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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...
Home Mortgage Refinancing - Things To Consider When Looking To Get Cash Out On A Refinance
When you refinance your home mortgage, lenders often tempt you with the option of cashing out part of your home’s equity. Cash at a comparably low interest rate may seem like a good option, but make sure you will financially benefit from it first. ...
Home Mortgages: Up, Up and Away!
Refinance NOW—before it’s too late If you haven’t found the time to refinance your existing home mortgage, it’s time to take action—like yesterday! Every time Alan Greenspan, Federal Reserve Board Chairman, opens his mouth, you can bet that the...
Home Refinance: Why You Want to Refinance Your Mortgage
You may want to refinance your home for several reasons. The biggest reason that people refinance their homes is to save money.
If you qualify for a lower rate you could lock in that lower mortgage rate and stretch out the payments so that every...
Wealth Creation and Mortgage Planning - Two Great Tastes that Taste Great Together
What if I were to tell you that almost everything you have been told about what to do with your home has been absolutely wrong and that one of the worst ways to build wealth is through your home? And what if I further went on to show you that...
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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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