Tagged Questions
6
votes
3answers
251 views
What is the true value, i.e. advantages or benefits, of building up equity in your home?
I am a relatively new home owner, having purchased my first home in October 2009. It was a $315,000 home, purchased with a 5% no-cost loan with I believe 12% down payment. I think the total financed ...
0
votes
3answers
282 views
How do I determine future balance owed on a mortgage based on amortization?
A family buys a house worth 326000.They pay 110 000 down and then take out a 5-year mortgage for the balance at j2 = 6.5% to be amortized over 20 years. Payments will be paid monthly. Determine the ...
7
votes
3answers
945 views
Foreclosure process: What happens when a bank forecloses on a home?
I know it is a long complicated process, but what is the high level overview of what a bank does when it forecloses on a house? Beyond credit getting hurt, what else?
Where does the bank get it's ...
