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5 Myths About Mortgage Points
Mortgage points are one of the most misunderstood concepts in
the mortgage world. On the surface, points are scary, and many
consumers equate points with mortgage scams and unnecessary junk
fees. However, nothing could be further from the...
Finding the Best Mortgage Refinance Rate
You may have become used to the monthly house payment that you
make. But for many of us refinancing our homes is a great way to
save money, lower the house payment, and unlock some of the
equity already built change such as refinancing in the...
I Want To Get A Mortgage Fast - Online
I Want To Get A Mortgage Fast - Online
So you have a plan... you want a mortgage online fast.
"I never met anyone who planned to fail, I sure met plenty who failed to plan."
- Anon -
OK, you're doing great, if you need that mortgage, ...
Mortgage Refinance: 4 Ways To Know It's Time to Refinance Your House.
You may want to refinance your home for several reasons.
1)Mortgage Rates might be lower now. The biggest reason that people refinance their mortgages is to save money. No matter what has happened to you, there is always a good reason to start...
What Is The "Right" Mortgage For Your Needs?
Are you thinking of buying a home? If so, then there are many things that you need to research first. For example, do you know what a mortgage is and do you know all the details of getting a mortgage? The more you know before you get into it, the...
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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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