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If two people have signed on a first mortgage as co-borrowers can one of them get a home equity loan without the other's signature?
Wiki User
∙ 16y ago
This depends on the state you live in and the lenders requirements. Some states allow "anyone" on title to secure a second mortgage or equity line. Other states require that "everyone" on title sign for second mortgages and EQ lines.
Lenders are increasingly requiring all titled partied to sign for a new loan. Some lenders only require that the second party simply sign an acknowledgment. This can be helpful in a case where one of the borrowers has recent credit problems. Now the other borrower can still obtain a 2nd mortgage.
Wiki User
∙ 16y ago
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Can you get a home equity loan without your spouses signature?
yes you can
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.
Can you use a home equity loan to pay off your existing mortgage?
Equity is the value of your home less the amount owed on the mortgage. A home equity loan is a loan secured by the equity in your home. Your lender will use an assessment to decide your home's value and the amount of equity available to abstract. If the available equity exceeds your mortgage balance, you can use an equity loan to pay off your mortgage. If your mortgage exceeds the available equity you cannot use the equity to pay off your existing mortgage.
What is a Paramount equity mortgage?
A Paramount Equity mortgage can be described very simply. One of the best ways to describe this is simply a mortgage through the Paramount Equity company.
What is the purpose of an equity home loan mortgage?
An equity home loan mortgage is similar to a second mortgage where it is possible to borrow on the equity of a home. This helps reduce financial pressure like facing a foreclosure on a home.
Can you get a home equity loan without your spouses signature?
yes you can
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.
Can you use a home equity loan to pay off your existing mortgage?
Equity is the value of your home less the amount owed on the mortgage. A home equity loan is a loan secured by the equity in your home. Your lender will use an assessment to decide your home's value and the amount of equity available to abstract. If the available equity exceeds your mortgage balance, you can use an equity loan to pay off your mortgage. If your mortgage exceeds the available equity you cannot use the equity to pay off your existing mortgage.
What is a Paramount equity mortgage?
A Paramount Equity mortgage can be described very simply. One of the best ways to describe this is simply a mortgage through the Paramount Equity company.
What is a paid off portion called on your mortgage equity?
equity
What is the purpose of an equity home loan mortgage?
An equity home loan mortgage is similar to a second mortgage where it is possible to borrow on the equity of a home. This helps reduce financial pressure like facing a foreclosure on a home.
How do you calcualate equity in your home?
Home equity is the difference between the current value of a home and the amount still owed on the mortgage. As the principal of the mortgage amount decreases as a result of monthly mortgage payments, the home equity increases.
Can a second secured mortgage loan be discharged?
Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.
What are the main rules for equity mortgage loans in the UK?
The best way to find rules about equity mortgage loans in the United Kingdom is to speak to someone at a financial institutions. Equity mortgage loans are complex and best discussed with an expert.
Can you get a home equity loan if you don't have a mortgage?
I am assuming you mean that you own the house outright. The answer (provided you own the home without a mortgage) is yes. Home equity loans are designed for people who wish to borrow against the equity in the home. Remember, you have to own the home in order to use equity. This means your name has to be on the deed. (See related link below for more information.)
Is quity release the same in UK and USA?
Equity release in the UK includes either a lifetime mortgage or a reverse mortgage. Equity release in the US is available through a reverse mortgage.
What is an equity home mortgage?
An equity home mortgage is a type of loan which the buyer uses the equity of the home as a collateral. This type of loan is very risky because one's own home is in danger.
