Any Realtors here? on amortization of a house loan

Any Realtors here? on amortization of a house loan

Rgal what is the process of amortizing a house loan when the principal balance is very small.

Thanks

Re: Realtorgal ? on amortization of a house loan

Hi. I'm not Realtorgal, but I'm a Realtor too (Washington state). You need three things - loan amount, interest rate, and the term of the loan....plug these numbers into the loan amortization calculator at www.mortgage-mart.com and be dazzled.

Re: Realtorgal ? on amortization of a house loan

Thanks Aloft.

I guess I did not make myself clear. What is the process of finalizing the paying off the house loan?

I am wondering if there is anything I need to know, any land mines I need to avoid?

Thanks.

Re: Realtorgal ? on amortization of a house loan

Hello again, emiC! Sorry I misread. Figure out the date on which you will have a bucket full of cash, send it to me in small unmarked bills and I'll take care of it for you. Oh, all right, the truth.... call the lender's customer service desk and ask for the "loan pay off" amount at that date that works for your budget. This date is the key factor in the discussion with the lender.

BTW If the escrow you referred to is an impound for property taxes and insurance, you can expect some of that $2,000 to be pro-rated for payment of those items. Property taxes are paid in two installments (at least in my state), so you may get a figure from the bank that differs from your math.

Ask them to fax or email the math to you - this is your right.
Then have a mortgage burning party. Wheee! Congratulations.

Re: Realtorgal ? on amortization of a house loan

thanks aloft

Re: Realtorgal ? on amortization of a house loan

If your house leans, don't buy it! :lol: I assume you are really getting a lien on the house.:rollin:

Re: Realtorgal ? on amortization of a house loan

Good one, GrGranny......... 42

Re: Realtorgal ? on amortization of a house loan

Yeah, Grgranny - I've lived in a couple of those leaning (and liened) ones myself!