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June 2021

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What Happens To My Mortgage When I Sell My Home

  You’ve decided to make the plunge and sell you home. More than a few people have innocently asked me, “What happens to my mortgage when I sell my home?”

What Happens to My Mortgage When I sell My Home

If you own a home, you undoubtedly are carrying a mortgage on it. A mortgage is simply a loan from a bank or financial institution for percentage of the value of the home, which you pay to the person you purchased the home from when you bought it. Depend on the type of mortgage you have, the amount due on the loan should have decreased during the time you lived in the home and made monthly payments.

When you go to sell your home, the simple question is what happens to the then due balance on the mortgage? The simple answer is the financial institution is going to be paid out of the proceeds of the sale before you see anything. As a result, it is critical that you calculate in the loan repayment amount when determining if it makes sense to sell a home. If you have a home worth $300,000 and owe $280,000 on the mortgage, you are going to realize little or no profit after the costs associated with the sale and probably shouldn’t sell it.

If you have plenty of equity built up in the home, your mortgage can still end up costing you more than you originally expected. Many modern mortgages have restrictive penalties built into them. These penalties are designed to encourage you to hold onto the home for a set period of time, usually a couple of years, so the bank can recover a certain amount of interest up front. Put another way, the bank is trying to lock in a certain amount of profit on the loan.

When it comes to these restrictive penalties, lending institutions get pretty creative. Many will include a penalty if you sell or refinance the property within the first two years of the loan period. The penalties can be anything from the equivalent of three months of payments to a preset amount or even a percentage of the loan. State law often influences these issues, so you need to read your mortgage loan documents closely.

Regardless, you mortgage is going to be paid off as part of the sales process. The exact amount will depend upon the nature of your loan.


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Renting vs. Buying A Home 

Renters are often in a quandary as to whether it makes sense to continue renting or buy a home. Buying a home makes more sense, particularly when taking a long-term view. Yes, even in the current hot real estate market.

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Credit Card Debt Counseling

Not everyone believes that credit card debt counseling is beneficial and there are various reasons for that. Some people just read articles in the newspapers or find advice on the internet and take that as the final thing. So they don’t feel the need for credit card debt counseling. Some others...
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Get Out Of Credit Card Debt

Can I get out of credit card debt?

Yes, you can get out of credit card debt. If you are determined to get out of credit card debt you surely can get out of credit card debt. Though it’s a bit difficult to get out of credit card debt, it isn’t impossible. All you need to get out of credit card debt is determination and planning. Both are..
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JULY 2021

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Effective Office SettingS

Creating An Ergonomic Office Space With The Right Furniture
 


Today’s modern world requires most of us to spend most of our time sitting down in front of our computers, totally conflicting with the natural state in which the body is supposed to be. Sitting down for hours at an end is a leading cause of office work-related injuries. This is why it is important to observe ergonomics and to use ergonomic office furniture in the workplace.


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3 Step Formula To Get Out Of Debt

3 Step Formula To Get Out Of Debt

Debt can ruin families make it difficult to achieve your dreams, buy a home and Here is simple system for success 


1-Make List of Your Debts

First of all know how much deep you are in credit card debt. Many credit card holders are shocked when they know the total credit card debt to be paid
. 
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HOW TO Save Money When Buying A New Computer


For most people, buying a new computer does not have to be as stressful as buying a new car. Nor does it have to be as expensive. If you’re like most people, and you have a limited budget for buying a computer, then you need to try to get as much computer for your money as possible.

There are simple ways anyone can save money when buying a new computer.


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August 2021

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6 Powerful Tips To Creating Testimonials That Sell Your Products Fast

There are many ways to market a product or a service and providing the potential clients and customers with testimonials is one of the best ways to market.



The power of testimonials can never be underestimated. People, especially nowadays, will only purchase products or avail services which have been referred to them by people whom they know. But most of the times, this is not an...


Learn How To
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How To Avoid Online Credit Card Fraud

If you have ever shopped online, then you might know about some of the dangers associated with online purchasing and online credit card fraud. If you are not careful, you could end up being a victim of online fraud, which could leave you with a large bill to pay of items that you have not purchased. Here is some more information about the dangers of online credit card fraud and how to avoid them.

Why shop online?

If there are dangers to shopping online, then why do so many people do it? Well, the dangers of online fraud are only equal to those of any other type of transaction. Also,..

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Buy A Car At The End Of Your Lease

You’ve come to the end of your lease and you like you car enough you want

to keep it in the driveway. Just like buying a used car, there is some

research to be done to nail a good deal.

First, you need to know the cost of buying out your lease. Read the fine

print of your contract and look for

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