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What does it mean when you owe more on your mortgage than your home is worth?
Wiki User
∙ 13y ago
It means when you finish paying off your house it will be worth less than what you bought it for.
Wiki User
∙ 13y ago
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How many payments on 1st mortgage until you can get a 2nd mortgage?
This is not determined by the number of payments you make, it is determined by how much equity you have in the home. If the home is worth more than the outstanding balance on the mortgage, you may be able to get a second mortgage or home equity line of credit.
Will you ever owe more than your home is worth?
This is possible. When the amount owed on a home is actually more than the resale value of that home, the mortgage is metaphorically said to be "underwater". Housing prices can fall, but your mortgage does not reflect current prices, it is fixed, once you buy your house.
What is a good way to get a cheap home mortgage?
A good way to get a cheap home mortgage is by buying a home that is small. The larger the house, the more the mortgage will cost. The mortgage depends on the size of the house.
How can I find out more information about home mortgage companies?
A home mortgage company is basically a bank. A mortgage is the payment you make every month on your house, you can find out more about this by consulting a loan officer in the bank.
What are the home mortgage rates in Chicago?
The home mortgage rates in Chicago vary from area to area and are dependent upon the type of home you are thinking of owning or already own. You can contact a mortgage representative to learn more about home mortgage rates in your specific area.
What is the formula for calculating a reverse mortgage?
Getting the reverse mortgage on your home entails finding the area the home is located, the amount of the mortgage owed on the home, and the estimate of the home value. It usually helps elderly clients if their home value is significantly more than the mortgage owed, if any.
Where can someone go to obtain more information on state home mortgage rates?
There are many places where one can go to obtain more information on state home mortgage rates. One can obtain more information on state home mortgage rates at popular on the web sources such as Zillow, Wells Fargo, and Mortgage News Daily.
Can I move home when mortgage is more than what i can sell it for?
Without knowing your financial circumstances this question is difficult to answer. The answer is probably no. You are in " negative equity " which you means you owe more than your property is worth.
What is the term mortgage offset mean?
The term mortgage offset mean a flexible type of mortgage that allows one to reduce their rates and balance on loans and mortgage debts. This type of mortgage is uses more commonly in England.
What are the benefits of purchasing home mortgage insurance?
A home mortgage insurance allows a person to buy a home without meeting the 20% down payment. it also allows for more flexibility by affordable premiums. Home mortgage insurance can be transferred from one home to another.
Where is it possible to get a no closing cost home mortgage?
It is possible to get a no closing cost home mortgage from many providers. An example of one of these is a mortgage from Nation Wide mortgages. There is more information about this on their website or on Ehow.
At what point is it beneficial to refinance a home mortgage?
If the mortgage rates have gone down you may want to refinance your home. Also you may want to if you have 20% or more in equity or have an adjustable rate mortgage.
