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Home Equity and Refinancing
Home equity is the ownership value accumulated in a property. A refi involves restructuring a debt, usually to take advantage of lower interest rates.
5,740 Questions
How much is average cost of ac unit for a 2 story 2300 sq ft home?
In the hot months. From july-September it can cost $350-$400 depends on how often you use it. It can cost more if your using it during the peak time.
What is the size of the headwear industry?
All together there were some 17,000 people employed in this industry (14,000 of whom were production workers).
How do general contractors operate?
Some contractors actually purchase property and perform all construction work themselves. In other cases, a general contractor may be hired by a developer or landowner to provide construction services.
How many businesses and worker are there in the single-family home construction industry?
Traditionally quite fragmented, in 2000 the single-family housing construction industry consisted of 151,296 establishments that employed 713,300 workers
How many homes does a single-family housing contractor build each year?
The typical home is built by a contractor who produces fewer than 25 houses each year
What is unique about the single-family housing construction industry?
The single-family housing construction industry is unique for an industry of its size because it is highly fragmented and dispersed.
What was the rate of home ownership in the 1940s?
In 1942 the United States home ownership rate stood at approximately 46 percent.
Who can fix the interest rates of NRI deposits in India?
Banks as per the directive of Reserve Bank Of India (RBI).
What soap originally made from?
Soap was originally made from a combination of animal fats and wood ash mixed together to create a cleaning agent. The fats would have been boiled with the ash to form soap.
A need is something like food. A want is the desire to drive a fancy car like a BMW. You don't have to have a BMW.
An example of a behavior modification technique for weight control is to?
There are many ways to use behavior modification for weight control. One way is to control your home environment. Do not eat while watching TV or talking on the phone, only while sitting down at the table. Do not buy tempting foods, and have low-calorie and healthy foods ready to eat. You should also control your work environment. Do not eat at your desk, bring healthy snacks with you, and go for a walk instead of snacking on breaks. Also, try to keep a positive and healthy attitude, and remember to exercise!
Can a mortgage be modified twice?
Hi. My loan was modify about 3 months ago. I was told from my attorney and also from the mortgage company that the loan modification amount is include it with insurance and taxes (it was not on writing ) so I end it up accepting the offer that mortgage company has offered but the taxes and insurance was not include it to that payment n !. The mortgage balance at the time when I applied for Mod was $199K and when I accept it the Mod went to $215K but the payment was lower to $210 less that what I was paying before. The main reason that I accepted was that I did not wanna loose my house and the other reason was that I trusted my attorney. Now am I eligible for another loan modification ?
Is interest paid on the mortgage of your home tax deductible?
Well it depends on what kind of mortgage.
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How do you calculate equity in the property?
Equity is calculated by subtracting the amount still owed on the mortgage loans from the fair market value of the property.
Why do bank still charges interest on loan?
Because, charging interest is one of the main sources of income for banks. Since you are borrowing money from the bank, it is the banks right to charge you an interest for lending you that money. Since they are giving you the money for your use, you are bound to pay them an interest for getting money from them.
What is the difference between equitable mortgage and registered mortgage?
A registered mortgage is a transaction whereby the borrower executes a formal written instrument that can be construed as a conveyance of their interest in land as security for a loan. The written instrument is recorded in the land records as a conveyance or a lien against the land. If the loan is not repaid, the lender can take possession of the land. If the loan is repaid, the rights granted to the lender under the mortgage are extinguished and the lender must release their interest to clear the title to the land. In many jurisdictions this is simply referred to as a mortgage or a deed of trust.
An equitable mortgage is an arrangement that involves borrowing money with the understanding the borrower's land will secure the loan or some other situation where a lien on the owner's real estate is implied by some credit arrangement. However, a formal mortgage document is not executed and recorded in the land records. It can arise under different circumstances and can also be referred to as an implied or constructivemortgage. A problem with equitable mortgages is that there is no notice to the public in the land records in most cases and the property could be sold without the loan being paid. Generally, if an equitable mortgage is not paid it must be enforced in a court of equity by a court decree against the debtor.
Examples of equitable mortgages:
1.) Charlie found himself in financial trouble after losing his job. He informed his friend, Stewart, of the situation by email and they discussed a loan whereby Charlie offered to place his home as collateral and repay the loan as soon as he found a new job. Stewart accepted the offer and sent a check but a formal mortgage was never executed and recorded in the land records. Stewart would have an equitable mortgage against Charlie's property.
Once Charlie found a new position that was better than his old job, he ignored Stewart's requests for payment. Stewart could enforce his equitable mortgage in court as long as he kept copies of those emails and the check. The court would grant a judgment lien that could be recorded in the land records and Charlie could not sell or mortgage the property until the lien was paid. However, if Charlie had executed a recorded or registered mortgage with a bank since that loan from Stewart and the bank mortgage was foreclosed, the foreclosure would wipe out Stewart's judgment lien against the real estate and Stewart would be back where he started trying to get his money from Charlie.
2.) A husband is to retain the marital home under a separation agreement in a divorce. His wife is to execute a deed that conveys her interest to him and he is to refinance the property in his name and pay his wife $50,000 for her interest within six months. The wife in this case has a $50,000 equitable mortgage on that property. If husband instead tried to sell the property without following the agreement, the constructive mortgage would be disclosed during the title exam performed for the buyer and the wife would be paid from the proceeds at the closing. Probate and Family Court records are part of the public records that must be examined by a title examiner during the course of a title exam for real estate.
On the other hand, if the husband continued to live in the property and simply ignored the separation agreement, the ex-wife could enforce her right to the $50,000 in court.
Can you have 2 mortgage loans through same mortgage company?
Yes.
Your mortgage company may hold your first (or primary) mortgage as well as a second which may be represented as a home equity loan or a home equity line of credit.
How long do you have to own a home before you can sale it?
3-4 years
Another Answer
As soon as you have clear title to the house, even with a mortgage -- as soon as the purchase is closed -- you can sell the home.
What best states one of the disadvantages of equity financing?
Selling stock gives the shareholders some control over the company.
What does extra mortgage payments do?
Do you mean paying MORE than your minimum payment? Paying more than your minimum payment is a good idea on your mortgage, if you can afford it. It will decrease the amount of time you have your mortgage and lower the overall amount of money you end up paying towards interest. Paying extra on your loan creates more savings the earlier you do it.
Example: On a 300,000 loan at 5% for 30 years, paying $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. That is a huge cost savings to you.
