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Virtually all mortgage loans made in the United States by institutional lenders in recent years contain a due-on-sale clause. These clauses are meant to require the loan to be paid in full in the case of a sale or conveyance of interest in the subject property. This is in contrast to the wide availability of assumable mortgages in the past ...
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or; revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
Individual borrowers who expect to prepay their loans early should generally favor a combination of lower principal balance and higher interest rate (which stops accruing after prepayment), rather than a below-market interest rate and higher principal balance (which much be paid in full, regardless of prepayment).
Home equity loan on a paid-off home. ... Even if your home mortgage has been paid in full, which means you have 100 percent equity, you cannot borrow all of that money. Generally, lenders allow ...
Your loan servicer also will let you know whether your loans are now paid in full or whether you have an outstanding balance. If you have a balance remaining, you will be notified by your loan ...
While you can discard monthly mortgage statements, it's important to keep all mortgage documents, such as the promissory note, deed of trust and proof of title insurance, for the life of the loan.
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