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Under which circumstances would one seek to remortgage their first mortgage?
Wiki User
∙ 10y ago
One may choose to remortgage their first mortgage for several reason such as saving money to take advantage of lower rates, raising money to help pay for other things which would be cheaper than borrowing the amount separately and to consolidate your debts to save on interest rates.
Wiki User
∙ 10y ago
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What is the best way to remortgage your house?
The best way to remortgage your house is to pay back the first mortgage as soon as possible. If this isn't possible, then do your best to take out a loan to pay off the rest.
Is it possible to remortgage a home through Advisor Mortgage Group?
Advistor Mortgage Group offers a full range of mortgage services. This includes remortgaging one's existing home, as well as obtaining a first mortgage.
What is the process of filling a remortgage?
To start the process of a remortgage, a person must first ask his/her lender for a better interest rate. Then that person needs to evaluate the cost of a remortgage to decide if the benefits outweigh the cost. Last he/she needs to decide which mortgage product to try.
How do I hire a remortgage solicitor?
It is the very first time that I have needed to remortgage and I am unsure on how to go about things? I have seen a mortgage deal I like, do I now need to hire a remortgaging conveyancing solicitor or does the lender do that on my behalf?
What kind of mortgages does the Bank of Scotland offer?
The Bank of Scotland offers mortgages for first time buyers, for owners of buy-to-let properties, for those wishing to remortgage or wishing to switch their mortgage from another supplier.
Can a buyer of a second mortgage reinstate the first and make monthly payments even thought the first mortgage is under the name of the previous owners?
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
Can a lender foreclose on a second mortgage if your first mortgage is up to date?
Whether they can depends on the terms of the note. Whether they will depends on a variety of circumstances. It is likely that the lender will first put a lien on the property, making it impossible to sell until the lien is clear.
Distinguish between senior mortgage and junior mortgage?
The only difference between a senior and a junior mortgages is the timing of when they are recorded. In rare circumstances, in the cases when a mortgage that was intended to be a second or junior mortgage is recorded first at the county recorders office, the mortgagee that was supposed to be recorded first has to get written permission from the other mortgage company to subordinate their position. Often times, this happen only when a monetary consideration is extended in return.
Under what circumstances can First Amendment freedoms be limited?
When they conflict with the public interest.
Do any states require parenting classes for first time parents?
Under normal circumstances, no (the court can order it under specific circumstances). But every state should require it.
What is piggyback mortagage?
A type of mortgage where a second mortgage or home equity loan is taken out by a borrower at the same time the first mortgage is started or refinanced. Piggyback mortgages are frequently used to lower the loan-to-value ratio (LTV) of a first position mortgage to under 80%, thereby eliminating the need for private mortgage insurance (PMI).
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.
