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No, a mortgage is a loan taken from a bank to purchase land or property. A remortgage is a loan taken from a bank to pay off an existing mortgage. This is done in an attempt to lower the amount of interest paid to the bank, and should not be confused with a second mortgage.
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∙ 11y ago
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Is a mortgage note and a deed the same thing?
yes
Was citifinancial mortgage company ever accused of predatory lending?
Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%.... Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%....
How do you re mortgage a house?
You can re-mortgage a house with your local bank or at another financial institution. You must go in to the bank and apply for a re-mortgage at any local branch.
What is difference between Satisfaction of Mortgage and discharge of mortgage?
The two phrases refer to exactly the same thing. No need to worry, they have the same legal effect.
What is required to refinance your mortgage?
You would need almost everything, and often exactly the same thing, that you need when originally applying for a mortgage.
What is it to have remortgages?
A re-mortgage is when you have an original mortgage on your home, and need to apply to the same bank--or a different one--to change the terms or amount of the mortgage. It may be to have funds to add to your home, or it may be to simply lower your rates and work with a more personable company at the same time.
What exactly is an re mortgage?
Re-mortgage is another word for refinance. By re-mortgaging your home loan, you might be able to secure a better interest rate, saving money in the long run.
Can you re-finance your reverse mortgage?
yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.
If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services
When should you re-mortgage?
when you fancy saving some money
What is the definition of 'senior mortgage'?
A 'senior mortgage' is the first mortgage placed on a property. If one re-mortgages one's house, then that becomes known as a 'junior mortgage'. Payment of a senior mortgage always takes precedence over payment of a junior mortgage.
What happens in Dallas TX if you stop making your mortgage payments?
The same thing that would happen in any city in the US; the mortgage company will begin a foreclosure action to take ownership of the property.
