You can sell your home before the mortgage term is finished but you will require to pay a penalty. The bank charges 3 month worth of mortgage interest to break a mortgage sooner.

I have a Mortgage. Im planning on selling my note to investors but im still confuse. Does this mean that if i sell it then i will have two places to make payments to?

While owner-financing is a good selling point and can make for a nice income (you get to charge the interest and keep it), there are definitely drawbacks collecting the mortgage payments, filing the taxes, the legal hassles if someone defaults, etc. Think long and hard and if you decide to go for it, good luck and may your buyer do you right. You really should go and talk this over with both a real estate attorney and an accountant. listing home for sale by owner

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I am 28 in the uk. i haven't got a mortgage. when i am retired and living probably in private rented accommodation, who pays the rent? or what about if you haven't finished paying off your mortgage but have to retire? i'm planning for my future! i am probably never going to have a mortgage. so how do i cope with the rent?

Hi, in the UK, you will actually get a very small state pension - if you are 28 now, let's face it, it will hardly be worth anything by the time you retire (I'm 35 and not counting on the state either). I doubt it will be enough to cover bills, let alone food and housing. What you need to do in the very near future is start a private pension - it could be with your employer if you work (usually better as they often contribute a little for you, my employer does), or it could be a personal one. If you can, go and see an independent financial adviser to help you choose the right product as there are just so many out there. But you can't just rely on that either, as some pension funds have done badly in the past, so you also need to do some long term savings - an ISA is a good start, and you can put up to £3600 cash each year. Once you have saved enough, you may want to invest it in a property - I know it looks impossible for the moment, but remember that prices are coming down and you are still very young - if you save for a deposit for the next 7 years, you can then take a 25 years mortgage and it will be paid off when you are 60 - ready for retirement! If you haven't finished paying your mortgage, you can do like a lot of elderly people and downsize to a cheaper property, so you are debt free. And if you haven't bought a place by then, your savings will bring you a nice little income and you'll use that with your private pension and your state one to pay for everything... Basically as long as you plan now and put enough aside (and don't touch it for any reason!), you'll be fine... Just don't count on the state or others to look after you as you can see all around you how badly older people are treated. Good luck

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Should they get it in writing that they don't owe lender anything, title, etc ? any advice is greatly appreciated.

the deed and satisfaction of mortgage and a release of lien should follow soon after. keep them in a safe place for future needs

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I have a mortgage which i pay monthly a month in advance (ex. paid for october 1st payment on september 1st). will i save money down the line and possibly finish my mortgage sooner?

Actually no. It will be paid off 1 month early but you won't save interest. But an extra principal amt each month you will pay off & save!

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Of course you do. The tax is on the property, not on your mortgage debt.

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My mother finished paying off her mortgage last may and has yet to receive any documentation stating so. i told her that she should probably receive a deed or title or something similar (like when you pay off a car). i would think that's the way it goes. she bought via owner financing so there were no banks involved.

The noteholder is legally required to file a Release of Lien, indicating that the mortgage has been paid off. (The document can also be called a Reconveyance.) In any event, the noteholder MUST prepare this, get it notarized, and have it recorded; there are penalties for failure to do so.

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My cousin let me use his action replay thing for ds - it lets you use cheats, basically. i used it for animal crossing, to pay off my mortgage; i made all mortgages only 1 bell. previously, tom nook's shop was nookway, and i know it's supposed to upgrade each time you upgrade your house, but mine stopped upgrading since i paid off the rest of my mortgages (probably about 4) all at once. (i would skip ahead a day to skip construction, and then pay off next mortgage, etc). i know you're supposed to get a hairstylist the last time tom nook upgrades...but i haven't, and he hasn't upgraded at all since! i know once you get close to finishing paying off your mortgage, he'll be closed the next day to upgrade...but that never happened to me, since i skipped ahead, and my mortgages were 1 bell. will he eventually upgrade, and/or will i ever get the hairstylist? is there something i can do to make him upgrade? my house is the biggest it can get. thanks! :)

actually he doesnt upgrade from you paying off your house. he upgrades when you buy enough of his stuff. then once he has enough money he upgrades. anyway to get the hairstylist you have to have someone from another town buy something from your shop. just get a friend that has animal crossing and ask them to play animal crossing in your town. then tom nook will upgrade. you even get an extra floor in nooks store:-)

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I have been on the trust deed for 3years and its due to finish, i am really concerned that i wont be able to get a mortgage? my advisor says that my credit history will be clean and it wont be a problem.... is this true?

Yes you will have no problem finding a mortgage.

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How long would a person have before they are actually thrown out of their house? how many payments would you have to miss? can you buy yourself some time if you paid every other month? or would paying every other month keep you in your house, but just ruin your credit?

better off to work out a forbearance agreement to keep the home if at all possible the process could be as fast as 60 days down with out payment or up to 120 days delinquent

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I really want to finish my mortgage within 10 years.... i really i need help on finding a loan program that would help me pay my mortgage without interest.. can you please give any sites or info on programs that would help me?? thanks!!

There is no such thing as an interest free mortgage. You will not get an interest free loan to buy a house, or to refinance your existing mortgage. So don't go looking. They will laugh at you. Your best bet, if you want to clear the debt in 10 years, is to look at some online mortgage calculators. You can look at the difference a small increase in payments will make to your overall payments. Increase your usual repayment. Even an extra $50 a week is another $2500 off the loan at the end of the year. You will ALWAYS pay interest on a mortgage. The majority of the payments are interest. So if you pay more off the principal earlier (making extra payments, sooner rather than later) the amount outstanding will have less time to accrue extra interest. That can cut years off your homeloan. I should know. I'm paying my homeloan out over 5 years, not 25. By doing so, I only pay about $30 000 in interest, instead of $171 000.

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Heres the info. if you had a mortgage for 40 years with payments once a month. with a 4.75% interest rate. the principle amount is 125,000.00 how much interest alone would be paid once you finished your payments?

Monthly - 582.20 Interest - 154,454.71 Total paid over 40 years - 279,454.71