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What are some tips on getting a good rate on a second mortgage?
Wiki User
∙ 10y ago
In order to get a good rate on a second mortgage, one would have to be on top of payments, or have the first mortgage paid. The next step would be ensuring that one has a good credit score.
Wiki User
∙ 10y ago
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What is the difference between a fixed second mortgage and one with a variable rate?
The difference between a fixed second mortgage and one with a variable rate is that fixed second mortgage has a fixed rate and is commonly thought of as safer than a mortgage with a variable rate.
Who may be eligible for second mortgage lenders in the UK?
Anyone with good credit history and with active first mortgage may be eligible for a second mortgage lenders in the UK. The second mortgage interest rate is generally higher than the first mortgage as the risk levels are higher.
Are there good rates on Columbia mortgage?
"Yes, there are good rates on a columbia mortgage. All you have to do is get these rates from three or four different companies to ensure that you are getting the best rate that you can get."
What is considered a good refinance rate for a mortgage in Florida?
A good refinancing rate for a mortgage loan in Florida would be a very low rate. A rate under 5% would be a very good refinancing rate for a mortgage loan.
Can people who have fair credit get a good mortgage rate?
Yes, people who have fair credit get good mortgage rate. They will have to look a lot harder for someone to give them a good mortgage rate, as there are less of them out there.
What are the advantages of getting a second home mortgage?
A second mortgage allows the borrower access to money at an advantageous interest rate. It makes use of the equity built up in a home as collateral, which is considered a safer investment by lenders.
Are fixed rate mortgages a good deal?
Fixed rate mortgages allow you to lock in a fixed rate for the life of the mortgage loan. This compares to adjustable rate mortgages where the rate may change. By getting a fixed rate mortgage you protect yourself from future spikes in interest rates.
What is a good interest rate for 15 year mortgage rates?
A good interest rate for 15 years mortgages is between 2.0 and 3.0 percent. Getting the lowest interest rate depends on your credit history.
What is considered a good interest rate on a mortgage?
A good interest rate on a mortgage in 2014 is 4.2 percent. This varies greatly depending on the type of mortgage and the credit score of the applicant.
Does a second mortgage in the UK typically come with a higher or lower interest rate than the first mortgage?
A second mortgage in the United Kingdom typically comes with a higher interest rate than the first mortgage. This is because the lien is considered to be less secure.
What is the difference between second mortgages and equity loans?
A second mortgage is a loan that involves a second lien on the property. (The first mortgage is the first lien.) Generally, a second mortgage is for a fixed dollar amount paid out at one time, in the same way as a first mortgage, and can be fixed-rate or adjustable-rate. In the early 1980s, a second type of second mortgage appeared that was referred to as an "equity line of credit," which came to be known as a HELOC. A HELOC allows the homeowner/borrower to draw out money as needed up to a certain amount. HELOCs are always adjustable-rate. In short, both a second and an equity loan are "second mortgages." The rate and manner of disbursement are different. A second mortgage, by virtue of the ability to get it as a fixed-rate loan, would be the better option.
What should you consider when getting a commercial mortgage quote?
When considering getting a commercial mortgage quote, you should be sure to look for the amortization period, the interest rate, and the rate you would be paying.
