Mortgage?
Tuesday, March 31st, 2009Plastic B asked:
If you get a mortgage for 20 years can you pay it only for 5 years, for example, sell the house after the 5th year and get back what you paid?
alterfemego – basically, say I buy a house on a 20 year mortgage for £200,000. I pay £900 a month for 5 years then decide to sell it. If the house goes for £201,000, would I have to pay off the entire amount to the mortgage company or do I have to pay the amount that I have not paid yet in the remaining 15 years?
If you get a mortgage for 20 years can you pay it only for 5 years, for example, sell the house after the 5th year and get back what you paid?
alterfemego – basically, say I buy a house on a 20 year mortgage for £200,000. I pay £900 a month for 5 years then decide to sell it. If the house goes for £201,000, would I have to pay off the entire amount to the mortgage company or do I have to pay the amount that I have not paid yet in the remaining 15 years?