answersLogoWhite

0


Best Answer

One day.

User Avatar

Wiki User

โˆ™ 2005-12-11 01:31:40
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: How long must you have a first mortgage before you can get a second one?
Write your answer...
Submit
Related questions

How long does the mortgage company have to give you before they can force you to leave your home?

They take you to court first


How long before the second tsunami wave comes after the first?

10 minutes


What exactly is a first option mortgage?

First option mortgage is a mortgage lending company offering numerous mortgage lending and financing products to meet diverse customer needs, financial situations, and long-term objectives.


How long are you required to have mortgage insurance?

You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.


Can you file bankruptcy on a second mortgage and multiple credit cards?

It depends on what you want to do with the house secured by the second mortgage and which chapter of bankruptcy you file. First, regarding the credit cards, yes you can always file on multiple credit cards so long as they were not used in anticipation of bankruptcy. Generally it is a good idea to wait at least 90 days since any card was used before filing the bankruptcy case, and DO NOT make any charges once you think you may file bankruptcy. The run-up-the-cards-before-filing-bankruptcy technique many people think is so clever may be deemed fraud and can result in a federal lawsuit (called an Adversary Proceeding) and repayment of the debt plus attorneys fees. Second, regarding the second mortgage: If you want to keep the home, the second mortgage must be kept also UNLESS you are filing Chapter 13 AND the amount of the first mortgage exceeds the value of the home at the time of filing. So, in the vast majority of cases, if you file bankruptcy you are stuck with all mortgages if you want to keep the home. By way of example of the rare instance when a junior mortgage can be discharged in bankruptcy, say your home is worth $100,000, and you owe $101,000 on your first mortgage. If you file Chapter 13 (repayment plan), you can "strip" the second mortgage (and third, fourth, etc) since the amount owed on the first mortgage exceeds the value of the home. In Chapter 7, you have to keep all mortgages regardless of the value. Another example, say you owe $99,999 on the first mortgage and the home is worth $100,000, and you have a second mortgage on which you owe $50,000. The entire $50,000 second mortgage survives no matter what chapter of bankruptcy you file because it is secured by $1. Yes, only $1 can commit you to the entire second mortgage. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!


What should one know before they refinance a home?

Before a homeowner refinances a home, they should consider how much less a mortgage payment will be after a refinance. They should also consider the differences between a fixed rate mortgage and an ARM mortgage rate. These factors can dictate how long it will take to repay a mortgage.


How long do you have to be paying on mortgage insurance before it will payoff on a death of one of the mortgage holders?

This depends on the Terms and Conditions of the Policy, you will find these on the Policy Document itself.


Does the first male dog's hereditary genes still have an effects on the second pregnancy?

Probably not - the first sire's DNA would be long gone from the uterus before the second pregnancy was started.


How can one refinance a home mortgage?

There are three things need to be considered before refinance a home mortgage. First, Check the payoff, even with a lower rate, a new mortgagee is not always the best move. Second, set the expectations, refinancing can save money in the long run, but it is not a cure-all, and it does not happen quickly. Finally, Shop around, prices, rates and packages will vary from lender to lender.


What are the current mortgage fixed rates?

The current mortgage fixed rates depend on which bank your mortgage is with and how long your mortgage is for. A Wells Fargo 30 year mortgage is 3.75%.


When is mortgage refinancing not a good idea?

Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.


Is it any easier to obtain a mortgage for a 2nd home if you already own a home and it is paid off even if you and your husband are both retired?

as long as your fixed income can support the payments for the second property you will not have a problem getting a mortgage.


Can you apply for 2 mortgages based on one property?

Yes you may, as long as it does not exceed the value of the property. You can not obviously finance 200% of the value of your property with 2 separate loans but you can apply for a first lien mortage and a second lien mortgage, it's done very frequently with purchases to avoid PMI by splitting a 100% LTV loan into an 80% 1st loan and a 20% second mortgage.


How long does a foreclosure appear on your credit?

Seven years! There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.


Can you obtain a home equity loan on a family home that does not have a mortgage?

Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.


How long is the average first time buy mortgage?

Most First-Time Home Buyer mortgage programs require a 30-year mortgage although there are some exceptions. Most offer a lower down payment or even no down payment but there are downsides to these programs. Consultation with a reputable mortgage broker and your banker will help cut through the confusing language and give you the best advice.


How long do you wait before having a second helping of food?

My girlfriend says that you should wait 15-20mins before you get a second portion.


How long is a cow a heifer?

A cow is a mature female bovine that has had a calf. She was a heifer before she had her first or second calf.


How long is the typical repayment period for a mortgage?

The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates. The term acts like a 'reset' button on a mortgage. When the term is up, you must renew your mortgage on the remaining principle, at a new rate available at the end of the term.


How long did it take before the first IBM PC clone was developed?

How long did it take before the first IBM PC clone was developed


First home buyer should wait how long before refinancing?

First home buyer should wait how long before refinancing?


How long does it take for a foreclosure to go off your credit?

Seven years! There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.


Can a spouse refuse to contribute financially to mortgage and utilities then still get half in settlement?

Yes, a spouse can refuse to contribute financially and still get half in a settlement depending on a couple of factors. The first is how long you have been married and the second is what state you reside in.


What does it mean when a bank has written off your second mortgage?

It means you haven't paid them in so long that they've given up on collecting. Most companies sell their written off debts to collection agencies so you can expect to get annoying calls from a collection agency in the near future. If you owed enough on the 2nd mortgage the bank may also attempt to foreclose on your home. you should contact the lender and try to bring your 2nd mortgage current before that happens.


What is the best way to calculate a long term mortgage payment?

The best way to calculate a long term mortgage payment is to use an online mortgage calculator. Calculator's can be found at 'Financial Calculators' and 'Money Buddy'.

Study guides

๐Ÿ““
Create a Study Guide