanf(“%f”,anir);

printf(“nEnter the duration (years) of the loan: n”);
scanf(“%f”,loand);

return;
}

void calc(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)
{

calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg, &propt, &mtot);

return;
}

float calcDplomo(float sellp, float anir, float loand, float* downp, float* amtl, float* mortg, float* propt, float* mtot)
{
float cdown = .2;
float mins;
*propt = sellp * (TAX_RATE/100)/12;
mins = INSURANCE_COST/12;
*mtot = *mortg + UTILITY_COST + *propt + mins;
*downp = sellp * cdown;
*amtl = sellp – *downp;
*mortg = *amtl * anir/12*(1+anir/12) * loand *12/(1+anir/12) * loand *12-1;

return mins;
}

void output(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)

{
printf(“nMONTHLY COST OF HOUSEn”);

printf(“nSELLING PRICE $%9.2f”,sellp);
printf(“nDOWN PAYMENT %9.2f”,downp);
printf(“nAMOUNT OF LOAN %9.2f”,amtl);
printf(“nINTEREST RATE %9.1f%%”,anir);
printf(“nTAX RATE %9.1f%%”,TAX_RATE);
printf(“nDURATION OF LOAN (YEARS) %9.0fn”,loand);

printf(“nMONTHLY PAYMENTn”);

printf(“nMORTGAGE %9.2f”,mortg);
printf(“nUTILITIES %9.2f”,UTILITY_COST);
printf(“nPROPERTY TAXES %9.2f”,propt);
printf(“nUTILITIES %9.2fn”,INSURANCE_COST);

printf(” __________”);
printf(” $ %9.2fn”,mtot);

return;

}

Trial run:

Brian’s Mortgage Calculation Program

Enter the property’s selling price:
600000

Enter the annual rate of interest:
2.2

Enter the duration (years) of the loan:
30

MONTHLY COST OF HOUSE

SELLING PRICE $600000.00
DOWN PAYMENT -107374176.00
AMOUNT OF LOAN -107374176.00
INTEREST RATE 2.2%
TAX RATE 1.3%
DURATION OF LOAN (YEARS) 30

MONTHLY PAYMENT

MORTGAGE -107374176.00
UTILITIES 300.00
PROPERTY TAXES -107374176.00
UTILITIES 550.00
__________
$ -107374176.00
Press any key to continue

I know it has to do with the function call in void calc calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg, &propt, &mtot); But how do I fix it?

admin answers:

At each calculation, add a printf() to display all of the variables that go into the calculation. That should help you find where your assumptions are wrong.

You asked this last week and got some good advice from another answerer…but didn’t seem to follow it. Your calc() function can’t possibly store any values because all of its arguments are values, not pointers. Every argument that a function needs to change has to be declared and handled as a pointer, not a float or double or int or other value.

I also notice that calcDplomo() uses *mortg before it has a value. That will cause problems after you fix everything else.

Suggestion. Use a prefix like p_mortg on argument names that are pointers, so you know when you are coding that they are pointers and need to be dereferenced to get a value. Example:
void calc(float sellp, float anir, float loand, float *p_downp, float *p_amtl, float *p_mortg, float *p_propt, float *p_mtot)
{
calcDplomo(sellp, anir, loand, p_downp, p_amtl, p_mortg, p_propt, p_mtot);
}

And call with:
calc(sellp, anir, loand, &downp, &amtl, &mortg, &propt, &mtot);

Also, consider making the prototype an exact copy of the function header, with argument names and all. When your programs get large enough to split into multiple files, you will find yourself using the prototype for reminding yourself what order to code the arguments. Having the argument names is a big help. Example:

void input(float* p_sellp, float* p_anir, float* p_loand); …. Instead of:
void input(float*, float*, float*);

Finally, why does calcDplomo return a value when nobody looks at it? Shouldn’t it be a void function?

Susan asks…

What is wrong with my pointers C programming?

include
#include
#define TAX_RATE 1.25
#define UTILITY_COST 300.0
#define INSURANCE_COST 550.0

void input(float*, float*, float*);
void calc(float, float, float, float, float, float, float*, float*);
void calcDplomo(float, float, float, float*, float*, float*);
void output(float, float, float, float, float, float, float, float);

int main(void)

{

float sellp;
float anir;
float loand;
float downp;
float amtl;
float mortg;
float propt;
float mtot;

input(&sellp, &anir, &loand);

calc(sellp, anir, loand, downp, amtl, mortg, &propt, &mtot);

output(sellp, anir, loand, downp, amtl, mortg, propt, mtot);

return 0;
}

void input(float* sellp, float* anir, float* loand)

{

printf(“ntt Brian’s Mortgage Calculation Programn”);

printf(“nEnter the property’s selling price: n”);
scanf(“%f”,sellp);

printf(“nEnter the annual rate of interest: n”);
scanf(“%f”,anir);

printf(“nEnter the duration (years) of the loan: n”);
scanf(“%f”,loand);

return 0;
}

void calc(float sellp, float anir, float loand, float downp, float amtl, float mortg, float* propt, float* mtot)
{
*propt = sellp * (TAX_RATE/100)/12;
*mtot = mortg + UTILITY_COST + *propt + INSURANCE_COST;
calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg);

return 0;
}

void calcDplomo(float sellp, float anir, float loand, float* downp, float* amtl, float* mortg)
{
float cdown = .2;
*downp = sellp * cdown;
*amtl = sellp – *downp;
*mortg = *amtl * anir/12*(1+anir/12) * loand *12/(1+anir/12) * loand *12-1;

return mortg;
}

void output(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)

{
printf(“nMONTHLY COST OF HOUSEn”);

printf(“nSELLING PRICE $%9.2f”,sellp);
printf(“nDOWN PAYMENT %9.2f”,downp);
printf(“nAMOUNT OF LOAN %9.2f”,amtl);
printf(“nINTEREST RATE %9.1f%%”,anir);
printf(“nTAX RATE %9.1f%%”,TAX_RATE);
printf(“nDURATION OF LOAN (YEARS) %9.0fn”,loand);

printf(“nMONTHLY PAYMENTn”);

printf(“nMORTGAGE %9.2f”,mortg);
printf(“nUTILITIES %9.2f”,UTILITY_COST);
printf(“nPROPERTY TAXES %9.2f”,propt);
printf(“nUTILITIES %9.2fn”,INSURANCE_COST);

printf(” __________”);
printf(” $ %9.2fn”,mtot);

return 0;

}

The values that are returning the memory space name, instead of the proper value are downp, amtl, and mortg.

admin answers:

At least part of the problem lies in the definition of calc:

void calc(float sellp, float anir, float loand, float downp, float amtl, float mortg, float* propt, float* mtot)
{
*propt = sellp * (TAX_RATE/100)/12;
*mtot = mortg + UTILITY_COST + *propt + INSURANCE_COST;
calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg);

return 0;
}

calc() takes the three parameters in question as calls-by-value (not pointers), but hands them off to calcDplomo() as pointers. Pointers to what? Not the actual locations in the caller to calc(), but to the locations on the stack they occupy while in calc(). In other words, main() never receives the new values.

Make those three parameters pointers in the calc() calling sequence rather than calls-by-value and I think this problem will go away.

Hope that helps.

Nancy asks…

What is wrong with this program C programming?

include
#include
#define TAX_RATE 1.25
#define UTILITY_COST 300.0
#define INSURANCE_COST 550.0

void input(float*, float*, float*);
void calc(float, float, float, float*, float*, float, float*, float);
float calcDplomo(float, float, float, float, float, float);
void output(float, float, float, float, float, float, float, float);

int main(void)

{

float sellp;
float anir;
float loand;
float downp;
float amtl;
float mortg;
float propt;
float mtot;

input(&sellp, &anir, &loand);

calc(sellp, anir, loand, &downp, &amtl, mortg, &propt, mtot);

output(sellp, anir, loand, downp, amtl, mortg, propt, mtot);

system(“pause”);

return 0;
}

void input(float* sellp, float* anir, float* loand)

{

printf(“ntt Brian’s Mortgage Calculation Programn”);

printf(“nEnter the property’s selling price: n”);
scanf(“%f”,sellp);

printf(“nEnter the annual rate of interest: n”);
scanf(“%f”,anir);

printf(“nEnter the duration (years) of the loan: n”);
scanf(“%f”,loand);

return;
}

void calc(float sellp, float anir, float loand, float* downp, float* amtl, float mortg, float* propt, float mtot)
{

*propt = sellp * (TAX_RATE/100)/12;
mtot = mortg + UTILITY_COST + *propt + INSURANCE_COST;
calcDplomo(sellp, anir, loand, downp, amtl, mortg);

return;
}

float calcDplomo(float sellp, float anir, float loand, float downp, float amtl, float mortg)
{
float cdown = .2;
downp = sellp * cdown;
amtl = sellp – downp;
mortg = amtl * anir/12*(1+anir/12) * loand *12/(1+anir/12) * loand *12-1;

return mortg;
}

void output(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)

{
printf(“nMONTHLY COST OF HOUSEn”);

printf(“nSELLING PRICE $%9.2f”,sellp);
printf(“nDOWN PAYMENT %9.2f”,downp);
printf(“nAMOUNT OF LOAN %9.2f”,amtl);
printf(“nINTEREST RATE %9.1f%%”,anir);
printf(“nTAX RATE %9.1f%%”,TAX_RATE);
printf(“nDURATION OF LOAN (YEARS) %9.0fn”,loand);

printf(“nMONTHLY PAYMENTn”);

printf(“nMORTGAGE %9.2f”,mortg);
printf(“nUTILITIES %9.2f”,UTILITY_COST);
printf(“nPROPERTY TAXES %9.2f”,propt);
printf(“nUTILITIES %9.2fn”,INSURANCE_COST);

printf(” __________”);
printf(” $ %9.2fn”,mtot);

return;

}

admin answers:

Void calc(float sellp, float anir, float loand, float* downp, float* amtl, float mortg, float* propt, float mtot)
{
*propt = sellp * (TAX_RATE/100)/12;
mtot = mortg + UTILITY_COST + *propt + INSURANCE_COST;
// downp and amtl were passed as pointers. CalcDplomo expects float values
// that is the reason why your program did not compile.
CalcDplomo(sellp, anir, loand, *downp, *amtl, mortg);

return;
}

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Mortgage Payments

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Product Description
Updated to reflect current rates, these quick reference tables show the size of monthly payments necessary to amortize loans on amounts up to $600,000 over periods ranging from one to 40 years across a broad span of interest rates. There is a short-entry glossary of financial terms at the back of the book…. More >>

Mortgage Payments

Choosing A Mortgage Not All are Fixed

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If you are a homeowner looking to limit the effects of rising mortgage rates you should make sure you consider discount-rates as well as fixed-rates. Whilst fixed-rate mortgages give people certainty of payment, they may not have the cheapest cost over the life of the mortgage. Particular care should be taken when there is a prospect that interest rates may start to come down- in these circumstances taking out a three or five year fixed rate mortgage may be throwing money away.

Recent research by mform.co.uk found that as at 26 July 2007 the average true cost of the 10 best two-year discount deals is 1,697.04 lower than the average true cost of the 10 best two-year fixed deals around 70 a month. A borrower would pay an average 16,526.16 over two years in a top 10 discount deal compared with 18,223.20 in a fixed deal.

The true cost of the top 10 discount deals over two years ranges for a 150,000 loan ranges from 12,796.50 to 17,694 compared to a range of 15,095 to 18,939 for two-year fixed deals.

Most recent Council of Mortgage Lenders figures show that in May this year 78 per cent of mortgages taken out were fixed rates as borrowers reacted to rate rises and the threat of more to come. The mform.co.uk research could suggest that borrowers should be taking a long hard look at discount rates.

Discount rates presently offer good value and also enable borrowers to benefit if rates start to come down next year as some commentators are predicting.

One of the main drivers of the decision on which type of mortgage to choose should be a view on interest rates. Having formed a view on that, you should use a mortgage comparison site that looks at the whole of the market and allows you to compare mortgages on the true cost over the period of the mortgage deal.

Discover The Best Value Mortgage For Your Money.

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A mortgage or loan varies according to:

The amount borrowed;
The interest rate;
The type of rate (fixed or variable);
The term (length in years) of the loan;
Discount rate for X number of years;
Deposit (downpayment);
Associated fees (broker, origination, prepayment etc.);
Local or national taxes;
Insurance required by the lender.

Your best way to find a sub-prime lender is to search on the internet. The internet allows you to find and compare multiple lenders so you can get the best rate. Don’t get too caught up in comparing APRs and various special offers; what’s on the site may not reflect what _you_ will get if you apply. Everything depends on your financial circumstances.

How is your credit rating?
What is your credit _score_ (the in-house lender’s rating of you)?
Do you have a bank account, and for how long?
How long have you been in your current job?
How much do you earn per year?
What outstanding debts do you have?
What are your monthly outgoings?
Do you have enough money for a fat deposit?

This latter criterion is crucial. If you can save up to 15-20% of a property price as a down-payment you become startlingly more attractive as a borrower.

Why?

Because if you default the lender can always sell the house, take a hit on the sale price, and still make a profit, because you’ve already paid a fat wad upfront for the place.

TIP: Only pay up-front fees to well-known or highly recommended lenders. While most lenders are reputable, it is always best to be cautious.

If I were looking for online mortgage loans, I’d widen my horizons. What do you want? Money. How does one get more money? By:

- Getting a second job or paying hobby;
- By scrounging from friends or family;
- By selling an unnecessary asset, like a flash car;
- Getting a different job that pays better;
- By saving what you’ve already got – no holiday, give up cigarettes and booze for a while!

It’s a small amount of initial hardship, versus years of fretting over barely-manageable monthly mortgage payments. Money and sex problems are two things that put a real strain on a marriage or partnership. The second is easy to fix, and the first not too hard either! An extra hundred beer-vouchers in your pocket per month can make all the difference.

Any online mortgage web site should have a Privacy Policy. What are they going to do with your data once they get it? In practical terms, you are on umpteen databases simply by existing. You can ease your aggravation with the cold calls by saying “I’m sorry, I don’t want any financial products at this time, thank you, good day”, and hanging up, four seconds into the conversation. Puts them on the back foot. Polite, but swift and direct.

Something to look out for in any mortgage web site is how old the site is. Is it a johnny-come-lately, or has it been around for years? Another thing is whether it has a physical bricks-and-mortar address: P. O. Boxes or ‘Suites’ don’t count. Are they regulated by the Financial Services Authority? Do they have a Consumer Credit Licence?

Second Mortgage Home Equity Loan – Words

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Words can be fun. English words are particularly interesting as they are born from a variety of sources. Although it is a Germanic language, about 50 percent of English is based on Greek and Latin. Have you ever thought about the origins of certain words? Take the word “phony,” for example. British crooks once used different secret code words. On of those was “fawney,” which alluded to a gift ring. The thieves would sell these rings, claiming that they were made of actual gold. So, the word “phony” began to refer to anything that was unreal. Another interesting word origin is connected to the word “hazard.” This is derived from the Arabic term, “al zahr.” What does it mean? The dice. The term became related to several games that used dice, in Western Europe. They learned these games during the Crusades, which took place in the Holy Land. Later, the word became associated with danger, because some people cheated with adjusted dice, and gambling was always a risk. Similar to the examples given previously given, a second mortgage home equity loan may also seem complicated. But it is actually fairly easy to learn when it is broken down.

Mortgage Meaning
How about the word “mortgage”? “Mort,” meaning “dead,” is from the Latin “mortuus.” The word “mortgage” itself is from the Anglo-French word with the same spelling. But why would death be related to a mortgage? Sir Edward Coke, who was born in the 16th century, believed that it was based on whether or not the mortgager would pay his debt. If the person could not pay his debt, then the land was taken from him, and became dead to him. But if the person paid off the mortgage, then the mortgage owed became dead to him. That helps to explain how a second mortgage home equity loan works.

One Debt, Two Loans
So what’s the meaning of a second mortgage home equity loan? This type of loan is useful in restructuring your debt. Applying for this loan is much simpler than applying for the original loan. To secure a second mortgage home equity loan, you must have good credit and be capable of documenting your income. And while zero or no-equity loans let you borrow a maximum of 125 percent of your home’s value, be cautious. Those loans have interest rates that are higher, and have stricter standards for qualifying. Two types of home equity loans exist. A home equity loan is a lump-sum loan that, like the majority of first mortgage loans, requires regular payments. However, the closing costs of a second are lower than those for a first mortgage loan. The fixed rates for home equity loans are a little higher than the rates on first mortgages.

Hello, HELOC
The home equity lines of credit, or HELOC, are another type of potential second mortgage home equity loan. The differences include:
* The account can be used as long as funds are available. Think of it like a credit card, with a balance and an available credit line.
* The interest rate can change each month. So this type of second mortgage home equity loan is ideal when low interest rates are available, but are hazardous after interest rates increase.
* After a future time, such as 5 to 20 years, you cannot draw against the account any longer. You will then have to make monthly payments on the loan’s principal and interest.

Words can be fun when we know what they mean and where they come from. Likewise, the second mortgage home equity loan can provide several options after you have mastered what it is.

Shopping In A Tightening Mortgage Market

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In recent months the media has been rife with stories of a meltdown in the mortgage sector. And while reporters are often prone to hyperbole, there’s no denying that the home financing industry is suffering. Mortgage investment funds have faltered, home prices have declined, residential foreclosures are on the rise, and about one hundred nationally operating lenders have closed their doors.

But many homeowners struggle to understand what the current mortgage climate means for them. What caused the current situation? How will the downturn affect them? And what can they do to avoid any negative repercussions when purchasing or refinancing a home?

Domino Effect

Recent events within the mortgage industry have fostered a domino effect which has toppled many precariously balanced facets. During the most recent housing boom many borrowers felt emboldened or were encouraged to obtain adjustable rate mortgages on homes which were realistically outside their comfort zone. Some went so far as to adopt Option ARMs and pay a minimum payment which didn’t even cover monthly interest. Unfortunately, as interest rates rose and teaser rates expired, many of these borrowers found themselves in over their heads.

This resulted in growing mortgage delinquencies and foreclosures, fewer first time buyers, and falling home prices as demand dried up. As demand lessened the situation became worse, and the lenders who had originally funded the failing loans were required to take on obligations which homeowners could no longer manage. By 2007 those obligations had reached a breaking point for some lenders, and they began to close their doors.

New Requirements

As often occurs, government regulators and officials reactively weighed in and began examining some of the fast and loose lending tactics which had caused the mess. Lenders have consequently enacted stricter loan requirements and funding obligations to negate the need for government legislation. And while that strategy has reduced future abuses and irresponsibilities, it has done little to assist borrowers who are struggling to keep their homes. It has also curbed the flow of first time buyers even further, which in turn has crimped demand still more.

As a result of these stricter requirements, homeowners and buyers today can expect lenders to be more demanding. The sun is setting on fuzzy income requirements and no-down home loans. And credit score requirements are becoming increasingly strict. Whether you’re looking to refinance or purchase a home, make sure you have some money for closing costs and a down payment, present solid documentation of your income, and take the necessary steps to clean up any credit report discrepancies before you begin the mortgage process. And above all, if you’re buying a home don’t extend beyond your means: it’s better to keep a smaller, less glamorous home than to loose a larger, chic home.

Finding the Right Deal

Over the past few years many lenders and banks have been aggressively marketing to consumers. That’s because it benefits them to work directly with you. But the best way to find the right mortgage today is via a mortgage broker or aggregation service. Working with only one lender can leave you vulnerable to their corporate motives, and unless you’re knowledgeable about the mortgage industry you might end up with a bad deal. And seeking out two or more lenders directly can be stressful and time wasting. A mortgage broker can help you find multiple local and national lenders who can offer the best mortgage deals, regardless of whether you’re purchasing a new home or refinancing an existing one.

But when using a mortgage broker it’s important you don’t jump at any old company. Many brokers have an online presence: but a website alone doesn’t guarantee a bona fide company. Before filling in an online loan application you should look for some important content and links. Is the company a member of the Better Business Bureau and legitimate mortgage organizations like the MBA? Do they offer sensible advice free of charge? Does their website look professional and is it secure? Do they have their finger on the pulse of the mortgage industry? Do they readily provide customer testimonials? Are they available to talk to you over the phone? Only the best brokers can fulfill all of these requirements, and they are the ones who are worthy of your business.

If you’re falling behind on your mortgage payments and even a broker can’t help you, just remember you still have options. Lenders and investors don’t want to be burdened with foreclosed-on properties in today’s market. So call your mortgage company and ask about restructuring your loan. It’s better for your lender if they get a reduced payment over more years than if your home is foreclosed and sits dormant for months.

Conclusion

The mortgage market is changing at a rapid pace, and prospective borrowers are finding it harder to find an affordable and competitive deal because of the lack of restraint of recent years. But with careful preparation and the right broker you can successfully navigate today’s hurdles and find a mortgage which suites your needs for years to come.

Should You Refinance Home Mortgage Interest Rates?

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Why refinance? There are a number of reasons people refinance the loan on their homes. For some, it’s a way to take advantage of lower interest rates. For others, it’s a means for building equity on their homes faster. For a few, it’s a way to tap into the equity they have accumulated in their homes.

If you’re thinking to refinance your mortgage, consider first if refinancing is well worth the time and money that you would have to invest in the process.

The following are some of the reasons homeowners decide to refinance home mortgage interest rates.

1. Refinanced home mortgage interest rates are typically lower.
Homeowners opt to refinance their homes once interest rates dip. For example, if under your present mortgage term, you have to pay 8 percent, then a refinance home mortgage interest rate of 5 percent would certainly be preferable. Note, however, that refinancing does not come free of charge. Carefully negotiate your refinancing terms as closing fees might end up costing you more.

2. Refinancing home mortgage interest rates result in lower monthly payments.
Lenders who issue adjustable-rate mortgages, or ARMs, give out low initial rates to lure borrowers. However, these rates dramatically increase after a period of one to five years. Most homeowners who find themselves in this predicament opt to refinance home mortgage interest rates to lower their monthly payments.

3. Refinancing home mortgage interest rates give you a new repayment period.
When you refinance, your mortgage clock is rewound. Weigh your options carefully, however. While refinanced home mortgage interest rates will reduce your monthly payment, it will increase the amount of interest which you will be paying over your loan’s lifetime.

4. Refinancing home mortgage interest rates reduces debt.
You could obtain a cash-out refinance by using the equity you have accumulated. What this means is that if you have a high-interest debt, you could save thousands of dollars because of the repayment. The problem with this, however, is that you are simply substituting one form of debt for another. In the end, you still owe someone something.

5. Refinancing home mortgage interest rates yield greater return on investment.
Refinancing your home mortgage interest rates could allow you to make other investments. How? Think of it this way. All your cash goes to house payment. Consequently, you don’t have money to put into a prime investment market. If you refinance home mortgage interest rates, you could use the extra funds to set up an investment portfolio. Subsequently, not only would you be able to keep your house, you would have a long-term source of income as well.

Undoubtedly, there are merits to refinanced home mortgage interest rates. Refinancing can be quite costly, however, so you should consider all options and weigh the pros and cons carefully before deciding to go that route.

In the end, the question of whether to refinance or not is one you and you alone could answer.

Things Mortgage Companies Don’t Want You To Know!

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Mortgage brokers have a huge advantage when you are applying for a loan, this is because mortgages are their life. They know everything about mortgages and so can make a lot of money due to your lack of knowledge.

Mortgage brokers know all about the wholesale interest rates that you will qualify for, and are able to add on as much commission as they want, just to make some extra money. Mortgage brokers dont want you to know that there are certain tips to help avoid paying the full price of the interest rate that the broker gives you at first.

Here are a couple of tips that should be able to help you to avoid paying the full price of your refinance loan.

Before you look into refinancing your loan, you should first check your credit rating. Your credit rating is what lenders will look at in order to assess how risky you are.

You should request copies of your credit report from all of the credit agencies, then you should carefully study all of these documents and try to spot any errors. There are three credit reporting companies that are responsible for maintaining your credit records, because there are three different companies that manage the credit reports, it is very easy for them to develop errors.

Any errors in your credit record will negatively impact on your credit score, and so will mean that errors will cost you much more money in interest charges. By ridding yourself of errors, you should be able to get much better interest rates, and so save yourself much more money.

The best way to improve your credit score, is simply by paying all of your bills on time. If you dont already make all the payments on time, you should start making them on time and then wait for at least six months before you apply for a new refinance loan.

Make sure you stop using your credit cards as much as possible, by maintaining as low balances as possible you should be able to prevent getting poor credit. Also avoid taking out new credit cards as these can also impact on your credit worthiness.

Your mortgage company doesnt want you to know about the mark up that they put onto the interest rate that you could really get the loan for. You are effectively paying for the services of a mortgage broker twice, once up front, and then every month for the life of the balance.

You should compare the rate that you are offered to the rates that you have received from other mortgage brokers, or companies.

By learning how to prevent yourself having to pay the mark up, you can save yourself a lot of money.

Is Rate or Term More Important When Refinancing?

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Are you ready to take advantage of the many ways you can benefit from refinancing your mortgage? Maybe you have heard about the huge impact lowering your interest rate can have on both your monthly payment and in the total amount you will have to repay on your mortgage. Maybe you have an adjustable rate mortgage and need to get into a fixed rate mortgage before your rate increase.

Whatever your reason for checking out refinancing options, there are a number of important factors that you need to take into consideration before making your final decision.

The word rate refers to the interest rate of a loan. The word term refers to the length of time you can carry the loan. The shorter the duration of the loan, depending on interest rate, the less interest you will have to pay. Of course, the shorter the duration of the loan, the higher the monthly payment will be.

For example, a person who takes out a 15 year loan with a 6 % interest rate will end up repaying a significantly smaller sum of money than someone who has takes has a 6% interest rate 30 year loan, assuming that the person does not pay the loan off in half the term.

Both rate and term are important considerations when making a decision regarding the best refinancing option for your particular situation. There are some situations in which rate is the most important factor, and there are others where term is more important.

It is very important to avoid getting a mortgage loan with payments higher than what you can afford. If you have to agree to a very short term loan to get a low interest rate, it may not be in your best interest to do so.

The payments are going to be higher on a short term loan than one that is longer. Therefore, if you cannot afford to make the higher monthly payment, you are better of going with a higher interest rate, longer term loan. If your income increases as time goes by, you can always refinance at a later date or simply pay off the loan early to save on the overall interest.

In addition to looking at rate and term, it is also important to take closing costs into consideration when investigating options for refinancing your mortgage. Keep in mind that the primary reason you are seeking refinancing is to improve your financial situation. Dont forget that a lower interest rate doesnt always equate to a better deal.

Do your homework so that you can be sure that your interests are served well by refinancing before you make up your mind about what to do. Each persons financial situation is unique, and you cant decide what is best for you in terms of what is best for other people. By carefully researching your options, you will be able to make a sound refinancing decision.