0
Refinance vacation home to pay off mortgage on primary residence?
Wiki User
∙ 16y ago
you should do just th eopposite. Refinance the primary and payoff the vacation home. Primary home interest is 100% tax deductable. Vacation home interest may not be depending on income level.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
If you are married and refinance a primary residence in Florida does your wife have to go on the mortgage?
Yes. Your wife will have to sign the Mortgage. She will be on the Deed, the Title and the Mortgage. You however, if you are the only one that is borrowering the funds, will be the only on the Promissary Note.
How do you remove co-sign on mortgage?
By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.
What is a decent amount to pay for a refinance fee?
When you refinance, you pay off your existing mortgage and make a new one. You might even choose to combine a primary mortgage & a second mortgage into a new loan.
Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
Can a borrower refinance a mortgage for a non-primary residence?
Yes you can refinance a non owner occupied property. The rates are higher than a primary home as the bank view it as more of a risk and there are separate guidelines for the bank. Best bet is to contact a representative to better assist you with a quote to confirm it would be a benefit. Veronica Rodrigues Voyage Home Loans
Why does the second mortgage holder have to approve of the first mortgage refinance?
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
When you have a reverse mortgage who is the homeowner?
The borrower on the home remains the homeowner, the reverse mortgage lender will have a lien against the property, just like other mortgages. Your home ownership rights remain the same as before with one exception, that you cannot rent out the home and must keep it as your primary residence. if you move you need to sell the home or refinance it to a forward conventional mortgage or you could be in default of the mortgage agreement.
Should you refinance first home before buying a second home to be a primary residence and then renting out the first?
housing and urbon developing
Where can one find out information about how to refinance an FHA mortgage?
The primary source of information concerning the refinancing of an FHA mortgage is likely to be the dedicated FHA mortgage website. Alternatively, information may be sought from online blogs.
Is there a clause that would allow you to rescind a first mortgage?
not if you're purchasing, but if it's a refinance, yes. You only have 3 days. Only refinance transactions secured against the borrower's primary residence have a three day right of rescession period. Purchase transactions and refinances secured against second homes or investment (non-owner occupied) properties have no rescession period.
If you do a reverse mortgage CAN you rent out your home?
No, you must keep the home as your primary residence, renting out the home is a violation of the mortgage agreement and could result in the mortgage note being called due.
If you have a second loan on your mortgage can you refinance on just the primary loan?
Normally you can. You will have to get the Lender on the Second Mortgage to "SUBORDINATE" the loan for you. They may charge a small fee to do so. Your Title company can help you.
