HomeworkLib
Question

If the amount you owe on your house is less than the price of the house,...

If the amount you owe on your house is less than the price of the house, you have

positive equity in your house.

an adjustable-rate mortgage on your house.

negative equity in your house.

a reverse mortgage on your house.
business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Negative equity of the house. it occurs when the actual price of the house is less than the amount we have to pay in mortgage or loans. if the price is higher than the amount to be paid that is positive equity.

the answer is "C".

0 0
Add a comment
Know the answer?
Add Answer to:
If the amount you owe on your house is less than the price of the house,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Your car is worth considerably less money than you owe. This is an example of the...

    Your car is worth considerably less money than you owe. This is an example of the principle of: a) rate of time preference b) acquisition costs c) negative amortization d) PITI e) relative certainty

  • Which of the following type of mortgage would be the most advantageous to have on your house if you expect the annual ra...

    Which of the following type of mortgage would be the most advantageous to have on your house if you expect the annual rate of inflation will be higher than most people think? ____ A)        Second mortgage B)        Reverse mortgage C)        Fixed-rate mortgage D)        Variable-rate mortgage

  • You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your...

    You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2,356 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 5.250% ( APR) . How much do you owe on the mortgage today? (Note: Be careful...

  • You have just sold your house for $1,100,000 in cash. Your mortgage was originally a​ 30-year...

    You have just sold your house for $1,100,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 5.25% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)

  • You have just sold your house for $1,100,000 in cash. Your mortgage was originally a​ 30-year...

    You have just sold your house for $1,100,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 5.25% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)...

  • You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year...

    You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly 1872 years old, and you have just made a payment. If the interest rate on the mortgage is 7.75% (APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to round any intermediate steps less than six decimal places.)...

  • You have just sold your house for $900,000 in cash. Your mortgage was originally a​ 30-year...

    You have just sold your house for $900,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 6.25% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)...

  • You have just sold your house for $ 1 comma 000 comma 000$1,000,000 in cash. Your...

    You have just sold your house for $ 1 comma 000 comma 000$1,000,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $ 700 comma 000$700,000. The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 6.25 %6.25% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to...

  • Problem 5-21 You have just sold your house for $1,000,000 in cash. Your mortgage was originally...

    Problem 5-21 You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 1872 years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage? Complete the steps below using cell references to given data or previous...

  • You are purchasing a house and your bank is giving you a special mortgage that will...

    You are purchasing a house and your bank is giving you a special mortgage that will require annual payments for 25 years. The amount borrowed now is $ 350,000 and the first mortgage payment will be in one year. a. Using C as the payment​ amount, indicate on a timeline all of the cash flows from your perspective related to this mortgage​ (outflows should be indicated as a negative​ number). b. What will your payments be if the interest rate...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT