Home equity is the value of the home minus what you owe on your mortgages.
In your case equity is
Equity = Value - Mortgage
Equity = $200,000 - $50,000
Equity = $150,000
Now if you are trying to tap into that equity by getting a 2nd mortgage or home equity loan keep in mind that the bank won't allow you to tap into all that equity. Also selling ...
It doesn't seem like a great idea to buy now, or to buy for an investment property. With a 1K rent vs 1250 condo cost with 20% down, I am almost certainly renting even if I was not in grad school. Just to break even, you will have to make 9K plus the costs to transact real estate (not cheap), plus the opportunity cost on 36K over 3 years. That is a lot of ...
It is unusual for Canadian mortgages to have the same term and amortization. It's typical to have a 5 year term and a 25 year amortization, for example.
But rather than guessing what the term is (such as thinking, "it's probably the same as the amortization"), the correct thing to do is ask (or look at the offer.) The interest rate will depend on ...
Hyperinflation is almost always disastrous for the country that experiences it. Any country that expects it devotes any available effort to avoiding it, rather than mitigating its effects.
High inflation affects different people more or less. Property owners are not the only group disproportionately affected:
Anyone owning tangible assets comes off well. ...
I have lived in three communities: a condo community; a townhouse community; and one of single family homes. All had an HOA.
Is homeowner insurance different from HOA hazard insurance? In my
research, I think in townhouse setting, homeowner insurance only
covers what is inside my unit whereas HOA hazard insurance covers
shared structure such as exterior ...
Equity = Value - Debt
So, equity is $150k in your example.
Appreciation = Value - Purchase Price
Appreciation is $100k in your example.
Capital Gain (when you sell) = Sales price - purchase price - depreciation.
"My mortgage company changed" - go back to your original mortgage documents and see if HOA hazard insurance was required.
Just because your mortgage changed hands or the servicer changed, does not mean that new requirements can be imposed. That said, maybe the original mortgage lender required HOA hazard insurance but did not enforce the ...
Is it conceivable ?
Sure. Almost everything is conceivable.
It's not likely in the current environment but both economic and political conditions can change drastically and pretty much everything can happen: laws can be changed, constitutions can be changed, revolutions can overthrow governments, etc.
Real world example: in Weimar Germany, once the situation stabilized with the introduction of the Rentenmark (at the rate of 10¹² of the old Marks), older mortgages were reinstated at 25% of their face value.
There's a lot of balancing going on in an economy.
Inflation, generally, is good for debtor (who can continue to earn an income) because they'll be advantaged by using future, less valuable dollars, to pay for capital they were able to use when it was more valuable.
In extreme inflationary situations, huge parts of the economy begin to malfunction. Real GDP ...
You say "the repayment start date was 05-May-2018"; The original schedule implies a loan start date one month earlier, 05-April-2018. Hence, your balance on 05-May-2018, confirmed here:
4800000*(1 + 0.0925/12) - 120018.82 = 4716981.18
So this is using an interest rate of 9.25% from 05-April-2018.
In the recomputed schedule, you say the rate of 9....