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You need to talk with and compare potential lenders. You should start with your current financial institution, who can walk you through the process and guide you through the paperwork.
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What is a home mortgage?
A home mortgage is a loan that is secured by property through the use of a mortgage note that ultimately grants you a mortgage for your home. You can obtain financing on the purchase of your new home or any home.
Where can someone go to obtain more information on state home mortgage rates?
There are many places where one can go to obtain more information on state home mortgage rates. One can obtain more information on state home mortgage rates at popular on the web sources such as Zillow, Wells Fargo, and Mortgage News Daily.
What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
How soon after buying a home can you obtain a home equity loan?
You can get a home equity loan immediately. In fact, some lenders are packaging home equity loans or credit lines as a combo with the closing on the first mortgage. Of course, to get a home equity loan you have to have some home equity...i.e. a market value greater than the first mortgage.
How many home mortgage companies are there?
There are many different home mortgage companies. A few examples would be to obtain a mortgage through an individual's banking institutions, such as Chase Bank and the like.
Can someone else's credit be used to obtain an equity loan if they are not on the first mortgage or title?
If the person lives in the home and is added to the title, it can be done.
What kind of credit score will you need to obtain a home mortgage?
650 and above
Can you use your home to obtain a loan from a bank?
Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.
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.
Which mortgage brokers will assist someone with bad credit when trying to obtain a mortgage on their home?
There are several places one can look if one is trying to obtain a mortgage and has bad credit. Mortagedigger, realator, and homeloanlearning center are good places to start.
Where is a good place to get your first home mortgage?
The best place to get a first home mortgage is through a bank or even a mortgage broker. They often will offer the best rates and advise on how much one can afford to pay for a first home.
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
