Re:Zillow seeks to sell 7k homes for $2.8B after flipping halt
by dboreham on Tuesday November 02, 2021 @01:20PM
(#29084325)
Just a note to say that the term for a mortgage in the USA is really up to the borrower. This is because you are permitted to pay back more than the specified loan repayment, any time you like. So you can make a 30-year loan into a 20 year loan if you want, or any term shorter than 30 years. The main benefit to a 15-year loan is that it (usually) has a lower interest rate than the equivalent 30-year loan.
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Re:Zillow seeks to sell 7k homes for $2.8B after flipping halt
by pempem on Tuesday November 02, 2021 @01:25PM
(#29084417)
There is often a penalty for balloon payments. Please do check that out.
Re:Zillow seeks to sell 7k homes for $2.8B after flipping halt
by ihattendorf on Tuesday November 02, 2021 @07:10PM
(#29088770)
While you should always confirm this, I don't think they're that common any more. We purchased around a year ago and none of the options we looked at had prepayment penalties.