How soon after closing on a house do you have to make the first mortgage payment?
Usually this information is in your agreement (the "Note"). Typically if you close in May, your first payment will be in July. You can call your mortgage company for the information, or check in with the bank or broker where you got your loan.
Yes, you are responsible for your mortgage payment until the day of closing the sale to a new owner of the house. Any remaining balance will be paid through the proceeds at closing. Read More
A 'senior mortgage' is the first mortgage placed on a property. If one re-mortgages one's house, then that becomes known as a 'junior mortgage'. Payment of a senior mortgage always takes precedence over payment of a junior mortgage. Read More
Absolutely, you can sell a house with a second mortgage on it. Keep in mind that you will have to provide clear title at time of closing and that the all mortgages (first and second) will need to be satisfied at closing which can be paid with the proceeds from the sale. Read More
The mortgage closing is the last step in purchasing a home. It is the point that one goes from house buyer to home owner. The mortgage closing is when your mortgage becomes official and the seller receives their money. Once the mortgage closing has been completed, you will then receive the keys to your new home. Read More
Amonthley payment on a house is called a "Mortgage" Read More
the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month Read More
You pay the mortgage at the city hall your first payment is 18,000 Read More
Your house has bee sold at a sheriff sale the proceeds of the sale covered the first mortgage Are you still required to pay the second mortgage?
The second mortgagee can indeed go after you for payment. Read More
The mortgage payments must be made or the lender will foreclose the mortgage. Read More
There is no such thing as an average mortgage payment. This is down to the fact that house prices vary nationwide, interest rates vary and the length, or term, of a mortgage will also vary. Read More
A fixed rate mortgage is a loan to buy a house and/or property in which the interest rate charged is 'fixed' or does not change. For instance, if you take out a 30-year fixed rate mortgage, you will have the same interest rate for the first payment as you will for the last payment, 30 years later. Read More
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage. Read More
A Monthly Mortgage payment, would be the repayment of a loan taken with a bank or lending firm, when buying a house or property. For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated monthly mortgage payment would be 1,054.01 per month, for 360 months. Read More
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house. Read More
Absolutely not. You simply took money from the bank and put it in "another" savings place. Basically, only the interest on your mortgage will be a deduction (closing costs and such aren't either, and improvements or repair to your house aren't either again). Read More
Your average mortgage rate and payment depend on many factors including where you are looking to purchase your house, personal income, and your credit score. Many mortgage companies offer online mortgage calculators that can be useful in determining what your monthly home loan payment will be. Read More
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note… Read More
if the house has a mortgage you have a mortgage payment, property taxes, homeowners insurance. then your utilities water/sewer, gas, electric, telephone and cable. Read More
Working as a mortgage loan officer for close to 20 years, typically selling the house you have purchased one year ago, with a high loan to value, will result in you taking a loss after paying realtor fees and other expenses. You should be able to still sell! However, if you have what is known as a hard pre-payment penalty in your note rider or mortgage, there will be the expense paid to the lender… Read More
the mortgage on the house Read More
The answer depends on the interest rate and the length of the mortgage. You can build a chart at the related link provided below. Read More
What are the advantages and disadvantages of 100 percent financing however having a first mortgage and subfinancing in order to get 100 financing?
The advantage to having a first and second mortgage equalling 100% financing is that you would not have to pay PMI, which would be required on a first mortgage at 100%. The second mortgage is subordinate financing, meaning it is in the second lien position on the house, and therefore does not affect the first mortgage lender's ability to persue the subject property in the event of a default on the loan. The thing to… Read More
Who has to leave the house when a legal separation is taking place and who is responsible for paying the mortgage?
You can be separated and still live in the same house. No one has to move.The mortgage payment is made by the person whos name is on the mortgage. If it is in both names you are both responsible. Read More
the will states that she does not work has no way to pay he told me if i can make the payment i could have the house Read More
How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?
Sexytime with banker. Read More
If you are not getting a mortgage and purchasing a house as a "cash deal", you will still pay some closing costs, but none that are related to a mortgage or lender. You will pay for anything on the sales/purchase contract that you have agreed to pay for, which may include recording of documents, certain title-related fees, a survey of the property if you purchased one, and any buyer fees due to the attorney or… Read More
5% in NY + about another 5% for closing fees. Read More
Based on my experience in Illinois, your 30 year fixed mortage principal, interest, taxes & insurance monthly payment will be approximate 1% of your mortgage principal. So, if your mortgage principal is $250,000 less down payment plus interest plus taxes plus interest, your monthly payment will be about $2,500. Read More
If you have authorized your bank to do so by arranging a scheduled payment, then the money will be drawn out and applied towards your mortgage payment. However, if you did not authorize a payment beforehand then a bank will not take money out for the payment. Read More
Absolutely. Contact a mortgage or lending professional for details. Read More
If you are selling your house do you have to pay off your second mortgage or can you keep making payments?
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing. Read More
They are payments you make on your house loan every month. If you are looking for specific mortgage payment amounts, there are many calculators out there to use. I will include one in the related links. Payments can be fixed or variable depending on the terms of the mortgage. In some instances there might be a balloon payment at the end of the term. Read More
I am a Realtor in Texas. I have worked with many buyers and they all have different preferences in this area. It always seems to hinge on how much cash you can afford (or want) to come up with at closing. Ideally, I believe it is best to pay the closing costs up front, rather than wrap them into the mortgage...if you're able. A couple of reasons FOR paying cash: 1. As with anything you… Read More
Yes. Most mortgage documents have a "balance due on transfer' clause as part of the boilerplate language. If you transfer ownership the bank can demand payment of the mortgage in full. Read More
You would be smart to put down at least 20% of the home price. This will protect you from price fluctuations as well as qualifying you for lower mortgage rates. Another consideration is how much you can afford to pay monthly for your mortgage. A larger down payment (or cheaper house!) will allow you to fix a reasonable payment for the income you earn. In the past, it was recommended that you not get a… Read More
The amount used to buy your house is one thing; The fees required to close that transaction is another thing altogether, and they amount from 3 to 5 percent of the overall mortgage Read More
A check or money order is usually required for down payment/closing costs. Read More
The amount needed to pay off the loan will be withheld from the proceeds at the closing. The purchaser's attorney will make certain the mortgage is paid off. The amount needed to pay off the loan will be withheld from the proceeds at the closing. The purchaser's attorney will make certain the mortgage is paid off. The amount needed to pay off the loan will be withheld from the proceeds at the closing. The purchaser's… Read More
Yes there are... if the person that is on the mortgage dies in a car wreck or something then the spouse will have a difficult time claiming the house unless the house was put in a will to the other who isn't on the mortgage. The house could go in default of payment and the spouse not on the mortgage wouldn't necessarily know about it. Read More
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off. Read More
You can refinance as soon as you would like to. Let's assume you are trying to refinance to lower your monthly payment. The variables you want to understand are 1) what is your current rate and payment?, 2) what would be the future rate and payment?, 3) what are the closing costs associated with the loan? and 4) how long will you plan on living there? Essentially, you are looking at a return on investment… Read More
"There are several options for calculating your monthly mortgage payment based on the purchase price of the house, the amount down, and the number of years that you would like to have in order to pay it off." Read More
First determine how much the house is worth and the balance of the mortgage; subtract one from the other to determine the equity. Divide this by 2, and this should be what one has to pay the other. Have an attorney do a quit-claim deed--in which one person giving the house over to the another for a certain dollar amount. (So if the house is worth $100,000 and the balance on the mortgage is $75,000… Read More
You can cash out on your equity, but your payment would be as if it were a new loan at the same amount. You can also opt to apply your equity towards your new mortgage and the result would be a lower montly payment and less debt. If you use your equity towards a new mortgage you can refinance for less time and possibly have a payment around your current payment. EX: A $60,000 @6.75… Read More
He has the mortgage on the house but I own it he did't pay the mortgage for 5 months. Can I put a lien on his property and how do I do it?
First of all, if you are the owner of the house, you are responsible for making the mortgage payment, regardless of whose name the mortgage is in. After all, the mortgage (if it is in fact a mortgage or deed of trust) runs with the land, not the person. If you are involved in a divorce or other special circumstances, I strongly advise you to contact an attorney in your area. This will save you… Read More
Who gets tax deduction for payment of mortgage and home equity line if deceased is no longer paying them and house passed to this person through will but deed not yet in their name?
The deductions will belong to the estate. One cannot inherit a mortgage. Read More
You still owe the mortgage. And you must continue to maintain the homeowners insurance. If not, the lender who holds the mortgage has the right to place "forced coverage" on the property at great expense to you. When they add "forced coverage" they simply increase your mortgage payment to adjust for the difference. And of course you must make each payment in full in order to remain current on the loan and avoid damaged credit… Read More