Vikki and Tim decide to meet with a mortgage lender Essay Example for Free

Vikki and Tim decide to meet with a mortgage lender EssayVikki Rocco, (age 26) has been living in her apartment for three years. Her savings system is well nonionized and she feels comfortable round the progress she is making with her fiscal goals. Her credit card balance is now gainful in full monthly. She is continuing to save more than 10% of her gross salary in her 401(k) architectural plan and she stay within budget. After dating for two years, she is engaged to Tim Treble (age 28), and they are planning to be married in nine months. Because they want to buy a house within the next 2 or 3 years, Vikki and Tim decide to meet with a mortgage lender to determine how large of a mortgage they will be able to afford an what they need to save. The mortgage lender asks them both questions about their finances that they hadnt yet considered. Although Vicky feel comfortable with the questions, Tim is nervous when he forced to take a closer look at his finances. He discovers that h e has much more debt than he realized. Vikki and Tims financial statistics are shown below Assets Liabilities Checking Account *$10,500 (Vikki), $4,000 (Tim)Including their emergency funds scholar Loan $9,000 Credit machined Balances (Tim) Car $2,500 (Vikki), $15,000 (Tim) 401 (k) balance $25,000 (Vikki), $8,000 (Tim) Income Monthly Expenses Gross Annual Salary $50,000 (Vikki) $48,000 (Tim) After-Tax Monthly Salary $2,917 (Vikki) $2,800 (Tim) Rent $750 (Vikki), $450 (Tim) Food $250 (Vikki), $350 (Tim) Student Loan $250 Credit Card Payment $300 (Tim) Entertainment-$300 Wedding Expenses $500 Gas/Repairs $350 (combined) loneliness Savings 401 (k) Vikki $500 per month, summing up 50% employer match on first 7% of pay. Tim $400 per month, plus 50% match on first 8% of pay