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One can calculate the cost of a second mortgage by going to the website 'MortgageCalculator'. Here one can find information about achieving a second mortgage and use the calculator to calculate the cost of a second mortgage.
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∙ 10y ago
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How would you be able to calculate mortgage?
You can calculate mortgage by using the online calculator that you can find on some websites for calculating mortgage. Such calculators are the one for bankrate.
Why would a person need a second mortgage?
A person would need a second mortgage because it is a way to avoid mortgage insurance. They might also need a second mortgage if they need a lump sum of cash.
What would I need a mortgage amortization calculator for?
The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage.
How do you calculate your mortgage?
You need to know the following data to calculate your mortgage. Total mortgage amount ($168,5, interest rate (4.75%, etc.), term of mortgage (30 yr., etc.). Some calculate the location of the property into it however, by using the above information you should be able to get a fairly good idea of what your monthly mortgage payment would be. Now with a variable term mortgage your monthly payment would fluxate as your interest goes up or down.
If I want to invest in homes, what would the mortgage financing be?
You can use an online mortgage finaciing site that will calculate what you mortgage payment, closing costs and initial insurance costs would be for the home that you are looking at.
Can you calculate your mortgage payment myself or should you rely on your lending institution?
Althought it is possible for you to calculate your own mortgage payments i would recommend that you rely on your lending institution to do this for you as it can be quite stressfull to do.
What would mortgage software be used for?
"Mortgage software is used for a variety of mortgage-related services. Mortgage software can be used to calculate rates of interest, savings based on early payments, and more."
What values are needed to calculate a mortgage on a mortgage calculator?
The values you would need to calculate mortgage on a mortgage calculator is single sum value Fvn=s(1+c)n. Also payment size value is fvn=p[(1+c)n-1]/c.
Where would an ing mortgage calculator?
ING direct and ING bank offer mortgage rates as well as a mortgage calculator on their website. Once you have confirmed a lock-in rate you can calculate your mortgage payment accurately.
What are some tips on getting a good rate on a second mortgage?
In order to get a good rate on a second mortgage, one would have to be on top of payments, or have the first mortgage paid. The next step would be ensuring that one has a good credit score.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
How can you find more information about a second home mortgage loan?
One can find information about a second home mortgage loan by contacting one's local mortgage company. Another option would be to read financing and mortgage blogs/websites.
