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re: Home Equity question
Posted on 8/2/13 at 12:00 pm to Lsut81
Posted on 8/2/13 at 12:00 pm to Lsut81
Yes, it would reduce the principal and the interest will be less.
My question is, do you have an emergency fund other than the money you are saving for a down payment?
When you sell your current house, you will have to close on it first to get your equity from it to take to your closing on your new place. People do it all the time.
My question is, do you have an emergency fund other than the money you are saving for a down payment?
When you sell your current house, you will have to close on it first to get your equity from it to take to your closing on your new place. People do it all the time.
1
Posted on 8/2/13 at 12:04 pm to Latebloomer
quote:
Yes, it would reduce the principal and the interest will be less.
Not doubting you, but how so?
When you sign up for a 30yr mortgage, your payments are determined as X. Principal and then interest on the amount financed.
Your payments do not change as your principal is paid down
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