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What is the difference between a lease purchase house and a mortgage?
Wiki User
∙ 12y ago
When you take out a mortgage, you are purchasing the house right then and there. A lease purchase is when you begin by renting out the house, but are also given the option to purchase it within a given period of time.
Wiki User
∙ 12y ago
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What should I do with my dead father's house he left a mortgage on the house?
Unless you were a co-signer or legally part of the purchase process on either the house or the mortgage, you have no legal responsibility to pay back the mortgage in part or in full. If the house with the mortgage was willed to you, I would consult your family lawyer for help.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
Which bank is best to get a mortgage?
Mostleaders/banks have the same products, your ability to get a mortgage loan will be hinged on your credit score and your ability to purchase a house.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
How does one apply for a mortgage?
A mortgage is a loan taken out to purchase a house. One can apply for a mortgage by approaching a lender, such as a bank. The bank will need one's information, such as one's credit history and employment records.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
Can a son purchase house from his father?
Yes, a son can purchase a house from his father as long as his father is the owner and there is no outstanding mortgage.
What should I do with my dead father's house he left a mortgage on the house?
Unless you were a co-signer or legally part of the purchase process on either the house or the mortgage, you have no legal responsibility to pay back the mortgage in part or in full. If the house with the mortgage was willed to you, I would consult your family lawyer for help.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
If you have had a mortgage for 6 years you have paid about 4 times as much interest as has been deducted of the loanIf you decide to move house and get another mortgage would you get some of this inte?
If you have been making more than the required payments, then that surplus should have been applied to the principal balance of you mortgage. If you sell the home, you will receive a check for the difference between the purchase price and the principal balance minus fees.
Which bank is best to get a mortgage?
Mostleaders/banks have the same products, your ability to get a mortgage loan will be hinged on your credit score and your ability to purchase a house.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
If you buy a house do you have to pay rent?
If you purchase a home you have to pay a mortgage which is a repayment of a loan you used to purchase the house. Paying rent is when you sighed a leasing agreement for an apartment you are renting.
What if the estates debt is a mortgage?
The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.
Can you file bankruptcy if your first mortgage is 170000 second mortgage is 300000 and the value of the house is about 300000?
Yes...those factors make no difference.
How does one apply for a mortgage?
A mortgage is a loan taken out to purchase a house. One can apply for a mortgage by approaching a lender, such as a bank. The bank will need one's information, such as one's credit history and employment records.
What is a mortgage interest rate?
In short the interest rate is the amount in percentage charged on your capital amount of your mortgage to you pay in addition to the actual amount loaned for the purchase of your house.
