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Will you have two payments such as a mortgage payment and a equity payment?

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2012-07-08 01:10:04
2012-07-08 01:10:04

not sure of the exact question - but i will go with what i think you are asking. "if you get a mortgatge will there be 2 separate payments involved?" NO. A mortgatge is a loan that is paid back over regular increments of time, usually monthly. The payment is "applied" (by the loan company) to principal and to interest portions. Initially they will put almost all of the payment towards the interest. Theroetically, half way through the life of the loan, they will apply half of your payment to the principal (borrowed amount) and half to the interest (cost of borrowing the money). the last few payment would be applied to the principal almost exclusively, the opposite of when you started paying the loan. It is set up so the borrower can get the "fee" for the loan paid back sooner, rather than having to wait until the loan is completely paid off. this has been a simlification of course because there are many different kinds of payment arrangements, but they almost all genereally operate this way.

The question also asks about an equity payment. Equity is your portion of the value of the property. Beyond your down payment, there should be no further payments.

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If you do it that way your are going to have two large payments. It is not recommended and sometimes money from loans are not accepted for that purpose. Even if the person lies and says the money is saved money the two payments could be hard to deal with at the same time. Lending entities must likely will not grant loans to pay debts unless it is a reconciliation to pay various payments and convert them to one payment.

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About 1,200.00, that is one thousand two hundred dollars.

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That depends on the financial institution where you have the mortgage. Talk to them, tell them your problem and work out payment arrangements.

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Refinancing is re-assessing the terms of your current mortgage. You are capable of refinancing any loan at any time whether it is a home, auto or personal loan. A second mortgage is a mortgage in addition to your primary note. If you obtain a second mortgage you will be liable to pay two monthly mortgage payments.


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