Financial Post reader, jen, writes: Hi!
I just bought a house in the city, and my bank is currently offering a loan for a $1,000 deposit.
The bank is willing to accept deposits for $1.25, which means the bank will take the deposit and pay the loan off after it’s been paid off.
My question is, does the loan automatically expire after 5 years?
My house is only 7 years old, and I’ve paid off the loan.
Does that mean my deposit will automatically be refunded after 5 or 10 years?
Thanks in advance for your answer!
— Jeff, New York City (USA) I can tell you that a loan will automatically expire if the total amount you owe has not been paid in full.
A loan will not be extended to a new borrower if the original borrower defaulted, for example.
You can apply for a loan extension to help pay off the principal.
This applies to both home and commercial loans.
You may have to wait for the loan to mature before the loan can be extended, which will be paid back through the loan and payment of the loan balance.
If you do not have a new mortgage, you can apply to have the loan forgiven.
If your loan was originally for $500,000 or more, you must pay off your original mortgage before you can be granted an extension.
There is no time limit on the time limit for applying for an extension to get a loan forgiveness extension.
If a loan is for more than $500 million, you will be charged interest on the outstanding balance at a rate of 8.8% per year, for 10 years.
After 10 years, the loan will no longer be eligible for loan forgiveness.
Your loan will become eligible for an automatic repayment of the principal when it is paid off within 5 years, and a new loan will be issued to you after 5, 10, or 20 years.
However, the interest rate will be the same as if you had borrowed the loan on your own.
The rate of interest will be 12.4% per annum on your loan and 5.9% per month on any other loan outstanding.
Your original mortgage will not automatically be forgiven.
You must apply for an application to have your original loan forgiven or extend the loan, as long as the loan is under 10 years old.
The loan may be forgiven if you pay the principal balance in full, which can take 5 years.
If the loan was paid off in the previous 10 years but you still owe more than the principal, the lender may extend the repayment period.
If this happens, you should contact the bank to find out what happens next.
— Jeff Levenson, Chicago, IL (USA), Jan 15, 2018 Hi Jeff, thanks for this question.
If there is a $10,000 minimum deposit, then the loan could be extended if you owe more that $10 million.
This is the case if the lender has already extended the loan in the past 10 years (if it has not).
But the maximum deposit will be $10.
The lender can only extend the term of the mortgage if it can cover all or part of the difference.
The minimum deposit is determined by the amount of the outstanding loan.
If an application is filed, the bank can extend the terms of the original loan for up to the $10 billion loan.
This will not happen if the loan has been paid for in full (with a loan to equity ratio of 90%).
However, if the outstanding amount of debt is more than your maximum deposit, you may be able to apply to the bank for an extensions, which are limited to the amount that was owed in the first place.
If approved, the extension will take effect after 5-10 years.
This means you could have to pay off $5 million of your $10-billion loan within 5-6 years.
— J.L., Minneapolis, MN (USA); Jan 19, 2018 Jeff, Thank you for your inquiry.
I have been unable to find a good answer on this question as I am an active borrower.
As a result, I have applied for a disaster loan on my mortgage with a minimum $10M and no other collateral.
My application was rejected because I do not own a home or a car.
However it is not an emergency loan because my house is insured and I have a mortgage.
What I want to know is how this can be forgiven?
— James, Chicago (USA)–Jan 19, 2019 Hi James, I was wondering if you could explain the term extension on your mortgage.
If it is a loan that is $10m or more that has been outstanding for at least 5 years or is under 5 years old and you owe $10bn or more.
How do you get this extension?
— Janna, Chicago IL (U.S.A.), Jan 19