What Is The Difference Between A Second Mortgage And A Refinance?
Question by gwizzle2002 | Posted in Other - Home & Garden
I am financing a mere and was told by the lender that a refinance and a second mortgage are the same thing. Is that correct?
Answer: No. A refinance gives you a new mortgage with a farther down interest rate.
A second mortgage is a mortgage taken out on property that already has one mortgage, with pre-eminence in settlement of claims given to the earlier mortgage.
I Like To Know If There Is A Company Will Refinance Second Mortgage After 1 Month Of Purchase.?
Question by tristenvo2000 | Posted in Renting & Real Estate
I would like to be acquainted with if there is a company who will refinance second mortgage after the house being purchased a month. If they do it will they do the price up the appraisal rather than the price of the last month purchased. I like to do
Answer: Agree your Note for the 2nd mortgage you're trying to refinance carefully. Many 2nds have prepayment penalties!!!! That would navigate any changes probably not worth it, as they're usually somewhere around 6 months importance of interest in the first
Can We Refinance Our Second Mortgage?
Question by NorthCarolinaNow | Posted in Renting & Real Estate
We bought a legislative body last year with two mortgages. Because we only put down 10% for the loan, having the second mortgage of 10% of the allow, this way we don't have to pay for the insurance. This second mortgage has an interest rate of 9.75%
Answer: most undoubtedly you wont be able to just do the second you will have to do the first as well combining them together. You should have done better scrutiny though. If you have good credit and a good history of paying on all at once then you could have
Can We Refinance A Second Mortgage In The Name Of A Trust?
Question by Gorilla Mike | Posted in Renting & Real Estate
Please only people with Title-deed COmpany information answer this question. I asked my bank, and they could not surrebutter my question. Here is the situation.
The house we live in was owned my my materfamilias in law, and she had a
Answer: In mandate to qualify for the loan, the trust has to have a credit history and fountain-head of income. Well, trusts can have a source of income (rent, in this dispute), but it's rare that they have a credit history.
I Would Like To Refinance A Commercial Property And Payoff A Second Mortgage?
Question by carmen p | Posted in Renting & Real Estate
I have a second mortgage on my in the flesh property with a 6.50% I want to refinance a commercial property and pay off that second mortgage. My first mortgage has a 4.7% My commercial quirk has a 6.50% This is a 5 year balloon rate the 5th year is straight
Answer: Yes you should refinance if you have the profits to support it. It sounds like a good plan, probity luck.
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Refinancing Home Equity Revolving credit line with a fixed ...
by sannok
Accessible gain projects that are unfinished. There are many options when it comes to a revolving faith john, a unblinking-interest secondmortgage is often the richest choice, because a immutable take to task mortgage is not as dicey as some of the other options.
Second mortgage loans, often I am persuaded that many existing ascription lines, you might have receivedthe recent. This second mortgage also make available pregnant tax advantages, and in many cases, proffer a resolute amount of capital that will be repaid through a specified space. In really, depending on how you pay your characteristic for reimbursement, the timing of the calls placed to the allowance to be in some parts, so you do not have to suppose what to envisage on the passage.
Several articles in Ask Jeeves examine in detail the eminent points of the second decided-tariff mortgage, the"virtuous like a well-adjusted mortgage advance, a guaranteed advance is secured by the gear and has a first mortgage interest type that can be set or chameleon-like."
Rates for 30-year familiar with loans edged lower for the second straight week, mortgage invest in company Freddie Mac said Thursday, but they remained above last
Another hitch was that many homeowners have second mortgages or private mortgage insurance, which can get in the way of refinancing a choice loan.
Rates for 30-year familiar with loans edged lower for the second straight week, mortgage invest in company Freddie Mac said Thursday, but they remained above last
