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Can you buy a home with 2 mortgages so you can pay 1 mortgage off and have a lower note for the balance of 30 yrs from having to only pay the one remaining mortgage This is a cash flow consideration.?
Wiki User
∙ 15y ago
If I understand your question correctly, you would like to buy a home with a first and second mortgage because you feel that you would have the ability to pay off the second in a shorter period than your first. The answer is yes and these days it usually requires about 10 percent down payment because there are so few lenders offering a second mortgage to 95 percent due to the mortgage crisis and declining market values in some areas.
Wiki User
∙ 15y ago
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What is a blanket mortgage?
What is a blanket mortgage A blanket mortgage is a mortgage loan used to finance more than on property. Builders and developers will use a blanket mortgage to buy lots of plots, or properties that they wish to build on or develop as a group, rather than trying to secure individual mortgages on each one individually. Blanket mortgages have a "release clause" so that if one property under the mortgage gets sold. then that portion of the loan can be paid off and the remaining outstanding balance adjusted accordingly. http://www.rogersgroupmortgage.com/
What is an off set mortgage?
Also known as a flexible mortgage, an off set mortgage allows the amount of interest owed to be reduced by offsetting a credit balance. Offset mortgages are commonly used in the UK.
What is a mortgage refinance loan for?
A mortgage refinance loan is exactly what the term implies. A homeowner can refinance a mortgage on their home in order to get a lower interest rate on their remaining balance on their mortgage debt.
Is residential mortgage close-end mortgage?
Normally residential mortgages are not closed-end mortgages. By definition, closed-end mortgages cannot be prepaid but most residential mortgages in the U.S. do have a prepayment clause that allows the borrower to prepay the balance of the mortgage (perhaps by paying a penalty).In Canada, residential Mortgages could be open or closed depending on the need of the client. In some cases where the client is unsure what the time frame would be for them to repay the mortgage and does not want to get stuck with early repayment penalties, I suggest them an open mortgage.But if they are pretty much sure that they are okay to go the full term of the mortgage 1 - 5 years, then a closed is preferred as to give client the advantage of a better interest rate.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
What is a blanket mortgage?
What is a blanket mortgage A blanket mortgage is a mortgage loan used to finance more than on property. Builders and developers will use a blanket mortgage to buy lots of plots, or properties that they wish to build on or develop as a group, rather than trying to secure individual mortgages on each one individually. Blanket mortgages have a "release clause" so that if one property under the mortgage gets sold. then that portion of the loan can be paid off and the remaining outstanding balance adjusted accordingly. http://www.rogersgroupmortgage.com/
What is an off set mortgage?
Also known as a flexible mortgage, an off set mortgage allows the amount of interest owed to be reduced by offsetting a credit balance. Offset mortgages are commonly used in the UK.
What is a mortgage refinance loan for?
A mortgage refinance loan is exactly what the term implies. A homeowner can refinance a mortgage on their home in order to get a lower interest rate on their remaining balance on their mortgage debt.
What is the purpose of mortgage loans?
A mortgage loan is obtained when one is purchasing a house. In return for using the value of the house as collateral, a mortgage company will provide a loan for the remaining balance.
Is residential mortgage close-end mortgage?
Normally residential mortgages are not closed-end mortgages. By definition, closed-end mortgages cannot be prepaid but most residential mortgages in the U.S. do have a prepayment clause that allows the borrower to prepay the balance of the mortgage (perhaps by paying a penalty).In Canada, residential Mortgages could be open or closed depending on the need of the client. In some cases where the client is unsure what the time frame would be for them to repay the mortgage and does not want to get stuck with early repayment penalties, I suggest them an open mortgage.But if they are pretty much sure that they are okay to go the full term of the mortgage 1 - 5 years, then a closed is preferred as to give client the advantage of a better interest rate.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
Where can I find an online monthly mortgage calculator?
An online monthly mortgage calculator can be found at: http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx. This tool allows you to enter additional payment amounts so you can see how the extra payments will effect your balance.
What information is needed in order to properly use a reverse mortgage calculator?
Information needed for a reverse mortgage calculator would be; the value of the property, the mortgage balance remaining, and the age of the youngest owner of the property.
If a house is quit deeded to someone will the bank as for the remaining balance on the house?
Yes. Most mortgage documents have a "balance due on transfer' clause as part of the boilerplate language. If you transfer ownership the bank can demand payment of the mortgage in full.
If I foreclose on my house can the attorney come after me for attorney fees?
What I know about this is that a mortgage company that forecloses your house has no right to get the remaining balance to you.
What is a lending tree mortgage used for?
Lending Tree is a mortgage referral service which compares the best rates depending on a number of factors such as remaining term on the mortgage, remaining balance, equity in the property. They will also look at your personal circumstances financially. Lending Tree are not available once the mortgage is in place, they just find the cheapest deal for you.
Is paying mortgage off a bad idea?
Paying off your mortgages can negatively impact you at tax time. Some CPA's suggest their clients maintain a minimum balance on their mortgage in order to maintain their tax "write-offs". This downside may not outweight the benefits of having no mortgage payment.
