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varialbe-rate mortgage
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What type of home mortgage has payments that CANNOT change?
fixed-rate mortgage
What type of mortgage has payments that can change?
varialbe-rate mortgage
How can one use the BBC mortgage calculator?
To use a mortgage calculator, you type in the length of your mortgage, the amount of principal that you owe, and your mortgage rate. It will then tell you what your payments will be.
What type of mortgage is designed so that payments remain the same throughout the life of the loan?
fixed-rate mortgage
What are some reasons to refinance a home mortgage?
Some reasons for refinancing a mortgage is lowering mortgage rate, change in family composition, purchasing other properties for investment and switching the mortgage type from Adjustable-Rate Mortgage (ARM) to a fixed-rate mortgage.
What type of home mortgage has payments that CANNOT change?
fixed-rate mortgage
What type of mortgage has payments that can change?
varialbe-rate mortgage
Where can I go to have reverse mortgage exaplained to me?
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.
How can one use the BBC mortgage calculator?
To use a mortgage calculator, you type in the length of your mortgage, the amount of principal that you owe, and your mortgage rate. It will then tell you what your payments will be.
What type of mortgage is designed so that payments remain the same throughout the life of the loan?
fixed-rate mortgage
What are some reasons to refinance a home mortgage?
Some reasons for refinancing a mortgage is lowering mortgage rate, change in family composition, purchasing other properties for investment and switching the mortgage type from Adjustable-Rate Mortgage (ARM) to a fixed-rate mortgage.
How to you apply for this type of credit?
You will need to talk to a mortgage broker. they will help you with everything you need to know about buying a home. They give you the breakdown of the payments, the interest and all the requirements you need to succeed.
What is an equity home mortgage?
An equity home mortgage is a type of loan which the buyer uses the equity of the home as a collateral. This type of loan is very risky because one's own home is in danger.
Which type of mortgag is designed so that payments remain the same throughout the life of the loan?
fixed-rate mortgage
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 are the advantages of a 15 year fixed mortgage rate?
A fixed rate mortgage is advantageous because the borrower will know that their payments are fixed. This type of mortgage also generally has lower rates that a 30 year one.
What type of letter should be sent to a mortgage company when your partner agrees on you coming off the mortgage?
First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER.It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you stops paying they will go after the other for all the money.To get out of the situation you have to repay all the money you borrowed and get a new mortgage in just one of your names. This usually means one or other partner has to buy the other out.
