2006-09-06 08:26:27 · 14 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
At 16 you don't want to know honey...
2006-09-06 08:28:57 · answer #1 · answered by Emerelle 2 · 0⤊ 0⤋
Here are the steps to buying a house and getting a mortgage:
1. Get prequalified. A bank or lending company will take into account your income and other debts. They will determine how much you can afford.
2. You pick out a house you like in your price range.
3. Make an offer on the house, get it accepted by the buyer.
4. Apply for a mortgage.
5. Settle on the house. The bank or lending company pays for the house for you by giving a lump sum to the seller of the house.
6. Move your stuff in your house and begin the 15 or 30 year process of making monthly payments to pay the bank back the money you borrowed.
You might be interested to know that if you get a 30 year mortgage, you typically end up paying more in interest over the 30 years than the house actually costs!
People usually put 20% down on their house, the rest is the amount of the mortgage. You can put 0% down though, but you'll get a higher interest rate and you'll have to pay mortgage insurance.
2006-09-06 15:35:02 · answer #2 · answered by IT Pro 6 · 0⤊ 0⤋
A mortgage is a loan, normally from a bank, that you use to buy a property such as a house...
Whilst I would love to go on about fixed/variable rates, trackers, LTV and APR, interest only and capital repayment, surely there are better things to do with your life if you are only 16!
There is a book by Martin Lewis called The Money Diet which will teach you a lot about mortgages and many other financial products. Good Luck!
2006-09-06 15:32:37 · answer #3 · answered by rickfick2 2 · 0⤊ 0⤋
à mortgage (often misspelled ad mortage) Is a special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property such as a house or piece of farm land.
The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower.
Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered
2006-09-06 15:34:44 · answer #4 · answered by hennie 3 · 0⤊ 0⤋
It's something you should try to avoid if at all possible! Inherit a house or rent, a mortgage ties you down to financial commitments for most of your working life and it ain't fun. If you can't pay for whatever reason then you stand to lose your house and can find yourself out on the street with no money or place to live. Bad baaad bad!
2006-09-06 15:34:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
A mortgage is something where you borrow money from a business, then over an extended amount of time, you have to pay it back, along with a large chunk of interest.
2006-09-06 15:32:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
a mortgage is a form of financing security for a house.
to forclose judicial procedings are not needed
a trust deed is the other primary form of financing security
a td requires a judicial procedure to foreclose.
the qualifying is similar for both
government loans always use a mortgage
conventional loans may use both
2006-09-06 18:49:12 · answer #7 · answered by elmo o 4 · 0⤊ 0⤋
a mortgage is a binding financial contract to buy a home/condo and what is the agreed upon interest rates, down payment, monthly payments
2006-09-06 15:32:19 · answer #8 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
You are too young to have one - it is a loan taken out to purchase and secured against a property. If you don't pay back the loan then the mortgagor sells your property to recover the money they lent you.
2006-09-06 15:29:57 · answer #9 · answered by ? 5 · 1⤊ 0⤋
Look in dictionary under mortgage.And it depends on the company you are going thru.
2006-09-06 15:33:38 · answer #10 · answered by sassy brat 3 · 0⤊ 0⤋