30 Year Mortgage? What if I move out in five?
View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.
If I were to buy a home for, say 159,900 and put 20% down, or 32,000. I have 127,920 loan, with a 7% interest rate, to be payed over the next 30 years in monthly amounts of $851.05
NOW.... What if I decide to move out of the house in five years? What happens to that monthly payment?..... I don't understand. The people moving in might want to set up a different method, so I don't know that it would just transfer.... I'm just confused how that works? If you have ever sold a house or moved often or just know how this works, I would appreciate it so much if you could answer!
P.S. I am not moving any time soon. I just house search online often, and pulled these numbers from a house that seemed in my price range when I do choose to move... in a few years.
Thanks!!
30 Year Mortgage? What if I move out in five?Having been in the mortgage/banking/finance business for over 26+ years, I can say with complete accuracy that when you sell your home, the buyer pays off the current mortgage unless he is allowed to assume your mortgage. That being highly unlikely. Once you pay off your deed/mortgage you get a reconveyence which releases you from the financial obligation.
30 Year Mortgage? What if I move out in five?The mortgage is in your name, whether or not you live in the house. It's YOUR debt, so even if you aren't in the house, you still have to pay the debt. You might rent the house out to new people and use the rent to cover part of the repayment, or you could sell the property and use the money from the sale to pay out the debt so you aren't in debt anymore. If you don't pay the mortgage, the bank sells the house for you, at your expense, and usually at much lower than what it's worth, in order to get their money back. And you lose the house.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.