Can You Refinance A 1st Mortgage And 2nd Mortgage Without Equity?
Question by No Equity | Posted in Renting & Real Estate
I own a cull family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the core and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the effectively is about $40,000 short of what I owe
Answer: you would have to generate equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a husky sum
I Want To Refinance A 1st Mortgage And A 2nd Which Is A Equityline That Is With A Another Bank. Need Help?
Question by elman1005 | Posted in Renting & Real Estate
Can i pay them both off with a refinance from diggings is we have enough equity in home. I am told i need to pay a .5 bottom fee to convert an equity line to a cashout loan since this allowance is not a second when the home was purchased?
Answer: Most lenders will have a small add-on to the interest rate for combining the two mortgages together and refinancing them into one. You will hardly even detect this difference in your rate. The half point fee can be directly passed to the borrower from
Just Wondering, Can One Have A Home Equity Loan, And Still Refinance Their 1st Mortgage? Thank You?
Question by PeggyL | Posted in Renting & Real Estate
We made some bad decisions and lack to pay of some debt, a home equity loan would help and diminish the combined payments, but we are also looking to refi in another 3-6 months, but there is no way we can pay of the largest chunk of our difficulties before
Answer: Yes, you CAN refinance honourable the first mortgage, and you CAN take out more cash with just the first, but the 2nd mortgage lender has to agree to "subordinate" (which means to put an end to in 2nd lien position).
Lien position
Have A 1st Mortgage And Need To Refinance 125% For A 2nd Can Anyone Help Me ?????????PLEASE?
Question by princess with an attitude | Posted in Renting & Real Estate
I have had a 1st mortgage for about 2 years now and the society I got my mortgage through has been putting 95% of my payments to the interest and not the principle so I pretty much still owe my whole mortgage and my dwelling-place is approx. assessed
Answer: Today, nobody is prevailing to refinance you for more than the property is worth. A few years ago you could've maybe made this loan (or at least refinanced the whole amount you owed) but with the sub-prime problems being what they are, nobody will make
If I Take Out A Home Equity Loan Now Will This Loan Affect Me If I Want To Refinance My Mortgage.?
Question by michael o | Posted in Personal Finance
I have 24 years leftist on 30 year mortgage. I am thinking about a home equity advance at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will placid
Answer: Speedily now rates are LOW, I would just refi instead of the HELOC that might expense you 7% on up. Why pay for 2 transactions.
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Predominantly, borrowers refinance if they can save at least one percentage point on the interest rate, mortgage experts say, and even a savings of as shallow as
Larry Pratt, chief foreman of First Savings Mortgage, said he has witnessed the challenges up close. "Historically, our also brush rate is less than 5
Low mortgage rates over the days beyond recall year have inspired many Americans to refinance their home loans, but some single borrowers
Predominantly, borrowers refinance if they can save at least one percentage point on the interest rate, mortgage experts say, and even a savings of as shallow as