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Mortgage Essay Topics & Paper Examples

Mortgage Loan Payment Calculator

The monthly payments for such a loan would be $990. 58. Over the life of the loan, therefore, the total payments add up to $356,608. 80 with interest at $221,608. 80, which is calculated in the following manner: $990. 58 x 360 = $356,608. 80. From this is taken the initial cost of the house or the loan’s principal: $356,608. 80 – $135,000 = $221,608. 80. The amortization schedule given for this loan shows a very slightly different total for the interest paid: $221,609. 58. However, this represents a difference of less than one dollar. b. In the event that an extra payment of $5000 will be made regularly in January of every year, calculations yield the following results: Instead…

Psychological Effects on Subprime Mortgage Crisis

The day of owning a home was a wonderful experience that Janet Wilson discovered after closing on her first home. She’s a single mother with two sons and when her loan officer explained that her mortgage loan would be approve and she felt her dream of homeownership will be reality. The closing costs were at a minimum due to the loan officer explained it would be an easy closing with low out of pocket costs. Janet worked for a healthcare organization for several years and was able to save enough money to buy needed furniture for her home. Janet enjoyed her new home and finally felt the independence and accomplishment in her life. At 45 years old, she waited a…

Home Mortgage Loan

Shopping around for the best mortgage is a process similar to the acquisition of any other product. A borrower should first shop around for the best loan, then compare the terms, rates and costs being offered. Finally, the borrower should negotiate for the most advantageous deal. The first step is to obtain information from various lenders. It is important to be aware of the different types of lenders, such as banks, mortgage companies and credit unions. The terms of the mortgage may vary with the type of lending institution. As such it is advisable to consider several institutions. It is also important to determine whether or not the person or institution being dealt with is acting as a lender or…

Maceda and Recto Law

These two laws are relevant and are very often the issue of many court cases. Both laws govern the sale of property by installments. The Recto Law, which forms part of the Civil Code, covers installment sales of personal property while the Maceda Law governs installment sales of real property. The Recto Law The Recto Law comprises Articles 1484 to 1486 of the Civil Code. It was added to the Civil Code to prevent abuses in the foreclosure of chattel mortgages, such as when mortgagee-creditors foreclosed mortgaged property, bought them at a low price (on purpose,) then prosecuted the mortgagor-debtors to recover the deficiencies. In the event a buyer of personal property defaults by failing to pay two or more…