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Mortgages

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Kennith Lockman

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βˆ™ 2021-09-30 20:42:16
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Cards in this guide (20)
When buying a house can you get a larger house loan so you can pay off some of your credit cards and car

In a purchase you may not use equity in the property because you do not own it. You can use the equity in your home to pull out cash or consolidate debt only when you own it.

== Your mortgage loan can only be up to the amount that the house appraised for, or the purchase price. It is more a matter of lending regulations than anything else. From an financial standpoint, you should not use the equity in your house for other purposes, such as paying bills or buying a car.

How long do you have to wait in Canada before purchasing a house after bankruptcy

I think it stays on your credit for 7 years, but you may be able to do an assumable mortgage with minimal money down

What is a mortgage lien

Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.

Is home owners insurance required

If you have a mortgage it is usually required by your Mortgage Company and detailed in your mortgage financed note. It's a contractual matter.

If the home is paid off and you do not owe on your home, then it is entirely up to you if you want to insure it or not.

WHAT is ARM

Adjustable-Rate Mortgage

What is the name for a part of a sentence that expresses a complete thought

In a sentence, an independent clause expresses a complete thought. A dependent clause, while it may contain nouns and verbs, does not create a sentence that could stand alone.

Compound sentences contain more than one independent clause.

Complex sentences contain one independent clause and one or more dependent ones.

Compound-complex sentences contain more than one independent clause, and at least one dependent clause.

This type of interest is calculated by adding the interest earned to the principal

compound

What type of mortgage loan features rates that change periodically with market conditions

The adjustable rate mortgage has a fixed rate for some initial period, then changes to a variable rate after that initial period. The variable rate is typically a well-known index (e.g., prime rate, LIBOR, etc.) plus (or minus) a margin defined by the lender.

How many is 5 years in months

There are twelve months in a year.

Therefore, in five years, there are sixty (60) months.

What is a monthly payment called

Amonthley payment on a house is called a "Mortgage"

Can you asumme mortgage

Yes. You can assume a mortgage. However, I personally always have a look at all these assumable mortgages for my clients before I recommend assuming a mortgage as I want to find out all the details of this mortgage. Details would include interest rate on it, amortization period, repayment options, early repayment penalties, frequency payments, etc. I then explain all these to my clients and if they agree to this then they would go ahead with the assumption of the mortgage. Please bear in mind you still have to qualify to assume a mortgage.

Should both names be on the property title if you co sign a loan

If you co-sign and your name is not on the title to the property then you may become responsible for paying for property you do not own. When you co-sign you are agreeing to pay off the loan if the primary borrower fails to pay.

If you co-sign and your name is not on the title to the property then you may become responsible for paying for property you do not own. When you co-sign you are agreeing to pay off the loan if the primary borrower fails to pay.

If you co-sign and your name is not on the title to the property then you may become responsible for paying for property you do not own. When you co-sign you are agreeing to pay off the loan if the primary borrower fails to pay.

If you co-sign and your name is not on the title to the property then you may become responsible for paying for property you do not own. When you co-sign you are agreeing to pay off the loan if the primary borrower fails to pay.

What term defines a collaborator

infidel

What is the difference between Gross fair market Value and Net Fair market Value
Gross Versus Net Value

Fair market value is the price an asset would bring if it were sold on a voluntary basis, meaning neither buyer nor seller has an obligation to make the exchange. Gross fair market value is the fair market value of an asset before allowing for any liabilities such as loans, taxes or liens. Suppose a warehouse has a gross fair market value of $250,000. If the property is collateral for a $100,000 business loan, the net fair market value of the asset becomes $150,000.

What does NAV stand for in reference to finance

NAV stands for Net Asset Value. The net asset value for any item is fair market value minus any outstanding loan costs. For example, a home with the fair market value of $100,000 and a loan balance of $75,000 has a NAV of $25,000.

What government official is responsible for determining the value of a property for the purpose of taxation

This is a local city function in the office of Assessor. You should be able to find the number for the office in your city directory.

how much are property taxes in pennsylvania

Property taxes in pennsylvania is 20% of your home value

Balloon Loan Calculator

Balloon Loan Calculator

A balloon loan can be an excellent option for many borrowers. A balloon loan is usually rather short, with a term of three to five years, but the payment is based on a term of up to 15 years. There is, however, a risk to consider. At the end of your loan term, you will need to pay off your outstanding balance. This usually means you must refinance your loan or convert the balloon loan to a traditional loan at the current interest rates.

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.

Where can I find a tool to create a detailed amortization schedule for my student loans and mortgage

If you are looking for an a tool to create an amortization schedule, you can find them on numerous websites. They can be found at websites such Mackenzie financial and amortization-schedule.

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