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 lendingtree.com 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 Check My Mortgage Loan

Maria asks…

what can i do if im a victim of mortgage fraud?

same agents and brokers sold my home & with proceeds convinced me of buying four home asssuring me it would be a great investment properties would pay off themself. if i leased them .i question my qualifying for the loan, assured me i would & make the payments if not less equal to the mortgage& rent amount,i invested 175,000 trusting them gave what they asked me for infomation for loan approval, returned informing it would look better if i had co signers knowing full well they would not be contributing to the mortgage payment,they forgedmy signature,bal on my bank stmt.made up false check stub stated i made alot more,then at closing the numbers were not acceptable i wouldnt sign, they change the numbers to acceptable, i signed then when my payment book came it was back to the unacceptable amount, they promised to give me help of 2000 dollars a month because they felt so bad and didfor 2 mos. now in forecloser and insurance says i committed mortgage fraud! what can i do?

admin answers:

It will be hard to prove, I use to do mortgage loans and most Loan Officers are shady characters. They will deny any wrong doing and insist that the bankstatements, paystubs, etc. Were in that condition when you provided them. They will say they “had no idea they were fake”. Do you have anything in writing about them paying you 2k a month?

They should have never closed that loan since the closing doc’s have been altered. I am thinking they forged your signature on ALL closing documents. Call you lender and ask for them to send you a copy of your closing packet. You should have gotten one at the closing- and they should match.

Contact the department of real estate in your state (hoping these guys are licensed). File a complaint with the DRE.

Was a notary present at the time of the signing. Did they know the doc’s were false? If so, file suit against their bond (look at the grant deed and the Notary Stamp will state what city they are licensed). The notary is insured, hopefully you will get some money back.

Is there any way to sell the property before the bank forecloses it?

Good Luck.

Jenny asks…

In the event of foreclosure of a home is the landlord allowed to collect money from the tenant?

rented a home from a woman who presented the house through a reality company as being avaialble for 12 month lease. Within the first week I moved in a mortgage loan collector came to the door, and said he had been to the property for several weeks trying to give notice, but the property was vacant. My landlord 2 weeks later came to me, and confirmed that the house was in the process of forclosure, and that my family, and I have to leave. Up front I gave her $1175.00 for security, and $1175.00 to the leasing company she listed the home through as first months rent counted to their comission ( I moved in the 10th of OCT and my prorate was to be paid in November). My landlord returned my security, and check for my 2nd month’s rent uncashed, but I believe the reality company is also responsible for presenting me with a lease that was never valid, and should return the money I paid to them, and then they go after my lanlord for commiting fraud.
Yes my husband will contact a lawyer, but we prefer not to sue, and just curious what others believe my legal rights are in this matter.
The house was already going under forclosure AT THE TIME we were signing the lease our landlord just thought she could get out of it by renting out the home.
Also I think the reality company is at some fault for presenting us with a false lease – they didn’t check teh status of the property THEY wer representing, and DI NOT inform us that they don’t chekc teh status of tehir clients or properties before they offer a lease to us – I’m not saying they shouldn’t get paid, but my lanlord should have the loss not me considerign she scammed us, and I am out A LOT of money having to move again – not asking her to pay for anything other then the money she wrongly collected in the first place.
my typing sucks sorry for spelling errors
I don’t get it why do they conartists always win? I didn’t pay ot live in a house that was being forclosed apon, and I DO NOT want to live in a hous etaht is going through forclosure I dont care if they like me to live here on free rent I don’t want to I just want the money back so my children can be in a stable reliable living situation. I have a son with autism as well who doesn’t adjust to change eaisly, and the stress of moving again is going to be a great struggle after just moving 3,000 miles away, him learning to adjust to this new place – It is just not right at all. I fell taken advantage of, and its not fair to my family.

admin answers:

It depends upon where you are located.

If the house is under foreclosure it is a legal proceeding and if the court has not issued an order assigning the rents to the court or to the mortgage holder then it would be payable to the landlord.

I would stay in the house as long as possible without paying rent to anyone. Once you have recouped your costs from the free rent then either move or contact the mortgage company. Maybe there is an opportunity to become a homeowner.

If either side provides a court order saying they are entitle to receive the rent then advise the party that you have prepaid X$ to the owner and her Realtor. And will vacate one it is either repaid or been compensated by free rent.

The mortgage holder will like the idea of someone occupying the house until they are ready to sell it. It is free protection for their property.

Joseph asks…

Getting a home loan with low credit score?

My aunt has owned a home for the last 10 years, just
recently she was in a very bad situation where she got
behind on her mortgage. She is now caught up and in
good standing but her credit check doesn’t show this.
How long until it shows up and how soon will her credit
score begin to increase? Al

admin answers:

They should have it update within 3 to 4 months, If they don’t you can contact them and request that they update or remove the slow pay history.

Good Luck

Daniel asks…

Personal Loan Inquiry Question?

I’m unsure of my credit score. I pulled my credit report but it doesn’t give a score. Not sure where I can get that. Last time I checked it was in the high 600’s. I have 3 dings on my credit, 1 late payment from Dec 2006 when my payment protection didn’t kick in right away after an auto accident, 2 collection accounts (1 with Verizon for a home phone – small amount but I never recieved the bill however it is paid off once I received the collections notice & 1 ambulance bill that never got paid by the insurance).

All other 5-6 accounts I have are in perfect standing, never been late and paid more than the minimum payment every month. I got denied by PNC Bank for a personal loan so I’m looking into other banks. I know that mortgages & car loans have multiple banks/institutions being checked so that you can see which works best for you, and at the end of 30 days all those inquires for the mortgage or car loan are lumped into one credit report inquiry. Do personal loans work the same way?

admin answers:

No, they don’t. They are counted as separate inquiries. Only auto and mortgage shopping counts as one lump inquiry at the end of a 2 to 4 week period.

As for getting your FICO score, you have to pay for it. It is under $20 at: http://www.myfico.com

Michael asks…

lump sum mortgage foreclosure?

I am behind in my mortgage payments, i received a letter from some lawyers representing chase that if I send a certified check they will reinstate the loan. I know they represent chase.
IS IT SURE THAT IF I PAY THIS MONEY THEY WILL REINSTATE MY LOAN, OR CAN THEY STILL FORECLOSE MY HOUSE, EVENTHOUGHT IF THE MORTGAGE WILL BE UP TO DATE???

admin answers:

Get their offer in writing. Make sure that it isn’t a scam. Call Chase customer service department and confirm the offer. Generally I don’t think the major lenders use outside legal firms, but have in-house departments to handle these issues. I would also try to get them to lower your interest rate.

Rswpbc…I guess we are in agreement because you just repeated my statement.

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Your Questions About Check My Mortgage Loan

Daniel asks…

Old Mortgage company reporting me years after selling house?

I owned a house, financed through GMAC mortgage from 2001 to 2005, when I sold it. Years go by, nothing wrong. As of January this year, they reported me for being delinquent on a single mortgage payment… 3 yrs later.

I started the process of a home loan app today with another company and they tell me I currently have a mortgage loan, for the exact amount of my old mortgage. I keep tabs on my credit using equifax.com and I had never seen antyhing. Today I check back, and now it shows I have a $130,000 mortgage (amount of my old house) to some comapny I’ve never heard of. In fact, there seems to be a few names involved – my credit report shows “NetBank” and the person processing my app shows RBMG, and I also saw a Resource Mortgage somewhere too. The only phone number I found is busy all of the time. I googled the address and it leads to south carolina consumer protection agency.

All of this is really weird. Anyone seen this before or have any idea what is going on?

admin answers:

We pull a “tri-merge” report so just because it didn’t show up on Transunion does not mean it will not show up on the other two reports.
All creditors have a right to show your history for 10 years…

Thomas asks…

I try to do short sale on my house?

I bought my house for $400,000 , now it wort 245,000. I am six month behind on my mortgage, I did try to do refinance with wells fargo. they did charge me over $4500, and now gave me a plane to pay 7800 for 3 month and then if every thing goes fine they will check my loan.(they stop foreclosure )
I am tired of this game, and i am going to do short sale.my question is it late for short sale or still I have time?
Thanks.
mailboxreza@yahoo.com

admin answers:

Short sales can technically work, but i haven’t ever heard of one actually going through

i’m pretty sure the law changes so that you don’t have to pay income tax on the difference between what you owe and the sale price

Donna asks…

FHA Mortgage fell through, can I sign a new contract on house for conventional loan?

I have been watching a certain house since May 08. House finally went on the market in January 2009. Called about it immediately after seeing the sign in the yard and someone else had a contract on it. The previous owner had let the home go into foreclosure so it was bank owned.

The people with the contract on the house found out while doing a title search that the title was not clear due to some IRS tax issues. I zoomed in for the kill. I didn’t care how long the wait was, I would wait it out for this house…signed contract in February for 15000 more than they were selling the house for. I was getting an FHA loan and was assured it would pass. Got news it did not pass due to a waterleak in the basement, realtor went in and fixed the problem but because the house had been vacant for over a year, the water problem had caused a mold issue in the downstairs closet.
I had a health inspector go out at my expense and check the house. Only mold was the mold in the corner of the closet downstairs. could be fixed really easily.
Was informed it would not go FHA cause of my appraiser saw the mold in his prelim appraisal and he would have to note it in the report.
Now that the contract fell through, they have relisted the house for 17000 less than I offered the first time.

My question is, can I sign a second contract on the house and go conventional this time?
the house is only selling for 67000 it is in a nice location and itis 5br 3 ba 2700 sq. ft. no mold anywhere else but in that corner of the closet downstairs
One thing i wanted to add is that the appraiser didn’t do a full appraisal. he just went in and looked very quick…I was told by inspector the only thing that needed to be done is to get a spray can of Kilz and spray paint the closet since the mold is nowhere else in the house.

admin answers:

You know you can’t do FHA, but you can do a conventional loan with out an inspection but you can’t go back on the sellers because you are opting out to do the inspection. BUT… Your lender (mortgage company) might request a home inspection. There are ways around all of this but first thing is first, if you want this house then you need to get into contract with the Realtor. Then shop around for a mortgage broker. In the end it will depend on the appraisal value, even with the mold. If the lender wants it fixed before the closing then they will ask for the modification (talk to ur lender). Also depends on how much you ae putting down. The more the merrier and you will see more can happen if you are putting your cash on the line. There are so many ways around all of this in conventional loans. Not FHA. If in the end you can’t get the loan passed then you can get out of contract. No fault to you. If you really want this house then a good broker will get you in. Also sounds like a good Realtor.

John asks…

what can i do if im a victim of mortgage fraud?

same agents and brokers sold my home & with proceeds convinced me of buying four home asssuring me it would be a great investment properties would pay off themself. if i leased them .i question my qualifying for the loan, assured me i would & make the payments if not less equal to the mortgage& rent amount,i invested 175,000 trusting them gave what they asked me for infomation for loan approval, returned informing it would look better if i had co signers knowing full well they would not be contributing to the mortgage payment,they forgedmy signature,bal on my bank stmt.made up false check stub stated i made alot more,then at closing the numbers were not acceptable i wouldnt sign, they change the numbers to acceptable, i signed then when my payment book came it was back to the unacceptable amount, they promised to give me help of 2000 dollars a month because they felt so bad and didfor 2 mos. now in forecloser and insurance says i committed mortgage fraud! what can i do?

admin answers:

Get an attorney.

Sandy asks…

will my loan go through?

I got approve for a mortgage loan, but with conditions. I didnt like they way things was going because they our rate was this and later we found out our rate is higher all the way at the end of the process. I decided I should shop around for a better rate, but later I changed my mind. I felt like I couldnt go through the same process all over due the fact my closing date is near. I feel that my score went down maybe two points from a 680 to 678 I not sure. My broker before was telling me if I go let anyone check my credit I will not be qualified for the loan if score goes down pass 680. I felt like he was putting in a tight position. I really never got a chance to shop around because he pulled my credit alot, because was he shopping around to different bank is that fair. Now I want to do some shopping on my own and my score goes down, and I might not qualified for the loan.

admin answers:

Your score will not change much due to shopping around. It sounds like your broker is trying to use scare tactics to keep you from shopping around. At 680 and 678 there are numerous programs for which you can qualify. Check with local lenders to see the best rate that you can get. What is the rate that the broker is quoting you and on what terms?

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Your Questions About Check My Mortgage Statement

Linda asks…

For a mortgage professional: How does a gift letter work on a refi?

I am in the process of refinancing my home and I am becoming a bit annoyed with the lender I am working with. It’s a typical rate/term refi. However, I am receiving a $20K gift from my father to to bring my loan down to 80% LTV to avoid MI. I used to work in the mortgage industry and based on my experience, all I should need is a signed gift letter and canceled check.

However, the lender is now (in the 9th inning) asking for 2 months of my FATHER’S bank statements and claiming it’s some new law as the reason why they’re needed.

Is this lender correct that I really need to provide my FATHER’S bank statements? If yes, please explain why and what the law is and what the rationale is. Thanks.
Thank you to all who answered so far. I could totally understand if this was a purchase transaction and they needed to verify my downpayment wasn’t coming from an ineligible party (broker, seller). However, this is a REFI. Is this standard practice to ask for my father’s bank statements? Or, is this lender incorrect?

admin answers:

In fairness, lenders are very skittish these days with respect to mortgage fraud. You’re right, however. If you can prove that the gift is irrevocable, that should be enough. I’d suggest you go back to the lender and work with them from that perspective. Don’t bother butting heads with them, its not worth it. Give them the comfort that the gift is not a “sham”. If that doesn’t work, consider taking your business elsewhere.

Its completely understandable for a lender to want to avoid any risk of mortgage fraud. However, if they are being overly-intrusive for no reason, as a consumer you have a right to “vote with your feet”. Good luck.

Laura asks…

Should we get a lawyer for the problems we are having with our mortgage company, Litton Loan?

Around the 20th of February my husband got a call from the foreclosure department announcing that they had not received payment since October, and that our home was in foreclosure, according to there records we owe $7,290.00, $2,880 of which was attny fees, and $118.00 in late fees. I, being the bill payer, called them the following day, where they informed me that, according to there records at that point, they hadn’t received payment since August. I got copies of bank statements and faxed the statements with a letter of dispute to the customer research department, waited 2 days, and called LL back to see who received the fax and how long we would have to Waite to hear back from them. During a two hour conversation with customer service I was informed that the research department would get back to me with in 10 days. I explained that all we wanted to do was figure out what the problem is with our mortgage and pay it. The girl from customer service informed me that, according to her records, the problems started back in February of 2008, when they weren’t receiving the full mortgage and escrow pmnt. She was unsure of the details of the information she was giving me, and had to put me on hold several times to Speak with her supervisor. Our conversation was only confusing, and got us nowhere. In our loan agreement we chose to pay escrow and insurance separately, but her records show we agreed to have escrow billed along with principal and interest. 20 minutes later she apologized and said that all of this actually started in January 2008. My husband was in bankruptcy last year from January to end of March, so the customer service rep advised me to Speak with the bankruptcy department. I was transferred, I spoke with the bankruptcy rep for about 15 minutes, giving her the details of the drama, and requesting she locate the disbursement of a $4,000 check we paid via phone on March 25, 2008, at that time we were informed that our payment would have our acct in good standing and we could go back to paying principal and interest only. {How It Started: At that time LL paid our escrow for 2007 (without our knowledge) and began foreclosure due to payments not made in full, and again refused to accept payments until paid in full. We only learned of the near foreclosure when I called the tax assessors to find out how much we owed, they told us LL covered the taxes. We called LL to pay them for the property taxes and discovered that because they payed property taxes we ended up owing $1000.00 in attny fees and costs, piling up w/o our knowledge.} Back to the present: The Bankrupt rep contacted me after two hours of researching our acct, and informed me that she found the $4,00 payment had not been disbursed properly, she made adjustments to our acct. I was told to send payment of $1,577.00 to be combined with $777.00 they have in forbearance and that we would be caught up through Feb, and need to send payment for PRINCIPAL and INTEREST for Mar. I overnighted the payment with a detailed letter of the issues, happy as a clam, and called a few days later to make sure that payments where applied as discussed… to discover that they have returned that payment now, too. The bankruptcy rep avoided my calls repeatedly, and when I finally got her to speak with me on the issue of the returned check she said that there was nothing further she could do, that she didn’t know that we were in foreclosure (which she did, it’s why I called her), and that we needed to speak with the forclosure department, to see if we qualified to work out a payment plan. We finally got ahold of the foreclosures department yesterday (as they too where not returning our calls) where they state that we owe $3,370.00 not including attny fees, dating back to October. They’re payment record is also incorrect, and the rep said I will have to wate up to 30 days (remember: I was told 10 before) for the research dep to send me correspondence regarding the fax I sent them. The foreclosure dep had no idea what the cost of the fees were, and attempted to shoo me off by telling me that it could take 24 to 48 hours for them to get back to us on that. But on the other hand they were willing to see if we qualify for a repayment plan. When I stated that there was no need for that, that we have the payments to get caught up, (as they have been returning all the payments we make, the mortgage is piling up in our acct) we just need to know how much we owe in attny fees, suddenly he was able to call the attny office himself and put me on hold while he found out how much we owe. When he got back to me I was informed that we owe a total of $2.877.00 and $156.00 in late fees, our new total (since the adjustment- which his records now show) is $6,247.19. That’s a difference of $1,043.00 from the original charges, that covered principal and interest, but the attny fees didn’t change??? What???The adjustment brought us up 3 months, and the rep wasn’t even posative when the

admin answers:

Since you are in foreclosure I would get an attorney. Sounds like you have tried to work out the problem but this is to important of a problem to work out on your own at this point. If you have made every payment in a timely manner and have the paper trail to prove it I’m sure that you will be ok. At the same time it sounds like your lender is so messed up they need a little prodding to get this situation resolved.

I had a similar problem when my lender failed to credit an additional payment. It took them three months and I had to mail or fax them copies of my canceled checks showing my payment history 3 or 4 times before they finally figured out that they had screwed up.

Sandy asks…

Can all your wisdom and experience help with this? Guys you too?

I have to discuss finances with my exe, the mortgage etc. It is like trying to talk to a 2 year old. In all the time we were together I was never “allowed” to see his bank statement. His pay cheques went into “his” bank account. I would try to make a budget, but he wouldnt sit down and discuss anything. He would just run out the door. We NEVER once discussed anything. So now everything is in a HUGE mess, and it HAS to be discussed !

HOW do you deal with a man who seriously does have the mental and emotional age of a 2 year old? This is SERIOUS, and he refuses to discuss anything. Guys any ideas?
It was a fight the whole time we were together, I would make a budget and he would pay no attention to it. He has no assets, just the house which is in both our names because I dont have enough income to qualify for a mortgage
we werent legally married.
I mean honestly I will say nicely we have to discuss this, so call me when you are ready to and have time, and years will go by and it isnt the “right time” for him
Nick I dont tell him he is a two year old, but I am so frustrated with trying to deal with someone who acts like one
question is” HOW do I get him to listen, to sit down and discuss things like an adult?
In Canada there are community property laws if you have lived with someone for one year ! The lawyer has it all dealt with as far as it was my money used for the downpayment, and I get that back first before equity is considered and all that. But if I sold now I wouldnt get my money back out because property values have dropped
Men please what would work to get you to talk, on the phone, about this? No anomosity, no reason to rake up the past, I am trying very hard to keep it friendly and amicable
see new question above, instead of answering this one thks !

admin answers:

Now temper this response with the fact that I do not mean to insult you or to be rude.
Stop referring to or thinking that any man who loved you is a two year old. That is not a good start to problem solving. If’n you want to get mad at me then do so…………that said
Put him in a comfortable place and tell him you have something to say and do so. Then let him walk away without an answer at the time if he chooses to do so. Or be prepared to hear what he might say.
You fostered this situation with your “I was never allowed”. Now seriously you had the power to change that then and didn’t.
Now follow through and maybe it isn’t even as bad as you think. I certainly hope not. Anyone on here for any period of time knows that you don’t put up with much.
In my humble opinion.
If that doesn’t work then open a can of whoop on him and get it over.

Jenny asks…

Illegal mortgage practices?

I’m giving a down payment as a gift to someone on a conventional mortgage. I’m wiring the money to the title company and was told by multiple parties that I need no bank statements etc. My bank just called to tell me that the mortgage company is trying to get my acct balances. . Is this legal? I haven’t given them any authorization to check all of my bank accts.

admin answers:

Of course they can ask for the source of the downpayment.

Chris asks…

Gift Letter for Closing Costs?

(follup question)

My grandparents offered to pay the closing costs when my husband and I buy our first house here in the next few weeks.

-Our mortgage broker told us that for them to put ANYTHING toward the house (downpayment, closing, etc.), she has to see 2 months of bank statements & a voided check from them.

-Is that an actual law? Can someone please send me a legitimate site that says the law? My grandfather thinks he’s being swindled or something.

-Is it a new thing?
The closing costs are supposed to be around $2,500 to $3,000. I thought it sounded strange too!
Danielle, it has to be in our account for 2 months or the bank will not let us use it… it’s a hassle. My friend’s parents gave them cash for a downpayment in June & the bank wouldn’t take it.

admin answers:

I work in real estate. I don’t know if it’s actual law or not, but what is generally required is a statement from their bank showing that they had the money to give you (can just be a simple letter), a copy of the check they give you, and proof that you put it into your account (i.e. Updated bank statement or print out once you deposit it). Would help to know what type of loan you were getting. But what they are doing is trying to verify that you did not get a loan for the costs.

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Your Questions About Mortgage Payment Calculator

Thomas asks…

Australian Mortgages – Extra payments per week vs periodic lump sums?

I currently put in $150 per week extra into the mortgage.

Should I continue doing this or bank the $150 pw into a 7.6% savings account (such as ING) and make 1 or 2 lump sum payments per year into the mortgage?

There are online calculators for lump sum payments, but they only calculate one offs, not annual lump sum payments.

Thanks!
Please, bankers and finaciers advise only.

admin answers:

The more you put on your mortgage up front the better off you will be in the end.

Jenny asks…

Help with mortgage?

I make about $2,000 a month. I am interested in buying an apartment for, let’s say, $150,000. On a 10 year term, at an interest rate of 5.00% a year, the total comes to $1,590.98, according to:

http://www.bankrate.com/brm/mortgagecalculator.asp?unroundedPayment=1590.982728586134&loanAmount=150000.00&nrOfYears=10&nrOfMonths=120&interestRate=5.00&startMonth=9&startDay=28&startYear=2007&monthlyPayment=1590.98&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=9&oneAdditional=0&oneAdditionalMonth=9&oneAdditionalYear=2007&paidOffDate=Oct+28%2C+2017&submit.x=23&submit.y=9

Now, are those figures realistic? I want to move out of my parents house fast. How much would the down payment be? Any other expenses? Would I save money if I rented it out to someone else? Please let me know. Thank you.

admin answers:

Not realistic. First, you’ll never get a 5% interest rate, and you won’t get 100% financing on an apartment.

More importantly, you can’t afford it. Your debt ratio is too high. You won’t be able to qualify for a loan with a total debt ratio above 50% or so, if your credit is perfect.

You’ll need about 10% down payment, plus another $6,000 or so in closing costs. Other monthly expenses include utilities, food, telephone, internet, cable TV, parking, gas, etc. You could probably save money if you got a roomate.

Sounds like you should reconsider living with your parents until you are in a better financial position to move out.

Good luck.

William asks…

Help with Java program for a mortgage payment calculator?

As part of an assignment for an online Java class I have to write a mortgage calculator using a class provided by the instructor. Within the code given, the variables for P (principal) i (interst rate) and N (term length) is declared and set to zero. within the code i have written, i have lines to get user input for the three variables. then i have the instantiation code to call in the calc instance of the mortgage calculator class. the program works beautifully until I try to satisfy the last requirement of the assignment which is to “package” the two classes (my main class and the mortgage calculator class provided) into week2. When I package the two together, I being having problems with my variables. I’m not sure how to get around this… ?? I need to be able to input the variables from the user (despite not having a GUI to work with) and still calculate from the mortgage calculator class. as an example my code looks something like this:

1 public class MyMortgageCalculator {
2 public static void main(String [] args) {
3 line to use Scanner loanDetails = new Scanner
4 double P, i;
5 int N;
6 system.out.println (enter principal amount);
7 P= loanDetails.nextDouble()
8 system.out.println (interest rate)
9 i = loanDetails.nextDouble()

10 formatting line goes here

11 //code to instantiate
12 MortgageCalculator calc = new MortgageCalculator(P, i, N*12)
13 print response line here
14 }
15 }

Now, the error directs me to what is shown here as line 12. there are 2 errors at this line. The first points to the left hand side M in MortgageCalculator and the second error points to the right hand side M in MortgageCalculator.

Can anyone please help me fix this??? The code works before packaging but not after…
@McFate, yes, the files are saved in exactly the same folder. and when I leave the statement out and compile I have no errors. Thank you for any assistance. It’s greatly appreciated.

I also have the package statement as the very first thing in both programs. no comments or code present there. :-/

It has to be something related to that however since the program works fine when I put it in netbeans. it works fine. I did get an error that said the main class MyProgram was not found and asked me to choose with the only option being week2.MyProgram. Does this mean that the name of my class in the first line

public class MyPrgram {
public static void main…
}

should actually be

public class week2.MyProgram {
public static void main…
}

no I tried that… it doesn’t work either. 🙁
*********

Okay then the problem must lie in the location of the week2 file not being declared? for instance in your example foo.bar.MyClass, would the package line need to be altered to say
package foo.bar
or would that statement be something else within the code after the package line?

admin answers:

Did you put the two classes in the same package? Are they being compiled together? (Remember that package structure AND directory structure must match exactly.)

If you place the classes in a package named week2, then they must also be in a directory named week2. And you should compile from the directory above. (For example, if you reference foo.bar.MyClass, the compiler will look for a directory foo, containing a directory bar, containing MyClass (which must itself be declared as being in package foo.bar.)

NetBeans works because it handles all of this automatically — placing classes in a directory that matches their package declaration, compiling all the classes together, etc. You can do the same from the command-line, you just need to be careful about what directory you are in (the directory containing week2, not week2 itself).

@M

Chris asks…

Understanding how the calculation of mortgages/financing works?

I had thought I understood how the calculation of mortgage payments actually worked; now I’m not quite so sure and had thought I would give a hypothetical scenario, so that I could resolve this issue.

This is how I thought calculating a mortgage payment would work. Let’s say hypothetically a home was $50,000 and I was required to put 10% down. That would mean the principle would be $45,000. Let’s say I had a 30 year mortgage.There’s 360 Months in 30 years, so I took 45,000 and divided it by 360 That would make my monthly payment $125.00 monthly. Let’s say the interest rate I had was 10%. 10% of 125.00 is 12.50, which would bring my monthly payment to $137.50.

Now I know my approach is flawed because when I use the online mortgage calculator it says a 45,000 principle with a 10% interest rate at a 30 year loan would give me a monthly payment of $394.91.

I’m just wondering what it is I’m doing incorrectly. Thanks in advance for your time.

admin answers:

You cannot figure it how you did. For one thing interest is per year so you would divide APR by 12 for the interest per month. But that was not your major error in understanding loans.

Interest is not a percentage of each payment, it is on the remaining balance. So when you make your first monthly payment the interest of 10% / 12 would work out to 45,000 x 0.1 / 12 = $375.00 interest and subtract $19.91 from the principal, making the balance $44,980.09.

The 2nd payment would be 44,980.09 x 0.1 / 12 = $374.83 interest and subtract $20.08 from principal for a balance of $44,960.01, and so on.

Gradually as the principal decreases, the dollars in interest decrease and the portion towards principal increases, until your last payment is mostly remaining principal. And that is why paying anything extra early in the loan can have a large impact on the total amount of interest you pay. An extra payment per year could knock years of payments off of your loan.

Sandy asks…

If banks won’t lend you more than 22-28% of your income for mortgage, how can ppl possibly buy $1mil+ houses?

Does this apply to mortgages for houses $1 million+? Let’s say you want to buy a $3 million house. When I used the bankrate calculator, monthly payment came up to around $20,000. If the 22-28% you gross income rule applies, you have to at least earn $70,000-$90,000 A MONTH which equals to $840,000-$1,080,000 A YEAR. I know you don’t have to earn that much to buy a $3 million house, so I’m guessing the 22-28% rule doesn’t apply above certain price. What is this price, and where can I read more about buying expensive houses in much detail? Thank you so much!

admin answers:

They have assets I presume!

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Your Questions About Mortgage Loan Payment Calculator

Mary asks…

I cannot figure out what I have done wron on this problem.?

The McBrideMortgageCalculator class implements an application that simply prints “McBrideMortgageCalculator!” to standard output.
Programmer:Diane Beck
Requestor:Hugh McBride
Request:Complete Service Request SR-mf-003, Mortgage Payment Calculator to calculate an display the monthly payment amount of a 200,000.00 loan
over 30 year term at 5.75% interest.
*/
import java.io;
import.java.util.Scanner;
import java.text.DecimalFormat;
import java.lang.Math;

public class McBrideMortgageCalculator
{
public static void main(String[] args)
{
DecimalFormat df=new DecimalFormat(“#.00”);

//declaring Variables
final double Principle=200000;
final double Interest=0.0575;
final double Term=12*30;
payment=principleBlance*(monthlyInterest/(1-Math.pow(1/1+monthlyInterest),term);

//displaying variables
System.out.println(“Principle=”amount);
Systems.out.println(“Interest rate=”+INTEREST*100);
System.out.println(“Years=”+TERM);
System.out.println(“Monthly Payment=”+MONTHLY);
System.out.println(“$”+df.format(payment()));
}

Can someone tell me why I have seven errors when I try to run it.

admin answers:

From what I can tell, these are all 7… Actually 9 of your problems:

Your top comment block has no opening comment symbol. You need to put /* (or /** if using javadoc) at the very top of the file.

Import.java.util.Scanner;
// extra period, needs to be “import java.util.Scanner;” However, you don’t even need this line because you don’t use the Scanner object once anywhere.

Payment=principleBlance*(monthlyIntere…
// these variables haven’t been declared. Did you mean Principle and Interest, rather than principleBalance and monthlyInterest? Also check for missing semicolon at the end of the line.

System.out.println(“Principle=”amount)…
// need concatenation sign (+) in between “Principle=” and amount. Also check for a missing semicolon at the end of the line.

Systems.out.println(“Interest rate=”+INTEREST*100);
// You put “Systems” instead of “System”

Systems.out.println(“Interest rate=”+INTEREST*100);
System.out.println(“Years=”+TERM);
System.out.println(“Monthly Payment=”+MONTHLY);
// none of these variables have been declared. Java is case sensitive (INTEREST and Interest are different things).

You’re also missing a final closing brace ‘}’ at the very end.

I strongly recommend you learn basic java syntax and how to read compiler diagnostics.

Also, this code looks HORRIBLE! It’s nothing that would cause an error, but there are certain spacing rules you need to follow. I would look those up too.

Jenny asks…

Mortgage Payments?

What is a good rule of thumb when trying to figure out what a monthly payment would be given x dollars borrowed for y years and z in taxes? Should I use an online ammoritization schedule? I don’t like the online loan calculators, they all seem to lowball it quite a bit. Thanks for any help.

admin answers:

Build your own mortgage calculator with an excel spreadsheet,
1.) To figure the mortgage payment use the “=PMT(rate, nper,pv,)” formula…. Rate= interest rate, nper= number of period pmts ..ie for a 30 year loan it would be 30 or 360…. Pv= present value or initial amount of the loan. To figure the monthly payment, make sure you divide rate by 12, and use the number of monthly payments (ie 360) for “nper”.

2.) Tax rates vary by jurisdiction, so make sure you contact the local taxing authority for the tax rate. Keep in mind in many jurisdictions, the assessed value used for tax calculations is different than the “market value” or amount you’ll pay for the house, but usually, its pretty close

3.) Make sure you include insurance as part of your payment calculation, many lenders will escrow that as well.

Sandra asks…

Mortgage Refinance?

I have a 1.25% negative am loan that i need to get out of, i currently owe 673,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,500.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,400.00 is this realistic? i pay 8,000.00 in real estate taxes a year.
I realize i cannot get an interest only loan plus get my taxes paid for $2500.00 So can i get a payment of $2500 without the taxes? for 673,000?

admin answers:

If you really can’t make the payments for a 5yr ARM Interest Only of about $3,365 + taxes and insurance. Then you’ll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I think your currently Option ARM is rising at a monthly rate. If you really need more time before your credit is damaged, I think the best bet will be another Option ARM but with a FIXED MARGIN.

Donald asks…

I am doing a program and It runs but it does not give me a tablet, what am I doing wrong?

I am doing a mortgage calculator, it is supposed to give a list of declining list of payment but it does not and I can not figure out why I did wrong. It runs gives the amount of the payment and it has headers but no list.
/**
*Week 2 Assignment- Diane Beck
* A proram written in Java (without graphical user interface) that will
* calculate and display the monthly payment amount to fully amortize
* a $200,000.00 loan over a 30 year term at 5.75% interest.
*
*
* Student: Diane Beck
*/
import java.util.Scanner;
import java.lang.Math;
import java.text.DecimalFormat;
import java.io.IOException;//imports code for handling of Enter key input
import java.io.BufferedReader;
import java.io.InputStreamReader;

class McBrideMortgageCalculator {

public static void main (String[] args) //start main() function
{
//declare variables
double monthlyPayment; //monthly payment
double principal; //loan principal
double interestRateYears; //annual interest rate (precentage)
double interestRateMonths; //monthly interest rate
int termYears; //length of loan in years
int termMonths; //length of loan in months
int linecount; //number of lines to be displayed

double balance; //displays current balance
double interestPaid; //displays the principle paid
double monthlyInterestPayment; //holds current interest payment
double monthlyPrincipalPayment; //holds current principle payment

//assign values
principal = 200000; //total loan amount
interestRateYears = 5.75; //APA (annual percentage rate)
interestRateMonths=(interestRateYears / 12) / 100; //monthly interest rate
termYears = 30; //length of loan in years
termMonths = (termYears*12); //length of loan in months
monthlyInterestPayment = 0; //set current interest payment = 0
monthlyPrincipalPayment = 0; //set current principal payment = 0
balance = principal; //set current balance – principal
linecount = 15; //display 15 lines of results

//formats number to display only two decimal places
java.text.DecimalFormat dec = new
java.text.DecimalFormat (“,###.00”);

//hard coded information to display basic loan information
System.out.println(“nnt***Mortgage Calculator***nn” +
“nLoan Amount: t$” + dec.format(principal) +
“nInterest Rate: t” + interestRateYears +”%”+
“nTerm (Years): t” + termYears);

//calculate monthly mortgage payment
monthlyPayment = (principal * interestRateMonths)/(1 – Math.pow(1 + interestRateMonths, – termMonths));
/*
* J
* M = P *—————– <——–Formula to calculate
amortization
*
*
* M = Monthly Payment (monthlyPayment)
* P = Loan Principal (principal)
* I = Interest Rate (interestRateYears)
* L = Length (term) of loan, in years (termYears)
* J = Monthly Interest Rate (interestRateMonths)
* J = I/(12*100)
* N = Number of months of loan (termMonths)
* N = L*12
*/
{
//displays monthly mortgage payment resulting from above calculation
System.out.println(“nnBased on the above criteria,” +
“your monthly payment will be:” +
“$” + dec.format(monthlyPayment));
//formula (s) to calculate monthly interest and principal payments
monthlyInterestPayment = (balance * interestRateMonths);
monthlyPrincipalPayment = (monthlyPayment – monthlyInterestPayment);

//format column headers for results to be displayed
System.out.println(“nnnMonthsttPrincipaltInteresttBalance”);
System.out.println(“RemainingtPaymenttInteresttBalance”);
System.out.println(“——-t——-t——-t——-“);

//start while loop
while (termMonths >0);
//information to display
System.out.println(termMonths + “tt$” + dec.format (monthlyPrincipalPayment) +
dec.format (monthlyInterestPayment) + “tt$”+ dec.format (balance – monthlyPrincipalPayment));
//decrement months
termMonths =144;

//calculate interest and principal payments
monthlyInterestPayment = (balance + interestRateMonths);
monthlyPrincipalPayment = (monthlyPayment – monthlyInterestPayment);
balance = (balance – monthlyPrincipalPayment);
}

//these conditional statements cause the results to pause in (lineconut == 20)
{
linecount = 0;
}
try
{
Thread.sleep (3000); //pause to last three seconds
I now have my program working but it is giving me what looks like hundreds of rows. I give me data in the neg field, instead of stopping at the o balance mark. What is wrong with it now?

admin answers:

The code looks a bit damaged in its copy-and-paste journey. However I suspect the lines:

//start while loop
while (termMonths >0);

The semicolon is an empty statement, so it says “If termMonths is zero or less, stop here forever”, which is probably not what you want. I would expect you want to swap the ; for a {, you program probably still won’t work but you’ll be a step nearer.

Changing:

//decrement months
termMonths =144;

to something like:

//decrement months
termMonths–;

might also be helpful!

Steven asks…

mortgage refinance right for us?

I have a 1.30% negative am loan that i need to get out of, i currently owe 650,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,450.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,450.00 is this realistic? i pay 8,200.00 in real estate taxes a year.

admin answers:

If you really can’t make the payments for a 5yr ARM Interest Only of about $3,365 + net wages and toy. Then you’ll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I credit your currently Option ARM is rising at a monthly rate. If you really need more time before say nothing credit is damaged, I think the winner bet will be another Option ARM but enamored a FIXED MARGIN..

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Your Questions About Mortgage Loan Payment Calculator

Mandy asks…

The previous answer fixed the 4 errors now it is not giving me the information, what is the problem?

The answer before fixed the errors, now this is what it gives me, not all of the information is there, what did I do wrong?

/*
* 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[]args){
//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();
System.out.println(“McBride Mortgage Calculator 2″);
System.out.println();
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();
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();
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[i]));
//////////////pow(double,double)////////////

if (loanNum <= 2)
{
loanNum++;

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

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

}

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

if (i >= 0)

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–;

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

catch (InterruptedException e){}
{
}
}
}
}
}
}
}
public class Main {

/**
* @param args the command line arguments
*/

// TODO code application logic here
}

run:

McBride Mortgage Calculator 2

This program will calc
run:

McBride Mortgage Calculator 2

This program will calculate three separare mortgage payments for a $200000
with the following loan terms and interest rates
7 years @5.35%
15 years @5.50%
30 years @5.75%

Following the math calculation of the payments, the program display the
mortgage payments, interest paid, and loan balance for the terms of the
three different loans

The loan results are as follows

Loan1
********************

The monthly mortgage payment for a $200000over a7-yearperiod at a 5.35%
interest rate =$2859.79

The mortgage payment, interest paid, and loan balance for the loan is as
follows

Loan2
********************

The monthly mortgage payment for a $200000over a15-yearperiod at a 5.50%
interest rate =$1634.17

The mortgage payment, interest paid, and loan balance for the loan is as
follows

Loan3
********************

The monthly mortgage payment for a $200000over a30-yearperiod at a 5.75%
interest rate =$1167.15

The
This is with semicolon
The loan results are as follows

Loan1
********************

The monthly mortgage payment for a $200000over a7-yearperiod at a 5.35%
interest rate =$2859.79

The mortgage payment, interest paid, and loan balance for the loan is as
follows

$2859.79 $891.67 $198031.88 Payment(s) complete

Loan2
********************

The monthly mortgage payment for a $200000over a15-yearperiod at a 5.50%
interest rate =$1634.17

The mortgage payment, interest paid, and loan balance for the loan is as
follows

$1634.17 $916.67 $199282.50 Payment(s) complete

Loan3
********************

The monthly mortgage payment for a $200000over a30-yearperiod at a 5.75%
interest rate =$1167.15

The mortgage payment, interest paid, and loan balance for the loan is as
follows

$1167.15 $958.33 $199791.19 Payment(s) complete
BUILD SUCCESSFUL (total time: 0 seconds)
The first is without semicolons, it should show for all 3, loan bal, int paid, mortg pay of the term of loan.
I hope this help. I have added and taken away

admin answers:

Do you know how to use the debugger? This would be a really really good time to start learning if not.

But for starters, this line is probably doing the most damage:
while (newLoanBal >0);

That semico at the end of the line is deadly: It’s an infinite loop. The while loop ends at that semico, so newLoanBal is always > 0.

I believe you are off by 1 here:
for (i = 0; i<= 2; i++)
That loop will execute the body 3 times. I=0 <=2, i=1 <=2 i=2 <= 2.
You only want it to execute 2 times, right?

What is the j loop for?

David asks…

Need a Mortgage pre-payment and bi-weekly payment function!?

I just bought my first home and I want to pay it off by the time I turn 30 years old. I’m 20 and I make 30K a year. My husband does as well. I want to pay an extra $50 monthly and $5500 yearly towards the mortgage. And I want to do this while making bi-weekly payments for principal/interest/prepayment total. The calculators I have used so far only do 2 out of 3 of the functions I want. And I cut the loan down to about 13 years that way. I know that a calculator doing all three will really knock that time down. I want a calculator that will do all three because I’m ready to pay this off and start on my next property. Can I do this myself? Please help!
So anyone who answers knows…I closed on my mortgage with 6.625% for 30 years fixed. I don’t need a reccomendation… I would like a solution to my problem. Thanks!

admin answers:

I’d like to commend you for taking control of your finances at such a young age. You’ll definitely succeed if you keep it up.

Regarding bi-weekly payments – I wouldn’t come to any conclusions yet – check first with your lender. Just because you send a payment in every two weeks doesn’t necessarily mean the lender will credit your principal every two weeks. They aren’t required to – many will simply apply all money received for the month once that month.

Also, keep in mind that you don’t have to pay off your mortgage before you invest in your next property. I borrowed on a home equity line against my primary residence to help buy a couple more properties. When the other properties went up in value and I could get a second on one of the investment properties, I used that to pay down my home equity line. Using leverage can help you tremendously, but you have to be careful – I’d never borrow so much that it would create a negative cash flow on the rental properties.

Anyway, even without a bi-weekly payment scenario, as you’ve discovered you can still pay down the loan pretty quickly with extra monthly principal payments. So proceed cautiously, and good luck.

Mary asks…

Need Help with Java: Returning multiple results?

Please, Serious Answers Only.

Purpose of the assignment: Create a mortgage calculator and have it display the mortgage payment amount based on the user’s input of the loan principal in addition to a combo box. The results need to display the mortgage payment amount, loan balance (after each payment), and interest paid for EVERY payment over the entire loan period (i.e if the loan is 7 years there would be 84 payments).

Problem, I can’t seem to figure out how to tell the program to display Each Payment, the Interest Paid information, or the new loan balance information. I thought I could do it with return values but I am getting errors. Below is a portion of my code:
——–
// Declaration of variables
private double payment;
private double interestPaid;
private double balance;
private double principalAmount;
private JLabel principalLabel = new JLabel(“Principal Amount”);
private NumberFormat principalFormat;
private JTextField enterPrincipal = new JTextField(10);

private double finalPayment;
private JLabel finalPaymentLabel = new JLabel(“Payment Number /t Monthly Payment /t Interest Paid /t Loan Balance”);
private NumberFormat finalPaymentFormat;
private JTextField displayFinalPayment = new JTextField(10);
private JTextField displayInterestPaid = new JTextField(10);
private JTextField displayBalance = new JTextField(10);

// Creation of the String of arrays for the ComboBox
String [] list = {“7 Years @ 5.35%”, “15 Years @ 5.50%”, “30 Years @ 5.75%”};
JComboBox selections = new JComboBox(list);
———————————-
// PORTION FROM THE INIT() METHOD

calculate.addActionListener(this);
exitButton.addActionListener(this);
clearButton.addActionListener(this);
enterPrincipal.requestFocus();
selections.addActionListener(this);
———————————-
//THIS IS A PORTION OF MY ACTIONPERFORMED METHOD
public void actionPerformed(ActionEvent e)
{
Object source = e.getSource();

// Outcome of pressing the calculate button
if (source == calculate)
{
// Used to call upon the user chosen selection
int selection = selections.getSelectedIndex();

if (selection == 0)
{

Double data = (Double)calculateLoanOne();
String sourceInput = data.toString();
displayFinalPayment.setText(sourceInput);
displayInterestPaid.setText(sourceInput);
displayBalance.setText(sourceInput);
}
————————
//THIS IS 1 OF THREE CALCLOAN METHODS
public double calculateLoanOne()
{
// Declaration of variables
int i = 0;
int l = 0;
double newBalance;
int term;

double periodInterest;
int totalPayments;
double loanInterest;
double paymentNumber;

term = 7;
paymentNumber = term * 12;

// Calling user input needed for the formula to calculate the payments
String sourceInput1 = enterPrincipal.getText();

// Parsing the input
principalAmount = Double.parseDouble(sourceInput1);
for (i = 0; i <= 2; i++)
{
totalPayments = 84;
loanInterest = 0.0535;
periodInterest = loanInterest / 12;

// Formula for calculating the monthly payment
finalPayment = principalAmount * (periodInterest * Math.pow((1 + periodInterest), totalPayments)) / ((Math.pow((1 + periodInterest), totalPayments) – 1));

interestPaid = principalAmount * periodInterest;
payment = finalPayment – interestPaid;
balance = principalAmount – payment;

while (balance > 0)
{
if (i >= 0)

paymentNumber = paymentNumber – 1;
interestPaid = balance * periodInterest;
payment = finalPayment – interestPaid;
balance = balance – payment;
}
}
// Formatting the monthly payment to round off two decimal places
DecimalFormat twoDForm = new DecimalFormat(“#.##”);
return Double.valueOf(twoDForm.format(finalPayment));
return interestPaid;
return balance;

}
If anyone is willing to seriously help, I can email my entire code. I just couldn’t fit all of it here.
Thanks Peter K. But how can I tell my program that I need to view every payment along with the interest paid and remaining balance?
Thanks, I guess I will try an figure out how to do it that way. All this is still fairly new to me but I appreciate your advice and will look into that 🙂
Blackcompe….you’re my hero =D I swear, I will always rate you with Best Answer. I can’t thank you enough =)

admin answers:

/*
* @author: Ryan Beckett
* @version: jdk 1.6
* test4.java
* This applet is a user driven interest calculator.
*/
import java.awt.BorderLayout;
import java.awt.Font;
import java.awt.TextArea;
import java.awt.event.ActionEvent;
import java.awt.event.ActionListener;
import java.text.DecimalFormat;

import javax.swing.JApplet;
import javax.swing.JButton;
import javax.swing.JComboBox;
import javax.swing.JLabel;
import javax.swing.JPanel;
import javax.swing.JTextField;

public class test4 extends JApplet implements ActionListener
{

JLabel heading1 = new JLabel(“Java Financial Services”);
JLabel heading2 = new JLabel(“Interest Calculator”);
Font newFontOne = new Font(“TimesRoman”, Font.BOLD, 20);
Font newFontTwo = new Font(“TimesRoman”, Font.ITALIC, 16);
JButton calculate = new JButton(“Calculate”);
JButton reset = new JButton(“Reset”);
JButton exit = new JButton(“Exit”);
JLabel instructions = new JLabel(“Please fill in all areas below”);

private double principalAmount;
private JLabel principalLabel = new JLabel(“Principal Amount ($)”);
private JTextField enterPrincipal = new JTextField(10);

private double finalPayment;
private JLabel finalPaymentLabel = new JLabel(“Monthly Payment is: $ “);
private JTextField displayFinalPayment = new JTextField(10);

String [] list = {“7 Years @ 5.35%”, “15 Years @ 5.50%”, “30 Years @ 5.75%”};
JComboBox selections = new JComboBox(list);

private TextArea textArea = new TextArea(5, 10);
StringBuffer buff = null;

public void init()
{
//////////////
JPanel instructionPane = new JPanel();
instructionPane.setLayout(new BorderLayout());
JPanel inputPane = new JPanel();
inputPane.setLayout(new BorderLayout());
JPanel outputPane = new JPanel();
outputPane.setLayout(new BorderLayout());
//////////////

//////////////
getContentPane().add(instructionPane, BorderLayout.NORTH);
getContentPane().add(inputPane, BorderLayout.CENTER);
getContentPane().add(outputPane, BorderLayout.SOUTH);
//////////////

//////////////
instructionPane.add(heading1, BorderLayout.NORTH);
instructionPane.add(heading2, BorderLayout.CENTER);
instructionPane.add(instructions, BorderLayout.SOUTH);
//////////////

//////////////
JPanel pane1 = new JPanel();
pane1.setLayout(new BorderLayout());
pane1.add(principalLabel, BorderLayout.NORTH);
pane1.add(enterPrincipal, BorderLayout.CENTER);

JPanel pane2 = new JPanel();
pane2.setLayout(new BorderLayout());
pane2.add(selections, BorderLayout.NORTH);

JPanel pane3 = new JPanel();
pane3.setLayout(new BorderLayout());
pane3.add(finalPaymentLabel, BorderLayout.NORTH);
pane3.add(displayFinalPayment, BorderLayout.CENTER);
pane3.add(textArea, BorderLayout.SOUTH);

inputPane.add(pane1, BorderLayout.NORTH);
inputPane.add(pane2, BorderLayout.CENTER);
inputPane.add(pane3, BorderLayout.SOUTH);
//////////////

//////////////
JPanel pane4 = new JPanel();
pane4.setLayout(new BorderLayout());
pane4.add(calculate, BorderLayout.NORTH);

outputPane.add(pane4, BorderLayout.NORTH);
outputPane.add(reset, BorderLayout.CENTER);
outputPane.add(exit, BorderLayout.SOUTH);
///////////////////

heading1.setFont(newFontOne);
heading2.setFont(newFontOne);
instructions.setFont(newFontTwo);
calculate.addActionListener(this);
reset.addActionListener(this);
exit.addActionListener(this);
enterPrincipal.requestFocus();
this.setSize(235, 375);

//fill fields with sample data
fillData();
}

private void fillData()
{
enterPrincipal.setText(“4500.00”);
selections.setSelectedIndex(0);
}

public void actionPerformed(ActionEvent e)
{
Object source = e.getSource();
buff = new StringBuffer();
if(source == calculate)
{
int selection = selections.getSelectedIndex();
if (selection == 0)
{
Double data = (Double)calculateLoanOne();
String input = data.toString();
displayFinalPayment.setText(input);
textArea.setText(buff.toString());
}
else if (selection == 1)
{
Double data = (Double)calculateLoanTwo();
String input = data.toString();
displayFinalPayment.setText(input);
textArea.setText(buff.toString());

}
else if (selection == 2)
{
Double data = (Double)calculateLoanThree();
String input = data.toString();
displayFinalPayment.setText(input);
textArea.setText(buff.toString());
}
}
else if(source == reset)
{
enterPrincipal.setText(“”);
displayFinalPayment.setText(“”);
selections.setSelectedIndex(0);
textArea.setText(“”);
}
else if(source == exit)
{
System.exit(1);
}
}

public double calculateLoanOne()
{
//Declaration of variables
double periodInterest;
int totalPayments;
double loanInterest;

// Calling user input needed for the formula to calculate the payments
String sourceInput1 =
enterPrincipal.getText();

// Parsing the input
principalAmount =
Double.parseDouble(sourceInput1);

totalPayments = 7*12;
loanInterest = 0.0535;
periodInterest = 0.0045;

// Formula for calculating the monthly payment
finalPayment = principalAmount * (periodInterest * Math.pow((1 + periodInterest), totalPayments)) / ((Math.pow((1 + periodInterest), totalPayments) – 1));

// Formatting the monthly payment to round off two decimal places
DecimalFormat twoDForm =
new DecimalFormat(“#.##”);
String s = twoDForm.format(finalPayment);

/////////
double _principalAmount = principalAmount;
for(int i = 0; i < totalPayments; i++)
{
_principalAmount -= Double.valueOf(s);
buff.append("Payment "+(i+1)+" : "+
Double.valueOf(s)+" , Balance :"+
_principalAmount+" , Interest on Payment :"+
periodInterest+"n");
}
/////////

return Double.valueOf(s);
}

public double calculateLoanTwo()
{
//Declaration of variables
double periodInterest;
int totalPayments;
double loanInterest;

// Calling user input needed for the formula to calculate the payments
String sourceInput1 =
enterPrincipal.getText();

// Parsing the input
principalAmount =
Double.parseDouble(sourceInput1);

totalPayments = 15*12;
loanInterest = 0.0550;
periodInterest = 0.0045;

// Formula for calculating the monthly payment
finalPayment = principalAmount * (periodInterest * Math.pow((1 + periodInterest), totalPayments)) / ((Math.pow((1 + periodInterest), totalPayments) – 1));

// Formatting the monthly payment to round off two decimal places
DecimalFormat twoDForm =
new DecimalFormat("#.##");
String s = twoDForm.format(finalPayment);
/////////
double _principalAmount = principalAmount;
for(int i = 0; i < totalPayments; i++)
{
_principalAmount -= Double.valueOf(s);
buff.append("Payment "+(i+1)+" : "+
Double.valueOf(s)+" , Balance :"+
_principalAmount+" , Interest on Payment :"+
periodInterest+"n");
}
/////////

return Double.valueOf(s);
}

public double calculateLoanThree()
{
//Declaration of variables
double periodInterest;
int totalPayments;
double loanInterest;

// Calling user input needed for the formula to calculate the payments
String sourceInput1 =
enterPrincipal.getText();

// Parsing the input
principalAmount =
Double.parseDouble(sourceInput1);

totalPayments = 30*12;
loanInterest = 0.0575;
periodInterest = 0.0045;

// Formula for calculating the monthly payment
finalPayment = principalAmount * (periodInterest * Math.pow((1 + periodInterest), totalPayments)) / ((Math.pow((1 + periodInterest), totalPayments) – 1));

// Formatting the monthly payment to round off two decimal places
DecimalFormat twoDForm =
new DecimalFormat("#.##");
String s = twoDForm.format(finalPayment);
/////////
double _principalAmount = principalAmount;
for(int i = 0; i < totalPayments; i++)
{
_principalAmount -= Double.valueOf(s);
buff.append("Payment "+(i+1)+" : "+
Double.valueOf(s)+" , Balance :"+
_principalAmount+" , Interest on Payment :"+
periodInterest+"n");
}
/////////

return Double.valueOf(s);
}
}//end class

Carol asks…

Help with java program?

I did allright with the program, but now I have to add an array of 7 years payment amount @ 5.35%, 15 years payment amount @ 5.5%, and I have yet to be ableto put this into a decimal place of two. This has been a very complicated addition to an easy program. How can I do this?

import java.text.DecimalFormat;

public class MortgagePayment
{
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; // 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();
System.out.println(“Welcome to Anne’s Mortgage Payment Calculator“);
System.out.println();
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 the variable information and formula results
System.out.println();
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();

}
}

admin answers:

I use String.format() before I use DecimalFormat. All you gain with DecimalFormat is the commas, if you are doing monetary figures American. Futhermore, if your end results is to make a nice report with columns that line up, that is a feature of String. Going to System.out.println(), java won’t recognize the tab character, you have to space the columns with blank spaces. Since you are using DecimalFormat

//>=================

import java.text.NumberFormat;

public class MainClass {

public static void main(String[] argv) {
double d = 1234567.89;
double n = -1234567.89;

String pattern = “#,###.##;(#,###.##)”;

NumberFormat nf = NumberFormat.getInstance();
if (nf instanceof DecimalFormat) {
DecimalFormat df = (DecimalFormat) nf;
df.applyPattern(pattern);
System.out.println(df.format(d));
System.out.println(df.format(n));
}

}
}
// >========================
or you can use StringFormat. The shortcut is System.out.printf

System.out.printf(“The monthly payment for a $%7.2f over a %3d-month term (30 years) at a %2.3f%% interest rate = $%4.2f%n”, loanAmt, loanTerm, intRate, monthlyPay);

% starts an entity
%3.2f is 3 numbers and 2 decimals, type float or double
%3d is 3 digits, type int
%% is an escaped percent sign
%n is a platform independent line return

Jenny asks…

On a FHA home loan do they look at the co-signers credit/income?

My husband does not have good credit but makes way more than I do. My credit is 704 or higher I believe, our debt to income ratio is 20%. I have worked at my job for 2 years and he has worked at his for 6-7. We can afford to pay a mortgage payment of 1209 according to an FHA calculator.
If he is my co-signer would they just look at his income and not his credit? Or they would still look at everything?
Thank you

admin answers:

They will consider income AND credit standing. Both are important to lenders in determining whether or not to grant a mortgage loan. If his credit is poor, he will not be accepted as a valid co-signer any more than he would be accepted for a mortgage.

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Your Questions About Mortgage Calc

Donald asks…

Mortgage Calc Help. Not sure what I am doing wrong?

I have my code, but I am getting an error. Can anyone help please? My error is: “Error 1 ‘lstLoanInterest’ is not declared. I am unsure of how to write this out. Maybe a string?

Private Sub CalculateButton_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles CalculateButton.Click
‘Calculate the Monthly Payment’
Dim dblAmount, dblMonthlyRate, dblMonths, dblMonthlyPayment As Double
‘Convert input values to numeric values’
dblAmount = CDbl(LoanAmount.Text)
dblMonthlyRate = CDbl(InterestRate.Text) / 100 ‘allows interest rate to be entered whole number’
dblMonths = CDbl(Years.Text)
‘Format input values’
LoanAmount.Text = FormatCurrency(dblAmount)
InterestRate.Text = FormatPercent(dblMonthlyRate)
Years.Text = FormatNumber(dblMonths)
‘Calculate payment’
‘Results for listbox should be new loan balance and interest rate’
Dim PVal, FVal, mPayments As Integer
Dim APR, iPayment, TotInt As Double
Dim pPayment, TotPrincipal, dblBalance As Double
PVal = dblAmount
FVal = 0
APR = dblMonthlyRate / 12
mPayments = dblMonths * 12
dblBalance = dblAmount
For period As Integer = 1 To mPayments
iPayment = IPmt(APR, period, mPayments, -PVal, FVal, 1)
pPayment = PPmt(APR, period, mPayments, -PVal, FVal, 1)
lstLoanInterest.Items.Add(FormatCurrency(TotPrincipal).PadRight(25) & FormatCurrency(iPayment).PadRight(25) & FormatCurrency(dblBalance).PadLeft(25))
Debug.WriteLine(” Pmnt #” & period & ” -> Principle =” & FormatCurrency(TotPrincipal).PadRight(14) & ” Int Paid for Payment #” & period & ” is ” & FormatCurrency(iPayment) & ” Bal. =” & FormatCurrency(dblBalance))
TotInt = TotInt + iPayment
TotPrincipal = TotPrincipal + pPayment
Dim monthlyPayment As Double = CDbl(iPayment + pPayment)
dblBalance = dblBalance – (monthlyPayment – iPayment)
Next
lstLoanInterest.Items.Add(” _______________________________”)
lstLoanInterest.Items.Add(” Total interest paid: ” & FormatCurrency(TotInt))
lstLoanInterest.Items.Add(” _______________________________”)
lstLoanInterest.Items.Add(” Total Paid after: ” & mPayments & ” Payments = ” & FormatCurrency(TotInt + TotPrincipal))
lstLoanInterest.Items.Add(” _______________________________”)
lstLoanInterest.Items.Add(” Last Payment is an interest payment of course, and it is ” & FormatCurrency(iPayment))
‘Format answer’
dblMonthlyPayment = CDbl(iPayment + pPayment)
PaymentLabel.Text = FormatCurrency(dblMonthlyPayment)
End Sub
I am trying to list the amortization table for the mortgage.

admin answers:

You can’t access the “add” method of the list before you declare it:

lstLoanInterest.Items.Add() will fail because lstLoanInterest isn’t declared yet

You need to declare the list:

Dim lstLoanInterest As New ListItemCollection

before you can add anything to it.

Laura asks…

DTI 35% calc before or after mortgage?

Ok, so my hubby’s DTI ratio is 35%. This is without a mortgage payment (darn car payment and student loans) (we are trying to get a house). Does our new mortgage payment need to be calculated with this number? Will a lender look at that and say the ratio is too high to qualify for a mortgage?
can you please explain to me how they look at this? We’re trying to get FHA in Pennsylvania.

admin answers:

Up until about 8 years ago, lenders required that your total debt to income could not exceed 36% of your gross monthly income and that includes your mortgage. Sub prime lending came along and increased the dti to 50%. FhA is making alot of drastic changes at this point in order to give people a chance to refinance or purchase new homes. Your best bet is to arrange a meeting with an FHA approved lender to get the latest news of the changes. You can find these lenders in your yellow pages. Words of wisdom: Do not go more than 40% of your gross income into debt.

Michael asks…

Is there anything wrong with getting a 30 year mortgage when I expect to sell my place within 7 years?

Thanks everyone for pointing me toward the mortgage calculator. Follow up question, if you don’t mind. I calc‘ed a 15 year mortg and a 30 year mortg and obviously I like the monthly payments on the 30 better! I have my eye on a property that I would expect to appreciate in 5 years. Is there anything wrong with going for the 30 year mortg if I expect to sell in 7 years?

admin answers:

Do the mortgages you are considering have fixed or adjustable rates? The 30 year fixed usually has the highest monthly payments. Why not look at a 7 year ARM (or even a 10 year ARM to be safe) – that wil have a fixed rate for 7 years and then convert to adjustable after that.

John asks…

Need Help with Loan Calc Logic in C# for ASP.NET 2.0 App?

Hi!

I am coding a ASP.NET 2.0 mortgage calc app and need some help with the C# code required to perform the actual calcs. Here are the specs.

The following data is available:
– Selling price
– Down payment
– Interest rate (value between 0.0 and 1.0)
– Number of years
– Periods per year (12, 24, 52)
– Payment per period

Based on validation groups, I need to calc the following:
1. Payment per period using the following formula
payment = (Principle x Rate) / (1 – (1+Rate)) ^ -period
(or)
“Payment is equal to principle times rate divided by 1 minus (1 plus rate) to the negative period power”
2. Loan amount using the following formula
loanAmount = Payment *(1 – (1 + Rate)^-period)/Rate
(or)
“Loan amount is equal to payment times 1 minus (1 plus rate) to the negative period power divided by rate”

Any help is appreciated!

admin answers:

These people might be able to help you..
Http://www.bleepingcomputer.com/

They gave me great help.
I hope this helps you.
Good Luck!

William asks…

nd mortg calc on a Freddie/fannie web pg vry hlpful but can’t find it. wd hv 2 go into toolbox link once there

When purchasing a house a yr ago I used a very helpful tool on either a fannie mae or freddie mac web site. once on the site, you would click on the toolbox link and it would bring up this really detailed page where you would input all of your info (interestr rate, cost of property, mortgage ins, taxes, homeowners ins etc) and it would calculate the payment for you. The one I’ve seen recently is no where near as detailed nor does it request all of the pertinent info like the other one did that I used before. Does anyone know what site I am referring to?

admin answers:

Try this link for Fannie Mae. It’s listed under Home Buyers Resources:

http://www.fanniemae.com/homebuyers/calculators/index.jhtml?p=Resources&s=Calculators

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The law relating to disposition of decedent’s real estate by mortgage, lease or sale for the payment of debts and funeral expenses, under the code of civil … of the state of New York: With forms

Product Description
This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appr… More >>

The law relating to disposition of decedent’s real estate by mortgage, lease or sale for the payment of debts and funeral expenses, under the code of civil … of the state of New York: With forms

The Law Relating to Disposition of Decedent’s Real Estate by Mortgage, Lease or Sale for the Payment of Debts and Funeral Expenses, Under the Code of Civil … of the State of New York: With Forms

Product Description
Originally published in 1889. This volume from the Cornell University Library’s print collections was scanned on an APT BookScan and converted to JPG 2000 format by Kirtas Technologies. All titles scanned cover to cover and pages may include marks notations and other marginalia present in the original volume…. More >>

The Law Relating to Disposition of Decedent’s Real Estate by Mortgage, Lease or Sale for the Payment of Debts and Funeral Expenses, Under the Code of Civil … of the State of New York: With Forms