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Even with a fixed mortgage rate, your house payments can increase due to changes in property taxes, homeowners insurance, or private mortgage insurance (PMI). These costs are often included in your monthly payment through an escrow account, and if they rise, your overall payment will too. Additionally, if you live in a community with homeowners association (HOA) fees, those can also increase over time.
What else can I help you with?
Where do extra mortgage payments go, principal or interest?
Extra mortgage payments typically go towards reducing the principal balance of the loan. This can help you pay off your mortgage faster and save on interest costs over time.
Which of these describes what can happen with an ajustible-rate mortgage?
the montly mortgage payments go up or down from year to year.
Is a balloon mortgage the same as a mortgage?
No. A balloon mortgage is a relatively short term mortgage with a huge payment due at the end of the term. A mortgage is generally for a longer term with uniform payments for the life of the mortgage unless it is an adjustable rate mortgage. In that case the interest rate increases after the first couple of years and the payments go up.
Do extra payments automatically go to principal on my mortgage?
No, extra payments on your mortgage do not automatically go towards the principal. You may need to specify that the extra payment should be applied to the principal to reduce the overall amount owed on the loan.
Is there a cost savings to having fixed mortgage rates?
If the rates are down when you lock into a fixed mortgage rate, than yes, absolutely there are savings. If the rates are high, it's typically better to go with a variable mortgage rate.
If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
What can happen with an adjustable mortgage?
The monthly mortgage payments go up or down from year to year.
Where do extra mortgage payments go, principal or interest?
Extra mortgage payments typically go towards reducing the principal balance of the loan. This can help you pay off your mortgage faster and save on interest costs over time.
What can happen with an adjustable-rate mortgage?
The monthly mortgage payments go up or down from year to year.
What happens with an adjustable rate mortgage?
The monthly mortgage payments go up or down from year to year.
Which of these describes what can happen with an ajustible-rate mortgage?
the montly mortgage payments go up or down from year to year.
If you are adding extra to your monthly mortgage payments to put in your escrow will your payments go down after one year?
no not neccesarily
What are the benefits to a fixed mortgage?
A fixed mortgage has a huge advantage over a variable rate mortgage because you can be sure that your rate is not going to suddenly go up by a large amount unexpectedly. It is definitely the preferred safe and secure way to go.
What if your daughter bought a home with her grandmother as a co-signer she now faces foreclosure should she file chapter 13 bankruptcy how does all this effect her grandmother?
If the house is headed for foreclosure, anyone on the title and the mortgage is facing foreclosure, not just one of the owners. If the daughter was responsible for the mortgage payments by agreement with her grandmother, and got behind in payments, she may be able to pull the mortgage out of foreclosure by a Chapter 13, if she can afford the plan payments and the current mortgage payments. If the Chapter 13 cannot succeed without financial input from the grandmother, it will be up to her to let it go forward and lose the house. Either way, the fact that the house is in foreclosure will affect her credit score.
Is a balloon mortgage the same as a mortgage?
No. A balloon mortgage is a relatively short term mortgage with a huge payment due at the end of the term. A mortgage is generally for a longer term with uniform payments for the life of the mortgage unless it is an adjustable rate mortgage. In that case the interest rate increases after the first couple of years and the payments go up.
Do extra payments automatically go to principal on my mortgage?
No, extra payments on your mortgage do not automatically go towards the principal. You may need to specify that the extra payment should be applied to the principal to reduce the overall amount owed on the loan.
Where to find the lowest fixed mortgage finance rate.?
Bankrate.com is a good place to look.The types of fixed mortgage loans available in the market are 10 year fixed rates as well as 15, 20, 25 and 30 year fixed rates. There is no tension for the homeowner because he knows exactly what amount constitutes the interest and also the principal payments. This is why it is best to go for a fixed 10 year mortgage. Because of this feature, fixed mortgage rates have not only become popular, they are also predictable. With adjustable home loans you never know what is going to happen next. Even though the rates are high, the homeowner can be satisfied that this wont change, no matter what happens.
