Considering the following information. Original amount of the existing loan: $600,000Term of the original mortgage: 30 yearsContract interest rate on existing mortgage: 7.50%Current loan mortgage payment: $4,195.29Remaining term on current mortgage: 25 yearsCurrent loan balance on existing mortgage that would be refinanced: $567,704.62Contract interest rate on new (refinanced) mortgage: 6.0%Loan term on new (refinanced) mortgage: 25 yearsCost of refinancing: 3% of the current $567,704.62 loan balance Assume the borrower will stay in the house the next 25 and not consider refinancing again.Assume that the opportunity cost (discount rate) is the interest rate on the new loan (6.0%).What is the net present value (NPV) of refinancing?

Considering the following information. Original amount of the existing loan: $600,000Term of the original mortgage: 30 yearsContract interest rate on existing mortgage: 7.50%Current loan mortgage payment: $4,195.29Remaining term on current mortgage: 25 yearsCurrent loan balance on existing mortgage that would be refinanced: $567,704.62Contract interest rate on new (refinanced) mortgage: 6.0%Loan term on new (refinanced) mortgage: 25 yearsCost of refinancing: 3% of the current $567,704.62 loan balance  What is the payback period in months associated with refinancing today?

Three owners of a property have identical rights and obligations but unequal percentage ownership in a property. They may sell, transfer, or mortgage their ownership interest without the consent of the others and they may pass on their interest at death to their chosen heirs. This type of ownership is typically known as

What federal legislation was passed within the last 20 years to better regulate the practices of Wall Street in an effort to prevent another financial crisis?

The type of deed that contains the most complete protection for the grantee is a

Which of the following interests in property can be transferred separately from the land title or ownership?

A hermit secretly lives in a cave on a 200-acre property. After twenty years, the hermit makes a claim of ownership to the cave. This claim will likely be:

The following facts describe a fixed rate, monthly payment, mortgage loan with negative amortization: original loan amount, $600,000; interest rate on the loan, 7.00% (annual); “pay rate” on the loan, 4.00% (annual). A 30-year amortization period will be used to determine the monthly payment. What is the balance of this loan at the end of the second month?

Which of the following is the most true?

A type of loan that was in widespread use leading up to the great financial crisis (approximately 2008-2009), which raised concerns about predatory lending practices and the abandonment of proper loan underwriting, was the: