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A Qualified Mortgage Consultant Can Help Boost Credit Scores
Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower’s income and debt ratios are taken into consideration by the lender, as well...
Fixed Rate Mortgage Loans - Understand the Pros and Cons of the Fixed Rate Mortgage
There are many benefits and drawbacks to consider when deciding if a fixed rate mortgage is right for you. It is important to look at all options when it comes to something as important as getting a mortgage for your new home. There are a few...
Home Loans and Mortgages – The Selection Can Be Bewildering
For years, when someone wanted to purchase or refinance a home, the choices were simple. The buyer chose either a 15-year fixed-rate mortgage or a 30 year fixed-rate mortgage. That was it. Of course, those were also the days of twenty percent down...
Understanding a UK Commercial Mortgage
In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of...
Why Are Mortgage Notes Discounted Anyway?
When real estate note brokers purchase partially paid notes, they pay the note holder a discounted price after factoring in the time value of money, the payer history, and property condition. If there is still a significant period of time left...
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What Happens To My Mortgage When I Sell My Home
You've decided to make the plunge and sell you home. More than a
few people have innocently asked me, "What happens to my
mortgage when I sell my home?"
What Happens to My Mortgage When I sell My Home
If you own a home, you undoubtedly are carrying a mortgage on
it. A mortgage is simply a loan from a bank or financial
institution for percentage of the value of the home, which you
pay to the person you purchased the home from when you bought
it. Depend on the type of mortgage you have, the amount due on
the loan should have decreased during the time you lived in the
home and made monthly payments.
When you go to sell your home, the simple question is what
happens to the then due balance on the mortgage? The simple
answer is the financial institution is going to be paid out of
the proceeds of the sale before you see anything. As a result,
it is critical that you calculate in the loan repayment amount
when determining if it makes sense to sell a home. If you have a
home worth $300,000 and owe $280,000 on the mortgage, you are
going to realize little or no profit after the costs associated
with the sale and probably shouldn't sell it.
If you have plenty of equity built up in the home, your
mortgage
can still end up costing you more than you originally expected.
Many modern mortgages have restrictive penalties built into
them. These penalties are designed to encourage you to hold onto
the home for a set period of time, usually a couple of years, so
the bank can recover a certain amount of interest up front. Put
another way, the bank is trying to lock in a certain amount of
profit on the loan.
When it comes to these restrictive penalties, lending
institutions get pretty creative. Many will include a penalty if
you sell or refinance the property within the first two years of
the loan period. The penalties can be anything from the
equivalent of three months of payments to a preset amount or
even a percentage of the loan. State law often influences these
issues, so you need to read your mortgage loan documents
closely.
Regardless, you mortgage is going to be paid off as part of the
sales process. The exact amount will depend upon the nature of
your loan.
About the author:
Raynor James is with the FSBO site - http://www.fsboamerica.org
- FSBO homes for sale by owner. Visit our "sell my home" page -
http://www.fsboamerica.org/seller.cfm - to sell your house
yourself with a free 1 month listing.
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