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Is it possible to be paying on a mortgage and leasing the same home to another party?
Yes. That is standard practice for home investors. FYI, if you attempt to purchase another home you may experience some problems. It is extremely important that you work with a mortgage professional. You won't run into any problems buying another home the only factor will be that you won't be able to buy it as an owner occupied property, maybe you can structure it as a second home. In most cases you'll have to buy it as an investment property, it will mean a slightly higher rate than if it was an owner occupied property and you may not be able to get as high an LTV but it's really not much of an issue.
What else can I help you with?
Can you consolidate one mortgage into another?
Yes, it is possible to consolidate one mortgage into another through a process called refinancing. This involves paying off the existing mortgage with a new loan that typically has better terms or a lower interest rate.
How can a second mortgage loan be discharged?
Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.
If you buy a house do you have to pay rent?
If you purchase a home you have to pay a mortgage which is a repayment of a loan you used to purchase the house. Paying rent is when you sighed a leasing agreement for an apartment you are renting.
IS THERE ANY GRANTS FOR PAYING YOUR MORTGAGE?
HELP MFORM PAYING YOUR MORTGAGE
Does paying off another person mortgage payments help your credit?
No. Not if your name isn't on the loan.
Are there any loan companies that will give you a loan for another house if you have not been paying the mortgage on your current house?
No.
How can I stop paying mortgage insurance?
You can stop paying mortgage insurance by reaching 20 equity in your home, either through paying down your mortgage or an increase in your home's value. Once you reach this threshold, you can request to have the mortgage insurance removed.
What are the general deal terms of a remortgage?
It is possible to change the term of one's mortgage. The monthly mortgage payment amount will change since one is paying the mortgage off for either a long period of time or a short period of time.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
Does wife's co signing a mortbage make her a joint owner?
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
Can you sue someone for not paying their mortgage?
Yes, you can sue someone for not paying their mortgage. This legal action is typically initiated by the lender or mortgage holder to recover the unpaid debt and potentially foreclose on the property.
