The price for a property in a fair and competitive market
The sale price of your home is a true value if it is freely available on the open market. This means that all potential buyers know that a home is up for sale and have an equal opportunity to bid for it. Even if you sell your home for less than you would have liked, this price is still fair and square.
The price of a home sold in court actions, such as a foreclosure or bankruptcy is not the fair market value.
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Tuesday, April 18, 2006
Friday, April 14, 2006
Balloon mortgage
A loan with a fixed interest rate and monthly payment that becomes due in full, typically after 5 to 7 years
A balloon mortgage has a lower interest rate than fixed rate mortgages, and can save you money at the beginning. But, if you can' t afford to pay off everything you owe when the balloon "bursts" and becomes due, you need to refinance or sell, or risk foreclosure.
For some balloon mortgages on an owner-occupied property, the lender may let you extend the loan, without having to pay it in one lump sum. In exchange, you get a higher interest rate and agree not to apply for a second mortgage. Home buyers typically choose this type of loan because they plan to sell their home before the balloon pops.
Stop my foreclosure
A loan with a fixed interest rate
A balloon mortgage has a lower interest rate than fixed rate mortgages, and can save you money at the beginning. But, if you can' t afford to pay off everything you owe when the balloon "bursts" and becomes due, you need to refinance or sell, or risk foreclosure.
For some balloon mortgages on an owner-occupied property, the lender may let you extend the loan, without having to pay it in one lump sum. In exchange, you get a higher interest rate and agree not to apply for a second mortgage. Home buyers typically choose this type of loan because they plan to sell their home before the balloon pops.
Stop my foreclosure
A loan with a fixed interest rate
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