Category: Loan

Why is LTV risky? A high LTV signifies more risk because if you default on the loan, it’s less likely that the lender will get enough money by repossessing and selling the asset to cover the remaining loan amount and its costs associated with the process. Why do surveyors undervalue houses? Common reasons why properties… Continue reading Why is LTV risky?

What is the simple interest on 1200 at 6% per annum? Therefore, interest on Rs. 1200 at 6% per annum for 1 year is Rs. 72. What is the quickest and easiest method of calculating interest? The formula to determine simple interest is an easy one. Just multiply the loan’s principal amount by the interest… Continue reading What is the simple interest on 1200 at 6% per annum?

Is MIP same as PMI? The main difference between PMI and MIP, as we’ve already mentioned, is that PMI applies to conventional loans while MIP applies to FHA loans. What documents do you need for MIP? Income and outgoings – 3 months payslips, bank statements or accounts/SA302 documents. Credit card statements – Or statements of… Continue reading Is MIP same as PMI?

How do you calculate interest on an auto loan? Calculate the Total Interest Payment For example, if you have a 6 percent interest rate on a five-year term, you would multiply 0.06 by 5 to get 0.30. Multiply it by the total amount of money you are borrowing on the loan to get the total… Continue reading How do you calculate interest on an auto loan?

What is the difference between subject to and assume mortgage? When a buyer buys property and assumes a mortgage, the buyer becomes primarily liable for the debt and the seller becomes secondarily liable for the debt. “Assume” means the buyer takes on liability, and the seller is no longer primarily liable. “Subject to” means the… Continue reading What is the difference between subject to and assume mortgage?

What is a good letter to the military? Dear Service Member and your family, Thank you will never be enough for all that you do and sacrifice! I do not take my freedom for granted and am thankful everyday for the brave men and women and their families who protect my freedom. I pray everyday… Continue reading What is a good letter to the military?

What is the journal entry for loan forgiveness in accounting? When a debt is cancelled or forgiven, an adjusting entry must be made on the company books to reflect the cancellation as income. It is usually done by debiting (reducing) debts payable on the balance sheet and crediting (increasing) an income entry on the profit… Continue reading What is the journal entry for loan forgiveness in accounting?

What does 100 percent VA disability get you in California? California gives a property tax exemption for the home of a 100% disabled veteran or an unmarried spouse of a deceased disabled veteran. There are two levels of the Disabled Veterans’ Exemption: Basic: The basic exemption, also referred to as the $100,000 exemption, is available… Continue reading What does 100 percent VA disability get you in California?

How do I get a title application in Alabama? The titled owner(s) or recorded lienholder can apply for a replacement title online by using the Public Title Portal. Once the title application is complete, it can be electronically uploaded and submitted for payment. The application fee is $15.00 and is non-refundable. Can you sell a… Continue reading How do I get a title application in Alabama?

What salary earners are in the top 5% UK? Anyone earning £80,000 or more is in the top 5% of earners in the UK. Do savings affect student loan repayment? Student loan repayments are made at a rate of 9% of income which includes salary and unearned income but only if over 2K (the example… Continue reading What salary earners are in the top 5% UK?