Your Questions About Check My Mortgage Loan

Mandy asks…

Could Someone Explain the Mortgage Process to Me?

I am mostly curious about the payout of the loan itself. I think I understand the rest. After you are approved, etc for the mortgage, where does that money go? What type of account is it wired to, my checking/savings? Do I have access to it? Can I withdraw it? How do I send the money to the seller I’m buying the homes from?

admin answers:

You never see it. The bank gives it to the seller at the ‘closing’ where all the papers are signed and you become the owner.

Sandra asks…

Our mortgage was just sold to Bank of America. Can anyone help me?

We are (or were) a customer of Taylor, Bean, and Whitaker Mortgage. I went to make our mortgage payment today and found out that TB&W has suddenly gone out of business this past week and our loan has been sold to Bank of America. I realize that mortgages are bought and sold all the time, but I am kind of concerned after speaking with two different people from BOA this afternoon. The first person I spoke with told me that customers from TB&W are not yet in their system and that they won’t be for about 2 weeks, but that we could mail our payment to them and he gave me the address to mail our payment to. He told me to just write our TB&W loan number of the check and it would be all set. I then called back to ask them another question and I was told by this other person to NOT mail our payment yet and to wait until we receive our welcome packet in the mail within the next couple of weeks. This person told me that if we were to mail a payment, even if it had our TB&W loan number of it, that they would have no idea where to apply our payment since we’re not in the system yet. I also asked if there would be a grace period so that we don’t have to make 2 payments so close together and this person couldn’t give me a definite answer. This is very disturbing to me. Two people from BOA have told us completely different things and we don’t know which one is true. We want to make our mortgage payment, but at the same time we don’t want to mail a check to Bank of America and just have it get lost in the transition or have it take forever for them to take the funds from our checking account. Does anyone know what we should do? My husband thinks that we should call them again on Monday to see if we can get a straight answer, but I really want to know now! Please help!

admin answers:

Why on earth did they even call you? This is really out of line.

Mail your payment to the same address as you did before. It will be applied and processed during the transistion. You do not have to mail to BofA until you receive written notice in the mail.

Maria asks…

What would trigger my lender to find out about a wraparound loan situation?

How would they ever know, they don’t do random grant deed checks right? Will it cause a problem if my “seller” pays the mortgage directly do them?
Oops, I meant will it cause a problem if my “buyer” pays directly to them?

admin answers:

You might have to record the deed of sale with the county records office, so the mortgage company could simply do a title check on the property. If your original mortgage contract does not allow a wraparound, then you are playing with fire. They can begin foreclosure for breach of contract. They probably won’t care if the 2nd buyer makes his payments on time, but if there are any problems with him, it will come back to haunt you.

James asks…

Should I pay off my car loan?

I have about 30,000 in a money market savings account and a 7,000 car loan at 5.35%. I pay about 350/month on the car and am tired of making the payment. Should I just be patient and make the payments or right a 7,000 check and be rid of it. If I wrote the check I would have no debt except for my mortgage. Suggestions?

admin answers:

Get it over with

Nancy asks…

Not sure if I should re-finance auto loan?

I currently have $6,900 financed at 8.9% with my local credit union. My FICO score is 683 as of last week. I would love to find a lower interest rate, however my local credit union does not re-finance their own loans.

I briefly checked however their min loan amount is $7,500 which is more than I currently owe on my 2004 saturn. So I am not sure if I should refinance with the $7,500 loan and then make the difference my first payment. Or if I should wait and keep working at raising my FICO score then re-finance.

The biggest thing is that my boyfriend (of 2 years) and I are looking at buying a house in 2010 and I do not want the re-finance to hurt my FICO score. We will co-sign for the mortgage as his FICO score is 748 as of last week. But, my car loan is going to be only in my name.

Any advice??
I purchased the car last year from my grandmother before she died. I went to the bank and took out a loan so I could pay her outright the $7,500 for the car, to avoid any family drama (I am one of 12 grandchildren). It is a 2004 with less than 30,000 miles on it.

admin answers:

You owe $6,900 on a 5 year old car? Nobody is going to refinance that, nor should you. Next time you take out a car loan put more money down and take a shorter term (3-4 years). Better better yet, get a cheaper car and pay cash. It will make it easier for you to get a mortgage. Good luck.

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Your Questions About Mortgage Loans For Bad Credit

Donna asks…

Bad Credit – I have two loans on my condo?

The smaller loan (43K) will be due in June of this year and I definitly don’t have 43K laying around. When I first signed on for this loan I thought it would be simple to refinance such an amount. But b/c of the state of the housing market and my credit not being so good, i now fear it won’t be so easy to refi.

Is there such a thing as a consolodation loan for a mortgage? Since this amount is an interest only loan wich means no equity what are my options in saving my home and my sanity?

**starting to panic a bit***
Is a quick sale an option?

admin answers:

Your only option at this point is to sell the house. You better get it on the market, you waited too long. You need to have a buyer here pretty quick.

Sharon asks…

Which is the best secured loan provider for bad credit?

I’m looking for a secured loan and I have terrible credit. I have a bit of equity in my property and would maybe even consider a re-mortgage if figures look good. My current mortgage isnt great…

Does anyone know the best companies to go to for this sort of thing?


admin answers:

Your bank or credit union.

Betty asks…

Getting a mortgage hmmm?

Just wondering if when applying for a mortgage loan with bad credit but have people willing to co-sign for you and they own a house that is worth more than the house we would be buying is that pretty much a guarantee that we will be able to get a loan with them as co-signers? they tell me it is and that they want to do it for us. All I want to know is do you think we will be approved for something with them as co-signers with the whole house thing?

admin answers:

No. The lender will look at the debt-income ratio. If your friend’s mortgage payment is high and his debt-income ratio is over 40%, it doesn’t help much. Also how good is his credit? Get a co-signer to buy a house is also very risky cos’ his name will be on the title as well that mean if he get foreclosed of his own house, he can just move in to yours because he’s also an owner. When you sell the house, he also entitle to any profit of it. Unless he’s some one very trust worthy, you need to think twice before doing so.

Steven asks…

House is worth 325k-350k, we only have 44k left on mortgage, but have zero funds, bad credit and are?

and little income due to husband being long term unemployed.We are two months behind in mortgage and will be able to take money out of 401k in Mar 2012, when I turn 59 1/2.Any thought on how to protect home and not get foreclosed upon?are credit has been shot and low scores for several years now….Help please…will not qualify for equity loan…

admin answers:

Can you borrow from your own 401k?

Sandra asks…

What are my chances of getting a loan with bad credit?

I had no choice but to default on several credit cards, utility bills and a home back in ’03/04. Since then I’ve been making peon money ‘under the table’ so it looks like to the world I have no job. My mom passed and left me a small inheritance, I would like to buy a house and will need a mortgage loan. I’m putting down 50% for payment which is all I have. All that stuff is going to show up on my report? If I even get approved my Interest rates will be sky high. Should I even bother? Or stay where I’m at and wait for the negative stuff to go away? I’m afraid to do a credit report myself because I don’t want the collectors to know where I’m at. My sister has a credit score of 780, Mine I’m afraid to find out, it’s probably 78.
Note to Delilah.
My exhusband got into meth and was sqaundering the money I was trying to pay bills with. I had no choice but to leave when he threw me around the house. Then he threw me out of the house at 3AM because I refused to hand over more money. The house was in both of our names and he never made a full payment himself. he was a nice guy at first but meth does bad things to people. Yeah I was trusting and stupid. Isn’t everyone at least once?
Maybe you should look at the real world. I’ve been cleaning horsestalls and housecleaning for Four dollars an hour so no, my life hasn’t been cushy. In a perfect world I would’ve avoided that guy all together. The house I want to buy is not much more than a run-down fixer upper not some Malibu mansion.

admin answers:

Your chances of getting a home loan right now is ZERO. Have you heard we are in a mortgage crisis? Now you can buy a house on a private contract, they are there, you just have to look around.
Your bad credit will not just go away, your score will be 78 for the rest of your life until you start to repair it. Don’t worry, creditors already know where you live, pull your report and it will show your current address. You can call your credit card peeps and utility company and settle for less money. They have wrote you off as a loss, so if they get 10 cents on the dollar, that is pure profit for them. Do the right then and buck up!

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Your Questions About Mortgage Insurance

Lisa asks…

Am I being extorted by my private mortgage insurance company?

I literally have no money and negotiated a short sale with my bank for $175K on a $275K mortgage. The PMI had to approve the short sale, and the loss mitigation officer at the PMI refuses to approve the short sale unless I sign a promissary note for $77K. He said he will recommend foreclosure to the bank if I do not participate in a promissary note with them. I have all of this in writing (e-mail). What can I do?

admin answers:

No it’s not extortion. They’re making you a counteroffer. If you want to sell it for $175k then you owe them $77k. You can’t just get a mortgage for $275k and think the other $100k will be forgiven.

Ruth asks…

Can a private individual get mortgage insurance? If so, how?

I want to sell some of my investment property with seller financing. Given the current state of the economy, I would love to get some mortgage insurance. How would a private individual who is extending a loan to another private individual go about getting mortgage insurance on the loan?

admin answers:

I would go to a company like and call their helpline to see if they’ll offer PMI for a seller financed deal. They’ll definitely want to underwrite the loan prior to issuing the insurance.

Sharon asks…

What does mortgage insurance do for me?

I live in California and pay $500 a month as part of my mortgage for PMI, what and who does PMI protect? If I foreclose on my home will it help prevent them from seeking the balance of the loan?

admin answers:

PMI protects the LENDER. Not you. If your home gets foreclosed on, they will STILL seek the balance of the loan from you.

PMI pays up to 20%, based on your equity in the house – but just because they pay, doesn’t get you off the hook. You still OWE that money.

William asks…

Is selling mortgage protection insurance easy and profitable?

I have been contacted by a recruiter at National Agents Alliance about selling their mortgage protection insurance. It sounds great and all, but i wanted to hear your comments about this. Have you or anyone you’ve known had any success or is this company blowing smoke. Please hep me out. Thank You!

admin answers:

Selling any insurance can be profitable, but it is not easy once you have exhausted your circle of friends, relatives and associates. You are only as good as your last big sale, or big sales month, until you get really established and have repeat customers and referrals.

“Mortgage Insurance” is just another term for life insurance, which happens to be in an amount to cover the mortgage. Most employers offer life insurance at work these days for a fraction of what you can offer.
So that work insurance is always a better deal – if your client has a job. If they don’t have a job, they probably don’t qualify for a mortgage.

There are literally thousands of insurance agents out there. If you don’t mind bothering all your friends and relatives, and making a lot of cold calls from outdated lists of new mortgage, then have at it.

For me, it got really tired really fast. I started pursuing other insurance categories, such as “Pension Maximization.” But most pension plans are not as restrictive as they once were, so this area has pretty much dried up as well.

Good luck with whatever you decide!

Ken asks…

When can I drop the Mortgage insurance premium on my FHA loan?

I have to pay MIP on my loan . It is our first house and an FHA loan. The purchase price was 139k . I paid 10k down and had the mortgage insurance premium($1920.) financed in the loan at 1.5 %. I emailed chase and they sent a letter saying they are the servicer of the loan and cant drop it…. HUD will have to. I looked at HUDs website and they say they cant drop it , the mortgage company has to.

When I spoke to the rep on the phone(could barely understand her) She said 3 conditions must be met. It must be paid for a minimum of 5 years,be current, and LTV ratio reach 78%.

HUD has a specific link on the wesite giving conditions , but its hard to understand. I asked the mortgage rep if I could get a new appraisal since weve made improvements and drop it. She said I could but we would have to contact HUD with the new appraisal. She also said the LTV ratio is not on the loan price , but the purchase price(before down payment.) Noone there is helpful and would like some answers.
To be clear, after the down payment, the loan 129920. was 129k plus the mip of 1920. I am confused about the LTV. Is it the new appraise value % compared to the purchase price? (She said not counting down payment) Is this amount before the financed 1920 mip? Who do I contact with the appraisal to drop it? Both are telling me the other one has to drop it. I get the distinct feeling that Chase does not want be to drop it. Had this loan 3 years. I pay at least $100.00 additional principal each month. Never been even one day late.

Please someone give me specifics of what I would need to do to get it drop. It would save $53. a month I could put toward my principal and that is a lot of interest saved- thousands. I have painted , put on new roof and added skylights. Carpet is next. What specifically do I do and what are the laws with HUD? Which one has to drop it? I keep gettng the run around. You can email me with any more details needed. thanks
Please dont respond with promotions or solicitations. I only want the law concerning dropping the mip. I have a great rate and am in no way behind.I have no other loans and I am in no way drowning in debt(thus paying extra principal) My loan is going great, just thought I would eliminate any uneeded extra payment.

admin answers:

Ok…the three conditions are:

The loan amount must be less than .78×139000= $108420.
You must be current and usually the lender requires you have never been 30 days late on a payment.
You must have had the loan at least 5 years.

An appraisal is not necessary because the current value is immaterial. The issue is based on the original sales price.

If you have met these three conditions contact loan servicing for your lender in writing (certified mail) and request waiver of mip. The payment on mip is .5%. In other words, if your interest is 6%, then your payment is actually calculated on 6.5%.

On the plus side, mip will be tax deductible on schedule A on your tax return for 2007 along with the interest and taxes.

Hope this helps. Getting out of mip on FHA is somewhat difficult. On the other hand up to about 5 years ago, you could not get rid of it under any circumstances.

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Your Questions About Mortgage Loan Modification

Daniel asks…

Mortgage loan modification is it really true?

Hi my names artem sorry for the grammar etc I’m typing on my iPhone so kinda hard anyways i bought a duplex when I was 20 3 yrs ago and basically I got into financial trouble lost my job tenants left plus some personal issues basically had an arm loan 80/20 @ 10%=80 20=6.25 fixed I lost job tenants left I ended up not paying both my mortgages for 15 months yes I’ll repeat 15 months did not pay a penny now that i’m out of hell woke up got tenants called my 80 mortgage they offered me 5.25% fixed life of the loan plus forgive all past due my 20% is too late for a mod I owe them 30k I called they said of I come up w/ 12-15k they will settle and lose remainder are they that desperate? I can pay them 15k settle I owe other mortgage 100k sell property and make 50k since it’s worth 150k cause second mortgage will be paid off settled right? It’s bad cause I’m ripping them off but i am planning to keep it long term since i got second chance see I was well I thought I’ll lose my property yesterday and today I can keep it or make 50k plus if I can’t come up with that money my pmt before was 270$ for 20 mortgage now I can pay 200 month even cheaper wowanyone got comments suggestions??? Let me know what I should do!

admin answers:

Take it. This is investment property, they do not have to offer you anything, this is actually very unusual. This investment is full recourse, they could sue you for every dime, this is a very generous offer.

George asks…

is there a difference between a refinance and a modification of a mortgage loan?

Please help me to understand the difference if there is one?

admin answers:

A refinance is a new loan paying off existing liens and, if requested and there is sufficient equity, providing the borrower with cash out for other purposes. It involves all of the same loan costs as a purchase loan although those costs may be included in the loan amount.

A modification of mortgage is a restructuring of the existing loan and involves a minimal fee to the lender. In a modification, a borrower may remit a certain amount to be applied to the principal balance and request the lender recast the loan to lower the monthly payments sufficient to pay the loan in full in the remainder of the original loan term.

Joseph asks…

Mortgage Loan Modification and refinance?

I purchased a condo with a interest only 5/1 loan.I purchased a home at 100K appraised at 145K this April. I am thinking of renting out the condo but, I must refinace on the condo becuase I am due for the rate change by May 2010. The condo are appraising at 35% less than what I purchased for.

Am I eleigible for loan modification. My loans are from a Bank and I am not sure if they are backed by Fred/fen

Also, becuase I lived in the condo for more than 3 years before purchasing the home, am I eligible for Obama’s tax concessions

What are my best options to refinance and keep the condo….

I have a 5/1 loan which would adjust next year. What are the steps to be taken for a loan modification. My House appraised 35% less than my purchase price/existing loan.

I am up to date on all my payments and never late. Would the bank perform a credit check to consider the modification option. I can prove the hardship (lost job for last 4 months and found one with low pay).

admin answers:

The tax thing is only for people that buy in 2009 and haven’t owned a property in 3 years. So already owning your condo would also disqualify you for that.

Susan asks…

Home Mortgage Loan Modification Question?

I own a home that I lived in as my primary residence and then I had to move to another state so I rented it out so a disabled couple. They have been livign there a little over a year now. Turns out I have an ARM mortgage which resets in August. I can’t refinance because my CLTV is too high for a rental property. My mortgage company is sending me a packet and said maybe they would be able to to a modification. How likely is it they will fo a modification on a rental property?
Yeah the bank that holds my mortgage is trying to help me modify it. It is an internal thing. They said I have to fill out some paper work, write a letter with my situation, and send it to them and they will see if I qualify for a loan modification. The thing is, that they didn’t really ask me much info on the phone and as soon as they realize it is a rental property I am afraid they will not help me and then I will have to kick my renters out and foreclose because I can’t afford for them to raise the mortgage and I can’t raise the rent any higher because it is already too much as it is.

admin answers:

Looks like there is some missing info here. What kind of modification are they trying to do? Are they trying to get the appraisal value raised? Unless they are the company that currently holds your note(s), then they may be trying to do something internally. If that’s the case, then they may be able to lock you in at a current rate instead of letting your ARM flounder in the wind. I hope that’s the case.

Robert asks…

Will a loan modification, on my 1st mortgage, effect credit bureau?

I am applying for a loan modification. If I decide later to sell my home, will this loan modification effect my credit report, so I am unable to purchase a new home?

admin answers:

As long as your credit is not terrible already from missing mortgage payments, A loan modification will usually not affect your credit score as long as you stay current.

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Your Questions About Mortgage Loan Payment Calculator

Linda asks…

Mortgage Payment Planning — Math Homework?

Suppose you make payments of $884.61 for an $86,000 mortgage for 10 years and then you make payments of 1050 until the loan is paid.

a.) When will the mortgage be completely paid off under these circumstances?
b.) How much do you save with the greater payments compared with the original plan?

It would be greatly appreciated if you could help me out. Showing work and what equation you need to put into a calculator would be EXCELLENT! Thanks in advance. 🙂
It has 12% APR

admin answers:

What’s the interest rate on the mortgage? Or are you saying the loan is interest free?

Mandy asks…

Help correct this code until it runs-interest needs to increase-numbers rounded?

//This program will show how much you will pay per
//month if you take out a loan for $200,000.00 and pay it back
//in 30 years. The formula to calculate mortgage is as follows:
//R= Monthly Payment, P= Amount Borrowed, r= Annual Interest Rate (decimal), i= Interest
//rate per compounding period r/12, n= Number of months to repay (360)
//This calculator will also show the loan balance and interest paid
//for each payment over the term of the loan.

import java.text.DecimalFormat;

public class MortgagePaymentFranklin

public static void main(String args[]) throws Exception
//declare and construct variables
int loanAmt = 200000; // this is the principal loan amount
int loanTerm = 30;
// this is the loan term in years
int monthNum = 360;
// indicates the monthly line item number
int line = 0;
double intRate = 5.75;
// this is the initial interest rate
double monthlyPay = 0.0;
// monthly payment
double monPrinPay; // monthly principal payment
double newLoanBal = 200000;
// the loan balance
double monIntPaid; // interest paid
double newIntRate = 0;
// monthly interest rate

// displays in the console window
System.out.println(“Welcome to Anne’s Mortgage Payment Calculator“);
System.out.println(“This program will calculate and display: (1) Monthly mortgage payments”);
System.out.println(“The principal loan amount = $” + loanAmt);
System.out.println(“The interest rate = ” + intRate + “%”);
System.out.println(“The term of the loan = ” + loanTerm + ” years”);

// construct the formulas
loanTerm = loanTerm * 12;
newIntRate = (intRate * .01) / 12;
monthlyPay = loanAmt * newIntRate / (1 – Math.pow(1 + newIntRate, – loanTerm));

// displays variable info and formula results
System.out.println(“The monthly payment for a $” + loanAmt + ” over a ” + loanTerm + “-month term (30 years) at a “);
System.out.println(intRate + “% interest rate = $” + monthlyPay);
System.out.println(“Listed below are the monthly interest rates, monthly payments, interest”);
System.out.println(“payments, and loan balances for the term of the loan:”);
System.out.println(“Interest RatettMonthly PaymentttInterest PaidtLoan Balance”);

// constructing formulas for monthly interest paid, monthly principal paid, and new loan balance
monIntPaid = newIntRate * newLoanBal;
monPrinPay = monthlyPay – monIntPaid;
newLoanBal = loanAmt – monPrinPay;

// Begins while loop
while(monthNum > 0)

System.out.println(newIntRate + “%t$” + monthlyPay + “t$” + monIntPaid + “tt$” + newLoanBal);


newIntRate = newLoanBal * monIntPaid;
monPrinPay = monthlyPay – monIntPaid;
newLoanBal = newLoanBal – monthlyPay + monIntPaid;

if(line == 1)

line = 0;

catch (InterruptedException e)

admin answers:

There are a number of points to look at:

1. This line: loanTerm = loanTerm * 12; should be: monthnum = loanTerm * 12;

2. This looks suspicious: newIntRate = newLoanBal * monIntPaid;
I am unable to understand the statement.

3. To round it up to 2 decimal places, create this method after main:
private static double RoundUp (double Value)
//return (Value);
return (((int)(Value * 100.0) + 5) / 100.0);

Then change your print statement to call this function:
System.out.println(RoundUp(newIntRate) + “%t$” +
RoundUp(monthlyPay) + “t$” +
RoundUp(monIntPaid) + “tt$” +

William asks…

Mortgage Payment with Tax Included?

I’m in the process of purchasing a home. The house is $120,000.00 and the taxes are $3836.00 annually 100% financing @ 5.2%. It is mandatory that the taxes are included in my mortgage payment, says my lender. So my question is how is it factored in…I’m confused by how that works. What would be my overall loan amount and monthly payments?

BTW, I looked at several different calculators and they all vary….

Please someone with experience reply.
Thank you 🙂
Opps, I forgot to mention it is a 30 yr mortgage, our insurance coverage (which is really good b/c of it being combined with my auto insurance) is only $17 per month and we wont have a PMI.
Yes 100% and my lender doesn’t think its bad with me and my credit so if you can’t answer my question don’t reply at all thank you.

admin answers:

It will also include your homeowners insurance. I’m assuming a 30-year mortgage. Principal and interest of $658.93. Tax of $319.66. Insurance: I’m guessing $1,000 a year for $83.33. PMI (mortgage insurance) of $104. Total: $1,165.92.

Ken asks…

can someone help me to check this progeamming?HELP!!!!!!?

this is html with JavaScript inside. but it does not work. i cannot find out any errors.

<!–Jingyan Sun
July 20, 2010
This is my week three homework. It is a Metro Bank Mortgage Calculator that calculate loan payments. the user will enter
the amount to borrow from the bank, the annual interest rate percentage, and the number of years. Then The program will
display the monthly payment and the total amount of interest that will be paid.

Metro Bank <strong>Mortgage</strong> <strong>Calculator</strong>

// FUNCTION DEFINITION ///////////////////

/* compound — function to calculate monthly payment
* parameter A — amount of the loan
* parameter r — interest rate per period (for this calculation, each month is 1 period)
* parameter n — number of periods
* returns the future value after payment
* NOTE: A, r, and n are the traditional variable names in this equation
function compound(A,r,n){
var a = A*r/(1-Math.pow(1+r,-n));
return a;

/* COMPOUND — fuction to calculate total interest paid
* parameter P — the monthly payment
* parameter n — the number of periods (each month is one period)
* parameter A — amount of loan
* NOTE: P, n, and A are the traditional variable names in this equation
function COMPOUND(P,n,A){
var b = n*P-A;
return b;

Metro Bank Mortgage Calculator

//declare the variables

var amount, length, interest, LENGTH, payment, INTEREST;

//input section

var amount = parseFloat(window.prompt(“please enter the amount of loan you want”,””));
var length = parseFloat(window.prompt(“please enter the length of loan in years”,””));
var interest = parseFloat(window.prompt(“please enter the annual interest rate in percentage”,””));

//process section

var LENGTH=12*length;
var payment = compound(amount,interest,LENGTH);
var INTEREST = COMPOUND(payment,LENGTH,amount);

//output sectin

document.write(“The amout of loan is $”+amount.toFixed(2)+”
” );
document.write(“The length of loan is “+length.toFixed(2)+” years
document.write(“The annual interest rate is “+interest.toFixed(2)+”%

document.write(“Your monthly payment is $”+payment.toFixed(2)+”
document.write(“Your total interest paid is $”+INTEREST.toFixed(2));

admin answers:

In the second part of your javascript, you wrote:

It should be Java right? Not Jave 🙂

John asks…

I have 4 errors on this program and I cannot get it to compile, what is wrong?

Here are the codes can someone please help.
* Week 5 Assignment
* Write the program in Java (without graphical user interface) and have it calculate
* the payment amount with 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5%, 30 year at 5.75%.
* Use an array for the different loans. Display the mortgage payment amount for each loan and
* then list the loan balance and interest paid for each payment over the term of the loan.
* Use loops to prevent lis from scrolling off the screen.

package mcbridemortgagecalculator2;

import java.lang.Math;
import java.text.DecimalFormat;

class McBridemortgagecalculator2 {

public static void main(String[]atgs){
//Declare variables
int loanAmt = 200000;//Principal loan amount
int [] loanTerm = {84, 180, 360};//Loan term for 7 years, 15 years, and 30 years
double[] intRate = {5.35, 5.50, 5.75};//Interest rares for 7 years, 15 years, and 30 years
int monthNum = 85;
int montNum2 = 181;
int monthNum3 = 361;
int loanNum = 0;
int line = 0;
double monthlyPay = 0;//Display monthly payment calculation
double newLoanBal = 200000;//Loan balance
double monIntPaid = 0;//Interest paid
double newIntRate = 0;//Monthly interest rate
double monPrinPay;//Monthly principal payment
DecimalFormat money = new DecimalFormat(“$0.00”);//Display mortgage amount in decimal
DecimalFormat interest = new DecimalFormat(“0.00%”);//Display inteest rate amount in decimal

//Display message in the console window
System.out.println(“McBride Mortgage Calculator 2″);
System.out.println(“This program will calculate three separare mortgage payments for a $”);
System.out.println(“with the following loan terms and interest rates”);
System.out.println(“7 years @5.35%”);
System.out.println(“15 years @5.50%”);
System.out.println(“30 years @5.75%”);
System.out.println(“Following the math calculation of the payments, the program display the”);
System.out.println(“mortgage payments, interest paid, and loan balance for the terms of the”);
System.out.println(“three different loans”);
System.out.println(“The loan results are as follows”);

int i;

for (i = 0; i<= 2; i++)
int j;

for (j = 0; j<=2; j++)

//Performs calculation for loan term, interest rate, and monthly payment
loanTerm[i]= loanTerm[i];
intRate[i] = (intRate[i] * .01)/12;
monthlyPay = loanAmt * intRate[i]/(1- Math.pow(1+ intRate[i],-loanTerm)); ( THIS IS THE 1 ERROR)

if (loanNum <= 2)

//Display results for each loan in the console window
System.out.println(“Loan” + loanNum);
System.out.println(“The monthly mortgage payment for a $” + loanAmt + “over a” + loanTerm);
System.out.println(“interest rate =” + (money.format(monthlyPay)));

System.out.println(“The mortgage payment, interest paid, and loan balance for the loan is as”);


//Begins loop
while (newLoanBal >0);
newLoanBal = 200000;

if (i > = 0) ( THIS IS ERROR 2)

monIntPaid = intRate[i] * newLoanBal;
monPrinPay = monthlyPay – monIntPaid;
newLoanBal = newLoanBal – monthlyPay + monIntPaid;

//Display result of calculations for monthly principal paid, and new loan balance
System.out.println((money.format(monthlyPay)) + “t” +(money.format(monIntPaid)));

//Decrements monthly count one month at a time until count reaches zero
monthNum—–; ( THIS IS ERROR 3)

//Pause console window, then continue calculations
if (line == 20)
line = 0;
Thread.sleep (2000);

catch (InterruptedException e); ( tHIS ERROR 4)

admin answers:

Error 1: longTerm is array.. Math.pow don’t take array as parameter
monthlyPay = loanAmt * intRate[i]/(1- Math.pow(1+ intRate[i],-loanTerm[i]));

Error 2 gap between > and =
if (i >= 0)

Error 3 There are not operator like —–

Error 4 catch statement show define block.. Cannot end with semicolon
catch (InterruptedException e) { }

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**REPRINT** Paine, Willis Seaver, 1848-1927. The laws of the state of New York relating to banks, banking, trust companies, loan, mortgage and safe deposit corporations Also the National Bank Act and cognate United States statutes. by Willis S. Paine. Rochest**REPRINT**

**REPRINT** Paine, Willis Seaver, 1848-1927. The laws of the state of New York relating to banks, banking, trust companies, loan, mortgage and safe deposit corporations Also the National Bank Act and cognate United States statutes. by Willis S. Paine. Rochest**REPRINT**

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