The Smiths' purchased a residence for $75,000. They made a down payment of $15,000 and agreed to assume the seller's existing mortgage, which had a current balance of $23,000. The Smiths' financed the remaining $37,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan is called a _______.
Answers
Answer:
Purchase money mortgage.
Explanation:
A purchase money mortgage is the loan that is given to the individual buying the property.
This loan is issued by the seller of the property as a part of the transaction made when selling the property. The interest rate that comes with this type of loan is high.
The buyers benefit from the purchase money mortgage due to the flexible requirements that is needed in collecting the loan while the sellers benefits from the high interest rates that is added to the loan.
Related Questions
Tabitha has a client who purchases a life insurance contract and then asks her if it is okay to roll funds from another policy into this policy using a 1035 exchange. He also wishes to have some bank fund transfers sent to the insurance company and deposited into the cash value accumulation on this policy. This would best be identified as which of the following? A) Modified endowment contract B) Violation under TAMRA C) 7-pay test violation D) Layering
What is taxable income?
In order to make sure that audiences can correctly identify your mood and attitude during speech, it is necessary to make sure you have correct
In Ben v. City Car Dealership, a state supreme court held that a minor could cancel a contract for the sale of a car. Now a trial court in the same state is deciding Daphne v. Even Steven Auto Deals, Inc., a case with similar facts. Under the doctrine of stare decisis, the trial court is likely toa. disregard the previous case.b. order the minor to cancel the contract.c. require the minor to fulfill the contract.d. allow the minor to cancel the contract.
B. early retirement.
C. loss of Social Security benefits.
D. additional taxes.
Answers
Hope this helps.
B. Bob cannot increase his utility
C. Bob can increase utility by spending more on food and less on housing.
D. Bob can increase utility by spending more on food and more on housing.
E. Bob can increase utility by spending less on food and more on housing.
Answers
Answer:
Option (E) is correct.
Explanation:
For utility maximization,
Bob's consumption of Housing and food should be such that:
Here,
= 50
=20
Bob is not maximizing utility, as these two terms are not equal(50 > 20).
Since the marginal utility per rupee spent on housing is greater than that on food.
Hence, Bob can increase his utility just by consuming more of housing and less of food.
b. a delinquency
c. a credit inquiry
d. the debt-to-income ratio
Answers
Answer:
The dept-to-income ratio. If someone is high risk, they have trouble paying off their debts, and are less likely to pay it back.
Explanation:
B.)market value
C.)price floor
D.)productivity
Answers
Foreign direct investment is a type of investment in the form of ownership of a business entity by an entity in another country. For example : Berkshire Hathaway ownership of a an entity in Indonesia
The correct answer is
A- Foreign Direct Investment
:)
B. Reach
C. Gross rating points
D. ROI
E. Click-through rate
Answers
Answer: (A.) Frequency
Explanation:
B. False
Answers
Answer:
True
Explanation:
Employers analyse and examine resume to find the best candidate for the job. Employers look for different qualities in a candidate such as personal qualities, education, work experience etc. If a person has less work experience - employers generally look for personal qualities, and it is said that personal qualities can compensate for a lack of work experience.