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Bernard Said:

Help! I am stuck on the last section of my accounting homework?

We Answered:

Once you can get out the adjusted trial balance, the rest is actually quite easy. The illustration at the link should be useful to you.

Shawn Said:

Intermediate Accounting , adjusting entries?

We Answered:

Nice...

Adrian Said:

Should I refinance my ARM into a fixed loan even if it means a higher rate/payment?

We Answered:

Mortgage lenders have no clue as to what the future holds for them or borrowers. Borrowers have even less knowledge of what the future hold for them. But lenders expect you to know. That's why then write loans in their favor (ARMs are in their favor). I haven't heard of any of the ARMs that have adjusted down in this current market. Your ARM will go up to make up for the lost interest revenue of the lender during your low interest years.

If I could refinance to 6% fixed or less, I would seriously consider it. Even though your rate is very low now, it could go to 8.875% as you indicate. How long will it stay there is anybody's guess.

Hazel Said:

YOUNG First Time Buyer Questions?!!?

We Answered:

The current ARM rate is higher than the fixed rate, so I ponder why you want to go with that. Fixed rates are around 4%, at the moment. You might have trouble getting a loan, but if you have a letter of employment that shows you have a job lined up there, and there is no actual lapse in employment, you might be okay. Or you could try to get the mortgage in your girlfriend's name, since she has a place there. Talk to a lender and see. A lot of foreclosures want a preapproval letter along with the offer, why not start there? Generally you choose a closing date when you submit your offer although it can be negotiated. I would say 30-60 days to give you enough time to get things done, a bank will likely require an appraisal and you may want an inspection. Go for what you can get in the offer but not to the point of jeopardizing the deal, if you really want it- that's my advice. Best of luck.