 Mortgage and credit score? |
I have a 721 credit score but my husband filed bankruptcy at 2004 how do we get a $300,000 house?
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PS3User | When you buy a home how do you pay? :please read:? |
When i see TV shows like to buy or not to buy they find the couple a house if they like it they buy if not..(you get the drift)
Well. on shows like thees they make it out kinda like the money they pay for the house is all payed up front, For arguments sake, lets say they find 2people a home and it cost 170k The Are paying mortgage or what ever it is right? id realy like to know its been on my mind for a while now.
(btw im young i dont know a thing about buying property and i live in the UK)
I know its a dumb question, but, if you don't ask you don't get :)
Thank you. |
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the_chosen_one
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So many poor answers! Chronicblazed2000: The bank does not buy the house! They use the house as security should the buyer (assuming they have taken out a mortgage) fail to make good on their repayments. In such a case, the bank would then attempt to repossess the house from the buyer, but definitely, the bank does not buy the house!
Justme gave the only good answer. I'll elaborate. You get a mortgage from a bank for the amount you need to purchase the house. The bank transfers this money directly to your solicitor's business account. When the sale of the house is agreed, the solicitor will normally spend about 12 weeks researching the title deeds (to make sure that the seller legally owns the house in the first place) and drawing up legal documents (eg payment of stamp duty to government). When all that is done, your solicitor will transfer your mortgage money from his business account into the seller's solicitor's business account. The seller's solicitor will then transfer the funds directly to the seller's own personal account. You then start to make your weekly / monthly mortgage payments to your bank, to pay off the mortgage needed to buy the house. |
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justme
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When you buy a house, you first arrange a mortgage loan with a bank or other lending institute. You then get a solicitor to arrange the legal purchase and transfer of title. The seller will also have a solicitor, and final transfer of funds are usually done by the solicitors, from your mortgage account, into the nominated account of the seller. |
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bails
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You organise your mortgage and then you look for a house. You find one you want and then the mortgage is released |
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prettygal32002
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go to ur local estate agent get advice from them
but if ur paying in cash in full, then u dont need a mortgage, mortgage is when ur paying off the house,
good luck anyway
happy searching! |
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kemperk
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there are 3 ways to get property;
1. in an inheritance, thus, free
2. all cash from the buyer's bank acct
from savings
3. from a loan from a bank; paid to the
seller, at close of escrow--which takes
from 3 days to 3 mo, depending on
loan documents, inspections, etc. |
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porwest
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Generally when a person buys real property, a bank lends the money to the buyer to give to the seller. To that end a repayment arrangement is made between the bank and the buyer (called a mortgage). On a very basic level, a mortgage is made at a fixed interest rate and repaid by the home buyer over a 30 year time period on a monthly basis. Often times other things like insurance and real estate taxes are included in the payment (called escrow).
http://www.springboardblog.blogspot.com |
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Lucky
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It basically works like this ....
The purchaser (including the purchasers on these shows) go to a bank or a financial advisor to work how much they can borrow as a mortgage based on their salaries and savings.
This is then the maximum amount they can bid for a property.
They don't actually have the cash up front (usually they will have some of it as a deposit) but the vendor selling the property will get the full amount (ie: the £170k) from the bank of behalf of the purchasers.
The purchasers will then pay off the mortgage of £170k (minus any deposit they paid themeselves) over 25 years (standard mortgage term but can vary). |
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Sarah C
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You work out how much you want/ can borrow, that get a loan from a bank (mortgage), then spend the rest of your life paying it off. |
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ste_pej
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In simple terms.....
If you buy a house for £170k then you will have to pay the person that is selling it £170k.
There are various ways to raise the £170k if you don't already have it.
Borrow the money from a bank or building society. They will let you pay it back over a certain period. Because you are borrowing such a large amount of money that can be as much as 20 or 25 years. A loan to buy a property is normally called a mortgage.
The bank would hold the 'title deeds' to the property as security then, if you don't pay the mortgage, they would repossess the house to try and recover the money they had lent you.
If you have savings you can use this to part pay the £170k - this would be your deposit and reduces the amount you have to borrow.
If you already own a house worth £100k and want to move then you would sell that house and use the £100k as your deposit for the new house you're buying.
But... if you had a mortgage on the £100k house when you sold it you would have to pay off the remainder of the mortgage which would leave you with less of a deposit for your £170k house
hope this makes sense |
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chronicblazed2000
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I'll make it simple.usually it's like this. You find a home you like. You talk with a bank and they make sure you can afford the payments the bank buys the house out right right then. Then you make the monthly payments to the bank. |
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Patricia B
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A mortgage is the monthly payment you pay for the 15 to 30 years that you pay to buy the house. Sometimes the sellers absorb the closing costs and down payment, and the buyer just pays the loan payments (mortgage) on the 170k for X amount of years. Basically, the seller is willing to pay the closing costs to induce the buyer, to buy the house. Remember that the seller will receive the 170k in a lump sum (if they fully own the house) when the closing papers are signed. So...... maybe the sellers really were willing to take 165k for the house, after they deduct the 5k they gave to the buyers for the closing costs. Hope this helped. |
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Zimmy
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Home morgages? |
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