Sentences with phrase «remaining equity on the property»

The money you can get depends on the remaining equity on the property.

Not exact matches

For example: if you have a property worth $ 120,000 in the real estate market and you owe $ 60,000 on your mortgage balance, you have got $ 60,000 of remaining equity and you can obtain a loan by securing the money borrowed with that remaining equity.

The fact that there is equity available on a property provides tranquility to a lender even if the property is not used as collateral because the lender knows that in the event of default, even though the mortgage lender has privileges over the property, he can still collect from the remaining amount produced by the sell of the property if the balance on the secured loan does not exceed the value of the property.

Homeowners who experienced property value drops while drawing on home equity lines of credit may discover that they don't have enough remaining equity to qualify for a refinance.

The lien remains on the property while you use home equity to rebalance your finances.

The amount you receive ultimately depends on how much equity there remains in your property.

In other words, if the Seller owned a $ 50,000 property free and clear and then sold it to the Purchaser who made a $ 10,000 down payment, the Seller initially has the right to collect $ 40,000 (his or her remaining equity in the property) and he or she may borrow money by allowing a lender to put a senior lien on the property (ahead of the Purchaser's interest in the property) for up to $ 40,000.

Continued Equity Erosion A property that remains on the market for an extended period becomes a drain on you and your eEquity Erosion A property that remains on the market for an extended period becomes a drain on you and your equityequity.

However, in addition to the property itself, the heir also receives any leftover equity and loans that remain on the home.