Home Buying in 80206>Question Details

Cjr, Home Buyer in 80206

does a mortgage=cost of a house?

Asked by Cjr, 80206 Wed Aug 5, 2009

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Answers

6
Hi Cjr,

A mortgage refers to how much you owe the bank for a house. Usually, it is not the full price of the house, but it can be. Usually the mortgage is the price of the house minus the amount that you put down on the house.

Let me know if I can answer any other questions for you.

Thanks,

Ethan Besser
303-856-8980
1 vote Thank Flag Link Wed Aug 5, 2009
Hello Cjr,

Just to add to what has been said. Most of the Buyer's my Team has been working with have used Down Payment Assistance Programs and they also ask the Seller's to pay all of their closing cost. They are getting into homes with $1,000 and then getting the $8,000 tax credit from the government. Between the Federal Government and local cities and counties, they are making it very realistic for people to get into homes and to try and turn the housing market around. One of the lenders is doing a Home Buyer seminar on Saturday morning from 10 to noon...August 8th near Park Meadows mall. If you're interested in attending this seminar let me know.

Thank you,

Sandy Kinslow
The Kinslow Team
0 votes Thank Flag Link Wed Aug 5, 2009
Mortgage = amount of Loan or "lien" on home
Brian
0 votes Thank Flag Link Wed Aug 5, 2009
Not necesarily correct. What would be best said is that mortgage will not exceed the value of a house, this, because lenders will always appraise properties before aproving a loan. A buyer may also bring a higher down payment than that required by lender if he/she wishes to reduce loan amount, not afecting with this the actual value of the property.
0 votes Thank Flag Link Wed Aug 5, 2009
Not exactly, it depends on what you mean by "cost". There will be the down payment on the house and closing costs that are not included in the mortgage.
Once the house has been deeded to you, there are other costs of home ownership. These include insurance, interest on the mortgage, maintenance, upkeep, moving costs and the like.
If you could clarify a bit, I'd be happy to help you!
0 votes Thank Flag Link Wed Aug 5, 2009
CJR,

Well...essentially. Minus downpayments plus closing costs. Can I help answer a specific question?

Derrek
303-470-9880
0 votes Thank Flag Link Wed Aug 5, 2009
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