If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Do Banks Own a Property Until the Mortgage is Paid Off

neutral guy · 2020-06-24 20:36:07

Do not forget.House owner is the bank you only pay the rent /mortgage.Your mental health is OK for now but there will be many changes until you will pay your debt.

Options

Comments

Options
#32 25-06-2020 3:35pm
Interested Observer

Registered Users Posts: 13,105 ✭✭✭✭

Join Date: June 2014

Posts: 13062

neutral guy wrote: »

Not really.
If you take 100
You will have pay lets say 45 interest per year
If you will sell for 100 you will still own the 45 interest plus 5 for fees
You will have sell for 150 if you would like stay with 0

What? This isn't right at all. The interest accrues and is paid continually, every month your payment is partly interest and partly capital. If I sell my house tomorrow I don't owe them the outstanding interest on the loan. If you're on a variable rate you can pay your mortgage off in full at any point and save yourself all remaining interest. If you're fixed you can overpay which comes straight off the capital and also saves you interest.

0