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A mortgage is a loan from a bank used to purchase real estate. Until the loan is paid off the bank has a lien on the property. The property cannot be sold or refinanced until that mortgage is paid.
What else can I help you with?
Do you have to pay a mortgage on a house you own?
No, if you own a house outright with no mortgage, you do not have to pay a mortgage on it.
Can you demolish a house that still has a mortgage on it?
Yes, a house with a mortgage can be demolished, but the mortgage would still need to be paid off even if the house is destroyed.
Is my house considered an asset even if I have a mortgage on it?
Yes, your house is considered an asset even if you have a mortgage on it. The value of the house minus the amount owed on the mortgage is the equity you have in the property, which is an asset.
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.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
Do you have to pay a mortgage on a house you own?
No, if you own a house outright with no mortgage, you do not have to pay a mortgage on it.
Can you demolish a house that still has a mortgage on it?
Yes, a house with a mortgage can be demolished, but the mortgage would still need to be paid off even if the house is destroyed.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
Is my house considered an asset even if I have a mortgage on it?
Yes, your house is considered an asset even if you have a mortgage on it. The value of the house minus the amount owed on the mortgage is the equity you have in the property, which is an asset.
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.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
Can I tear down a house with a mortgage on it?
No, you cannot tear down a house with a mortgage on it without permission from the lender.
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.
What is a good way to get a cheap home mortgage?
A good way to get a cheap home mortgage is by buying a home that is small. The larger the house, the more the mortgage will cost. The mortgage depends on the size of the house.
Is there a mortgage on The White House?
no
What should I do with my dead father's house he left a mortgage on the house?
Unless you were a co-signer or legally part of the purchase process on either the house or the mortgage, you have no legal responsibility to pay back the mortgage in part or in full. If the house with the mortgage was willed to you, I would consult your family lawyer for help.
Can I demolish my house and rebuild if I have a mortgage?
Yes, you can demolish your house and rebuild even if you have a mortgage, but you will need to get permission from your mortgage lender and follow their guidelines for the construction process.
