ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Down Payment
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Mortgage
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Principal
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Interest
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Detailed explanation-1: -What happens if you buy a house without a mortgage? If you buy a house without a mortgage, you won’t have to repay a mortgage company the principal and interest. But you may still owe interest to another party unless you pay for your home in all cash.
Detailed explanation-2: -Mortgage loans are used to buy a home or to borrow money against the value of a home you already own. Seven things to look for in a mortgage. The size of the loan. The interest rate and any associated points. The closing costs of the loan, including the lender’s fees.
Detailed explanation-3: -When we talk about buying a house with cash, we don’t mean literally. A cash buyer is someone who is using their own funds to cover the full purchase price of the home, meaning they aren’t taking out a loan. These funds could come from savings, investments or the sale of another property.
Detailed explanation-4: -USDA Mortgages. VA Mortgages. FHA Loans. HUD Homes. Homeownership Voucher Program. Good Neighbor Next Door. State Or Local Assistance. 11-Jan-2023