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Ballooon on 2nd mortgage question
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Ballooon on 2nd mortgage question
If you have a home equity loan and it balloon after 15 years what does that mean if you decide to sell before 15 years. Say half way thru??
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Posted 10/29/10 11:12 AM  |
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Long Island Weddings
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Salason
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Member since 6/05 9878 total posts
Name:
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Re: Ballooon on 2nd mortgage question
It means that you have to pay that balloon payment upon sale as it is part of the unpaid principal balance of the loan.
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| Posted 10/29/10 3:32 PM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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Re: Ballooon on 2nd mortgage question
just make sure the loand does not have a prepayment clause too
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| Posted 10/29/10 3:58 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Ballooon on 2nd mortgage question
Posted by snowprincess
just make sure the loand does not have a prepayment clause too
I cant find it anywhere just the box is ckeced that says there MAY be one. How much is that usually?
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| Posted 10/29/10 4:21 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Ballooon on 2nd mortgage question
Posted by Serendipity
Posted by snowprincess
just make sure the loand does not have a prepayment clause too
I cant find it anywhere just the box is ckeced that says there MAY be one. How much is that usually?
it's usually around 3%... or, i should say, it used to be around 3% when i worked in real estate law about 7 years ago.
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| Posted 10/29/10 10:02 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Ballooon on 2nd mortgage question
Posted by Bearcat
Posted by Serendipity
Posted by snowprincess
just make sure the loand does not have a prepayment clause too
I cant find it anywhere just the box is ckeced that says there MAY be one. How much is that usually?
it's usually around 3%... or, i should say, it used to be around 3% when i worked in real estate law about 7 years ago.
Ok so 3% of the whole loan.
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| Posted 10/30/10 12:17 PM |
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