Yes, you can sell your house even if you have a mortgage on it. Selling your house while you still have a mortgage is possible and often done by homeowners looking to move, downsize, or relocate. When you have a mortgage, you will need to pay off the remaining balance from the sale proceeds. The…
Subject to Mortgage refers to a real estate transaction where the buyer takes over the existing mortgage of the seller. Are you planning to buy a property and wondering what “Subject to Mortgage” means? In a subject to mortgage transaction, the buyer assumes the seller’s existing mortgage instead of applying for a new loan. This…
Family Opportunity Mortgage is offered by several lenders including Fannie Mae and certain banks and mortgage lenders. The Family Opportunity Mortgage is a program that allows individuals to purchase a home for their aging parents or disabled adult children, providing flexibility and better lending terms. This unique program offers options for both primary and investment…
You stop paying the mortgage when selling the house on the property closing date. Selling a house involves various stages and financial obligations, one of which is the mortgage payment. However, once the property transaction reaches its final phase, you will no longer have to make mortgage payments. The precise date on which you stop…
Yes, you can sell a house with a mortgage. Selling A House With A Mortgage Selling a house with a mortgage can seem like a daunting task, but it’s actually quite common. Many homeowners find themselves in a situation where they need to sell their house before paying off the mortgage. In this blog post,…
To afford a $2 million dollar mortgage, you will generally need an annual income of at least $400,000. This income requirement ensures you can comfortably cover the monthly mortgage payments and meet any other financial obligations. It is important to note that individual circumstances, such as credit score and existing debt, can affect the income…
A 2/1 Buydown Mortgage is a type of mortgage where the interest rate starts lower than the market rate for the first two years and gradually increases afterward. This mortgage allows borrowers to have lower monthly payments during the initial years of homeownership. When purchasing a home, many individuals face the challenge of making higher…
To sell a house with a mortgage, you need to determine the outstanding balance, consult with your lender, and explore options such as refinancing or paying off the loan at closing. Selling a house with a mortgage can be a complex process that requires careful consideration and planning. It is important to understand your financial…
Yes, you can add someone to a mortgage by applying for a joint mortgage or requesting a mortgage assumption. Adding someone to a mortgage can be a viable option for various reasons. Whether you want to share the financial responsibility, improve mortgage terms, or simply enable someone to own a portion of the property, it…
No, a bank cannot switch currency on a mortgage contract. A mortgage contract is typically agreed upon in one currency and cannot be changed later on by the bank. Mortgages are an essential part of many individuals’ lives as they provide the means to purchase a home or property. However, when it comes to mortgage…