How to get a mortgage loan

Question by JayKay: When making a house payment how many payments do you make?
What I mean is, is there a mortgage payment and house payment ( separate payments) ? Or just a house payment that has mortgage payment combined? And not when you’re just renting a house. I’m meaning in the process of buying.

Best answer:

Answer by Gaytheist Buddha
A typical 30-year mortgage consists of 359 identical payments and 1 payment for a few pennies less. That’s 360.

A house payment is the same as a mortgage payment. You still have separate bills for insurance and utilities.

What do you think? Answer below!

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2 Comments

  1. No, the house payment is the same thing as the mortgage payment.
    When you finance a house, you are taking out a “mortgage” – the mortgage is the monetary loan for the house. You make your mortgage payments, and once you have made your last payment, the house is 100% yours, free and clear.
    Of course, this does not include all the expenses incurred by being a homeowner, such as property taxes and maintenance, as well as electric, water, and so on and so forth.

  2. Usually, you make just one single payment. It may not always be consistent or the same dollar amount as the mortgage company’s rates may go up. So you should always check to make sure you know exactly what amount you’re paying.

    A house and mortgage payment are the same thing. When you buy a house, you first put a down payment on it. It’s possible to put a no zero down payment on a house but not recommended or suggested. After the initial down payment, you’re now paying mortgage. Basically you’re paying the “rent” until the house is completely paid in full. The down payment is sort of like a security deposit.

    Be aware that mortgage companies DO charge late fees and they’re NOT cheap. My late fee is $ 30. If you’re late, they add the late fee to your normal payment so it adds up pretty quick.

    The mortgage payment is separate from the utilities and any other bills you might have.

    The links I’ve posted should help you out.

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