Home loans always have closing costs. These include the appraisal fee, the lender?s attorney?s fee, the prorated taxes, the filing fee, the survey charge, insurance, and about half a dozen other fees. Sometimes those fees are included in the principle of the loan; they are rolled into the loan.
The only equity you might have is the down payment you made when you bought the house. You should have a sheet 8?? x 14? if you live in the U. S. It will show the price of the house, the closing costs, the amount financed, and possibly your equity. If you have trouble reading it, contact your real estate agent. He can help you interpret it.
When you make payments on your loan, you?re paying almost all interest for the first couple of years. You will probably reduce your principle by $15 ? $20 during the first 6 months of payments.
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