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Yes. It can be. It is good to check some legal sources in this case.
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If you are married can you apply for a first time home buyers loan if your spouse owns home?
Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.
Can a primary mortgage be classified as a home equity loan?
Yes. There are 2 ways to refer to a mortgage loan: 1) Lien position on the title (1st mortgage, 2nd mortgage) 2) Product type (loan type: 1st mortgage, home equity loan, home equity credit line) If you only need to borrow $10,000 for example, this will not meet the minimum loan amount for a first mortgage with most lenders. Therefore you may obtain a "home equity loan" which is more often used as a second mortgage, but it will be the primary loan on the home.
Can you write off the interest of a home loan if you are the primary owner but not the primary resident?
If you make the interest payments, you can normally write them off on taxes.
Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
Can you get a mortgage if you have co-signed a loan?
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
What is a senior loan?
If you were to loose your home for example...and the forclosure took in 100k, and you had a primary loan of 90K, and a secondary loan of 90K, then ... the primary (senior), loan gets 90K, and the secondary loan gets 10K.
Can you write off the interest of a home loan if you are the primary resident but not the primary owner?
yes sir i will
If you are married can you apply for a first time home buyers loan if your spouse owns home?
Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.
Can a primary mortgage be classified as a home equity loan?
Yes. There are 2 ways to refer to a mortgage loan: 1) Lien position on the title (1st mortgage, 2nd mortgage) 2) Product type (loan type: 1st mortgage, home equity loan, home equity credit line) If you only need to borrow $10,000 for example, this will not meet the minimum loan amount for a first mortgage with most lenders. Therefore you may obtain a "home equity loan" which is more often used as a second mortgage, but it will be the primary loan on the home.
Can you write off the interest of a home loan if you are the primary owner but not the primary resident?
If you make the interest payments, you can normally write them off on taxes.
Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?
No. The reverse mortgage affects only the property used as collateral for that loan.
How do you get out of being a cosigner on a bike loan?
The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
What if the primary signer on a loan defaults?
If the primary signer defaults the co-signer will become responsible for paying the loan.
Can you get a home equity loan if your house is not completed?
In essence you can obtain a loan on the home or property. There may be a different name for the loan but it is possible. Also, construction loans can be done on the property. Ans 2- HELOC is only given on the complete habitable properties. it can be primary or secondry loan. Incomplete house can only get construction loan or FHA 203K Rehab loans.
Can you get a mortgage if you have co-signed a loan?
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
Can a co-signer be relieved of responsibility on a home loan after a period of time?
No. A cosigner promises that the will be obligated for the debt incurred if the primary borrower defaults. The only way to be removed is by having the loan refinanced.
