Hello,
wondering if someone could shed some light on this -
1. suppose a mortgage is taken for 75% of house value (say 300k agst house worth 400K).
2. house price declines to 320K.
3.if mortgage payments are made on time, does the Bank ask for a paydown of the mortgage to bring loan to 75% of market value?
rgds
newboyo
Quote:
Originally posted by newboyo
Hello,
wondering if someone could shed some light on this -
1. suppose a mortgage is taken for 75% of house value (say 300k agst house worth 400K).
2. house price declines to 320K.
3.if mortgage payments are made on time, does the Bank ask for a paydown of the mortgage to bring loan to 75% of market value?
rgds
newboyo
The Mortgage Agreements are established for a term and you need not to worry.
On renewal you could always review.
Hope this helps.
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TS
Thanks Freddie and Mr Scorpio.
Rgds,
Newboyo
ps Scorpio - hope that isn't ur real phone number
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