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Take your first mortgage rate and add it to your second mortgage rate i.e. 1st rate is 6.00% and the 2nd mortgage rate is 11.00%; add the two together and divide by two to get your combined rate. In this example it would be 8.50%. Then find out what a new rate would be by refinancing the two. Personally, speaking if you can lower the rate by at least 1 - 1.50% and you plan on staying in that home in excess of five years, it would be worth looking into doing.

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โˆ™ 2006-07-13 23:58:42
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Q: How do you know if you can save money by combining your first and second mortgages?
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How you can sell mortgages?

You cannot sell mortgages. Mortgages are owned by the bank that loaned the money.You cannot sell mortgages. Mortgages are owned by the bank that loaned the money.You cannot sell mortgages. Mortgages are owned by the bank that loaned the money.You cannot sell mortgages. Mortgages are owned by the bank that loaned the money.


Are second mortgages a good idea for people struggling with finances?

Second mortgages are usually taken out by people who need a little extra money to get by with bills or a little cushion in savings. Its only advised to take out a second mortgage if the money is desperately needed.


Can first mortgage and second mortgage combine?

Yes, as long as you can get a bank or institution to lend you the money. It's going to depend on how good your personal credit is and how much equity there is in the property to be financed. Also combining the mortgages is something that is specifically disallowed by the HARP program so you most likely won't be able to combine them if the balance of both mortgages is higher than then appraisal value of the home.


Where can a second mortgage be obtained?

There are a number of financial businesses that may offer second mortgages, depending on an individual's circumstances. Natwest and Chelsea Building Society are two that offer second mortgages. The Money website can give comparisons on second mortgage rates.


Does the current mortgage usually refinance the existing mortgage?

Not necessarily. That must be in the arrangements made when you apply for the loan. Some people refinance to pay off the first mortgage. Some people take out second or third mortgages to get more money for personal use or home improvements.Not necessarily. That must be in the arrangements made when you apply for the loan. Some people refinance to pay off the first mortgage. Some people take out second or third mortgages to get more money for personal use or home improvements.Not necessarily. That must be in the arrangements made when you apply for the loan. Some people refinance to pay off the first mortgage. Some people take out second or third mortgages to get more money for personal use or home improvements.Not necessarily. That must be in the arrangements made when you apply for the loan. Some people refinance to pay off the first mortgage. Some people take out second or third mortgages to get more money for personal use or home improvements.


Where can one find the best UK mortgages?

The best mortgages in the United Kingdom may be found at Chelsea, HSBC, NatYes and First Direct. Other financial agencies which offer mortgages are Yorkshire, Virgin Money, and Principality.


Where can I find information about mortgages in the US?

Information about mortgages in the US can be found on Money Supermarket, Money Matters, U.S. Bank, Bank Rate, American Mortgages, CNBC and Milken Institute.


Where can someone compare mortgages in the UK?

The website Money lets you compare mortgages and rates among the top 10 mortgages in the UK. Additionally, MoneySupermarket has a resource that allows you to compare mortgages in the UK.


What types of mortgages does NatWest offer?

NatWest offer a vast range of different mortgages, this is great as it allows you to find the one that you think is suitable for you. They offer different mortgages depending on how you want to borrow money i.e. if you are a first time buyer or if you are buying a property to let out.


Where can one find self certificate mortgages?

One can find self certificate mortgages from: Money Saving Expert, Money Supermarket, Access Mortgage Solution, 1st 4 Self Certificate Mortgages, Money Wise, Guardian, Click n Go Morgages, to name a few.


What are the best first time buyer mortgages?

The best companies to consider for first time buyer mortgages include Halifax, Money Supermarket, Nationwide, Lloydstsb, Santander and Barclays. The reason these are good mortage companies for first time buyers is the cost isn't as expensive as other companies.


If you are coming into money and have two outstanding mortgages should you pay the second one off or refinance and use the money as a larger down payment?

Pay off the highest interest (most likely the 2nd mortgage) first. Then if the interest rate on the first mortgage is high, refinance. High is anything over 7%. Low is 5.25. Be careful of interest only mortgages and paying down points, they are both a bad idea. Watch the junk fees as well.


What is the difference between second mortgages and equity loans?

A second mortgage is a loan that involves a second lien on the property. (The first mortgage is the first lien.) Generally, a second mortgage is for a fixed dollar amount paid out at one time, in the same way as a first mortgage, and can be fixed-rate or adjustable-rate. In the early 1980s, a second type of second mortgage appeared that was referred to as an "equity line of credit," which came to be known as a HELOC. A HELOC allows the homeowner/borrower to draw out money as needed up to a certain amount. HELOCs are always adjustable-rate. In short, both a second and an equity loan are "second mortgages." The rate and manner of disbursement are different. A second mortgage, by virtue of the ability to get it as a fixed-rate loan, would be the better option.


What are the rights to private lenders who are investors which hold second mortgages?

In California, a second loan can be recourse or non-recourse, depending on if it were originated as a cash out second or a second based on a purchase money loan. The cash out scenario (recourse) lender has the option to foreclose on the property and pay off the first lender. Not often done. If the first lender forecloses then in California the recourse (second) lender (in a cash out transaction of course) can turn that loan into a personal debt or collection.


What did Scrooge do for work?

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Where can a person learn about how to purchase money mortgages online?

To find out about purchasing money mortgages, one should visit financial comparison sites such as Money Supermarket. Alternatively, try one's bank or speak to a financial adviser.


What could happen if you have 2 mortgages on the same property and you only default on the smaller of the 2 mortgages?

A mortgage is a promise that you make to the lending company. You promise them that if you don't pay back the loan, then they can have your house. It's no different for the second mortgage except that if you fail to pay either bank, and they both want your house, then the first mortgage holder always wins. If you default on your second mortgage..then they have the right to foreclose and sell your property BUT they have to pay the balance on your first off. If you defalut on your first mortgage then they will give notice to your second mortgage company and give them the option to "accelerate " the mortgage and they can foreclose..but if the second does not then the first mortgage can foreclose and sell your property and only pay the second off if there is enough money from the sale. It really doesn't matter if the mortgage balance is the "smaller" it is who is recorded in first & second lien position.


How much money is owed on home mortgages?

In the United States the overall total outstanding balance on home mortgages is over a trillion dollars.


Can you get a mortgages while unemployed?

No, because you don't have money to pay the mortgage.


What color money?

First off it's What color is money and second money in bills in the us is green


Can you get a heloc when you own your home?

Heloc loans are just like other loans with a couple of exceptions. The two most obvious are: First, they are 99.9% of the time Adjustable rate products tied to the prime index and Second, unlike a typical loan where you get your money in one lump sum at the closing. With a heloc the lender gives you a maximum limit account on which you can draw funds. The advantage being that you don't pay interest on the money until you actually need the money. While they are usually second mortgages nothing prevents them from being a first


Which banks offer competitive bad credit mortgages?

There are many banks that give competitive bad credit mortgages. These include GE Money, Precise Mortgages, Ocean Finance and Purple Loans. You will have to put up a large deposit.


How can one compare buy to let mortgages?

There are a number of places where one could compare buy to let mortgages, particularly online. Some websites with more information include Money Supermarket and Money Advice Service.


What creditors offer mortgages or refinanced mortgages to individuals with bad credit in the UK?

Some companies that offer mortgages to individuals with bad credit in the UK include GE Money, Precise Mortgages, and Saffron Building Society. These companies offer a variable 24 month mortgage with an interest of around 4.50%.


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