“Total amount owed on house (required)” I don’t understand this question in my CSS profile, my house has no debts, so the answer is 0?
By the way, the next question is “What is the amount owed on the principal mortgage on Nicolle’s parents’ house?” the answer is 0
Can you please explain this to me, THANK YOU!
Somewhere there is also the question about the current value of your house. If you owe nothing on your house, then your current equity in your house is the full value of your house.
Some colleges use primary home equity when they calculate need based aid. That equity is an asset.
Some people (like my family) have multiple mortgages/debts on their house. The first question asks how much total house debt do you have. That would be your primary mortgage plus any additional loans on your house (like a second mortgage or a home equity line of credit). The second question specifically asks how much do you owe on your primary mortgage.
If your family owns their house outright, with no debt secured against the house, then the answer to both those questions would be zero.