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Is it possible to secure a mortgage for an amount greater than the purchase price of a property?
Yes, it is possible to secure a mortgage for an amount greater than the purchase price of a property through a loan known as a "jumbo mortgage." These loans are typically used for high-value properties and can exceed the traditional loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac.
How much deposit does a first-time buyer need for a mortgage?
A first-time buyer typically needs a deposit of around 5-20 of the property's purchase price to secure a mortgage.
Does a quitclaim deed exempt you from the mortgage responsibilty?
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
For what would one use the Coldwell Banker mortgage calculator?
You would use a Coldwell Banker mortgage calculator to estimate your monthly payment on a mortgage. To estimate the monthly mortgage payment you need to enter the purchase price, down payment, interest rate, property taxes, insurance, and mortgage term.
What is the minimum mortgage deposit required to purchase a home?
The minimum mortgage deposit required to purchase a home is typically around 5 to 20 of the home's purchase price. This amount can vary depending on the lender and the type of mortgage loan.
Is it possible to secure a mortgage for an amount greater than the purchase price of a property?
Yes, it is possible to secure a mortgage for an amount greater than the purchase price of a property through a loan known as a "jumbo mortgage." These loans are typically used for high-value properties and can exceed the traditional loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac.
What is the price to unmortgage a property in Monopoly?
In Monopoly, the price to unmortgage a property is the mortgage value plus an additional 10 of the mortgage value.
How much deposit does a first-time buyer need for a mortgage?
A first-time buyer typically needs a deposit of around 5-20 of the property's purchase price to secure a mortgage.
Does a quitclaim deed exempt you from the mortgage responsibilty?
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
For what would one use the Coldwell Banker mortgage calculator?
You would use a Coldwell Banker mortgage calculator to estimate your monthly payment on a mortgage. To estimate the monthly mortgage payment you need to enter the purchase price, down payment, interest rate, property taxes, insurance, and mortgage term.
What percentage do I need for a down payment during a home mortgage?
The traditional downpayment that lenders require is 20 % of the purchase price of the home. It is possible to put down less, but you will then have to pay for Private Mortgage Insurance.
What is the minimum mortgage deposit required to purchase a home?
The minimum mortgage deposit required to purchase a home is typically around 5 to 20 of the home's purchase price. This amount can vary depending on the lender and the type of mortgage loan.
Who owns a property the title holder or the person who paid the purchase price?
The grantee on the deed is the owner of the property. The grantee(s) on the deed is the person who holds title to the property. If the person who provided the cash to purchase the property wants an interest in the property they must be named as a grantee on the deed or they must have the owner execute a mortgage naming them as the mortgagee that will be recorded in the land records.
What are the factors that make a mortgage a deal?
There are many factors that make a mortgage into a deal. Some of those factors include the rates, price of the property, and the location that the property is currently in.
How do appraisers determine the purchase price of a property?
Appraisers determine the purchase price of a property by evaluating factors such as the property's location, size, condition, and comparable sales in the area. They use this information to estimate the property's market value.
What is the portion of a home purchase price paid in cash and is not part of the mortgage?
down payment
What is the portion of a homes purchase price paid in cash and is not part of the mortgage?
down payment
