a; purpose? if you gain enough equity, you wont’ need a loan.
b; a mortgage cash to the seller accompanied by a lien to a lender.
c; if you have enough cash in the bank, you can go to an ESCROW company and
open escrow and not need a mortgage.
[if you know of good investments you can make that return 15+%, you can get your house
free!]
a; purpose? if you gain enough equity, you wont’ need a loan.
b; a mortgage cash to the seller accompanied by a lien to a lender.
c; if you have enough cash in the bank, you can go to an ESCROW company and
open escrow and not need a mortgage.
[if you know of good investments you can make that return 15+%, you can get your house
free!]
References :
RE broker
If you want to purchase a home you may have to finance it with a loan – of course you could always pay cash for it – if that’s your desire. That is called a "mortgage loan" and it requires that you pledge the home itself in order to purchase it.
A Home Equity loan or line of credit – is for folks who want to use some of their built up equity to purchase other items – usually home improvements – they must have at least 30% equity in their homes in order to swing that – that means that if you own a home and its market value is more than you owe the mortgage company, then you can use the equity to get a loan. These loans are different – the bank just opens a credit account, and you withdraw funds as you need them. (to pay the contractors) You pay back what you have actually borrowed and pay 6% interest. Each bank is different – and you would have to ask what kind of terms are available.
References :
if you pay 800 per month mortgage for 5 years all that money you paid is equity that you put into to that property and you may take out an equity loan against that amount of equity you have paid so far for the home– when you do this the loan amount is added to the present mortgage amount with the applied interest etc. and the amount of your monthly payments will change and you continue to pay your mortgage which will now be a higher amount.
References :
hi
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References :
Home Loans
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References :