Why do home owners hold to money mortgage ?
If you own the house would you still have to pay mortgage ? If so why ?
Answers:
Because most borrower's can't wage cash for the home. Do you have $500,000 surrounded by the bank to pay for a $500,000 home? If not, afterwards you need to pay a mortgage salary. The bank is loaning you the money to own the house. Same as a car, lone bigger.
The owner owns the home, but if they couldn’t buy it beside cash, they borrowed the money from a lender. That lender has to be salaried. The lender doesn’t own the home unless the owner fails to pay their mortgage, and afterwards there’s a legal process for them to take ownership.
The exact same process occur if you buy a car with a loan. Your cross is on the title, but you still have to make payments on the loan.
When you buy a house, you do not usually salary cash. Paying cash for an expensive item resembling a house is outside of most people's budget. You buy a house with a mortgage. The bank is the lend institution that holds the rights to the house until it is payed off. If you pay past its sell-by date a house, either over time or with a big see of cash at the time of sale, you do not owe anyone anything on a mortgage, but you do still owe taxes and insurance on your property. A lot of race say, "we own our home" as a short cut to meaning "we are buying it on a mortgage".
no if no mortgage is owed all you must pay is taxes
Related Questions:
Home Equity Line of Credit or Mortgage?
I was transferred the family home shortly back my mom passed away. The house has no debt owed on it (but very large prop taxes). It's in major involve of repair (eg crazy plumbing leaks, outdated electrical), but I'm a recent college grad with a even-handed amount...
Answers:
Because most borrower's can't wage cash for the home. Do you have $500,000 surrounded by the bank to pay for a $500,000 home? If not, afterwards you need to pay a mortgage salary. The bank is loaning you the money to own the house. Same as a car, lone bigger.
The owner owns the home, but if they couldn’t buy it beside cash, they borrowed the money from a lender. That lender has to be salaried. The lender doesn’t own the home unless the owner fails to pay their mortgage, and afterwards there’s a legal process for them to take ownership.
The exact same process occur if you buy a car with a loan. Your cross is on the title, but you still have to make payments on the loan.
When you buy a house, you do not usually salary cash. Paying cash for an expensive item resembling a house is outside of most people's budget. You buy a house with a mortgage. The bank is the lend institution that holds the rights to the house until it is payed off. If you pay past its sell-by date a house, either over time or with a big see of cash at the time of sale, you do not owe anyone anything on a mortgage, but you do still owe taxes and insurance on your property. A lot of race say, "we own our home" as a short cut to meaning "we are buying it on a mortgage".
no if no mortgage is owed all you must pay is taxes
Related Questions:
Home Equity Line of Credit or Mortgage?
I was transferred the family home shortly back my mom passed away. The house has no debt owed on it (but very large prop taxes). It's in major involve of repair (eg crazy plumbing leaks, outdated electrical), but I'm a recent college grad with a even-handed amount...