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Please let me know which of below mortgage options will save us more money?
Hello, I will be paying into my mortgage a lump sum of about 50K, and have an option to "recast" it with the same term, same interest rate, but lower monthly payment. Let's say if I do this, monthly payment will be $400 lower. Another option is not to recast (paying the same monthly amount as currently), but the additional 50k will allow us to pay off the mortgage sooner. If we do recast, but keep paying $400 monthly additional to the principal, would it be the same as the second option, or would it be more beneficial since we can be sure to put the $500 towards the principal?
What else can I help you with?
How does one obtain a no money down mortgage?
A good way to obtain a no money down mortgage is to have excellent credit. You can make appointments to speak someone who could help you with other options as well.
What are some options for 2nd mortgage loans?
There are two major options for 2nd mortgage loans. The first is a Home Equity Loan, which is the traditional second mortgage and involves getting a fixed sum of money. The second option is a Home Equity Line of Credit and instead of a fixed sum of money, you get a credit line with a fixed limit.
What is mortgage options?
A mortgage is the process which is used to purchase the real property to increase the money, to buy the property or by existing property owners to raise the funds for any purpose.
What is the difference between options that are at the money and options that are in the money?
Options that are "at the money" have a strike price that is equal to the current market price of the underlying asset, while options that are "in the money" have a strike price that is below the current market price of the underlying asset.
What does taking out a second mortgage mean?
you have two options when you need to pull out money from your property. 1.) cash-out refi- where you pay off the current mortgage and take additional cash with it. 2.) leave the current mortgage alone and taking a second mortgage out for the cash. Second mortgage all so means it is in second place behind the first mortgage
How can I port my mortgage to a cheaper house?
To port your mortgage to a cheaper house, you would need to speak with your current lender to see if they offer porting options. If they do, you can transfer your existing mortgage to the new property, subject to approval and meeting certain criteria. This can help you avoid early repayment charges and potentially save money on your mortgage.
Where do they send the money for mortgage payoff?
The money must eventually get to the mortgage holder. I am not sure what you want to know.
Why si there second mortgage rates?
"Second mortgage rates are for people who already have a first mortgage out and need the money for bills. Or, sometimes if there is an emergency and they don't have the money to cover it, they will take a second mortgage out."
What is expandable mortgage?
An expandable mortgage is a Mortgage allowing the borrower to borrow more money without rewriting the initial mortgage.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
How do you find mortgage lenders if you want to buy a house?
The best place to start is with the bank where you currently keep your money. Next, consider other banks. These will be the safest options. You might also try lendingtree.com for a few more options.
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
