Hi yall!! Is the loan amount you get to purchase a house, and the payment?

Question

Is the payments made to the loan in the mortgage every month?

Answer 1

Your question is confusing. Maybe you should read up a little on this subject.

People typically get loans for 70, or 80, or 90 percent of the purchase price of the home, sometimes more, sometimes less. People borrow more on a first house, and then need to borrow less, sometimes, on later houses.

The payment depends on the loan amount, the interest rate, and the term. A payment is required every month, and it pays some interest and some principal.

Answer 2

The amount you could get in a mortgage depends on the appraised value of the house, and on your income, existing debt, and credit history.

If you get a mortgage, it's typical that payments are made to the lender once a month. Some mortgages are set up to pay more frequently, maybe twice a month or every two weeks, but almost all are monthly.

Answer 3

Yes. Most of the payment goes to interest though, unless you pay the principal every month. Which is something extra along with the payment.... It's very confusing!! ;o O

Answer 4

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