If I were to buy a $200000 house in Indiana and were to pay cash how much would you have to pay?
In order to get the best deal you will need to put 20% down. This will help you to avoid mortgage insurance or taking a second mortgage at a higher interest rate to avoid the mortgage insurance. ChaCha on!
Answered by Jarred J. -
About Second Mortgage
A second mortgage typically refers to an additional loan on property that is already mortgaged. Second mortgages are often assumed in order to provide funds for starting a business or other ventures.
About Mortgage
A mortgage is a loan that is secured by a property/house and is paid in installments over a set period of time. For buying homes, mortgage loans are used almost always around the world, only in rare cases are cash or other forms of credit used for payment. The word mortgage comes from a Law French term meaning ''dead pledge.'' This means the pledge ends when the obligation is fulfilled, or the property is taken through foreclosure.
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