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What are the advantages and disadvantages of 100 percent financing however having a first mortgage and subfinancing in order to get 100 financing?
Wiki User
∙ 12y ago
The advantage to having a first and second mortgage equalling 100% financing is that you would not have to pay PMI, which would be required on a first mortgage at 100%. The second mortgage is subordinate financing, meaning it is in the second lien position on the house, and therefore does not affect the first mortgage lender's ability to persue the subject property in the event of a default on the loan.
The thing to consider is that when you do this on a purchase, your first AND second mortgage lender will qualify you at the cumulative mortgage payment.
Wiki User
∙ 12y ago
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Is the mortgage payable a financing activity?
Yes mortgage payable is a financing activity because in this way company arranges the finance to run the business.
What is purchase money financing?
Purchase money financing is when the seller agrees to take back a mortgage for the new buyer. It is owner financing in whole or in part.
What options do you have in order to obtain a commercial mortgage financing?
The options when obtaining a commercial mortgage financing is to shop around to find the most competitive and secure rate. As well one needs to look at comfort level and ability to pay for the mortgage.
What companies provide Mortgage Financing?
Many companies provide mortgage financing to their clients. Some examples of these companies include US Bank, Fremont Bank, and NuVision Federal Credit Union.
What type of financing is a reversible mortgage?
Reversible mortgage is a type of financing that allows you to turn the equity in your home into cash. As long as you continue to live in your home, you will never need to pay the money back.
Does Wells Fargo offer mortgage financing?
Yes they do in fact offer mortgage financing. Please go to you local location to speak with them about their current rates for a mortgage.
Where can I get reverse financing mortgage information?
You can get information on reverse mortgage financing from your local mortgage lender or bank. You can also find many places on the internet such as http://www.reversemortgage.org.
What is a seller held mortgage?
It means that the person from whom you bought the property is personally supplying the mortgage financing themselves. (i.e.: they are supplying the financing and not some mortgage company or bank.)
Is the mortgage payable a financing activity?
Yes mortgage payable is a financing activity because in this way company arranges the finance to run the business.
What is the definition of a mortgage loan and how does it work What are the advantages/disadvantages of such loan?
mortagage loan is the loan issued against the real property through the documents. home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries.
Where do I get advice on mortgage financing?
The best place to get advice on mortgage financing is your bank or the bank/institution you plan on financing your mortgage through. Be wary of creative financing. It may bite you in the butt later on down the road.
Can you add someone to morgagefrom the start?
The mortgage refers to the financing of the deed to a real property. A person cannot be on the mortgage unless they qualify for the financing. They can be on the title though and have no financial connection.
Where online can I get help financing my mortgate?
If by "financing my mortgage" you mean where is the best place to find a mortgage, try www.bankrate.com. You can comparison shop and examine various mortgage companies and their products here. This site allows you to look at mortgage terms, rates and fees and you can even take the first step to apply for a mortgage.
What is purchase money financing?
Purchase money financing is when the seller agrees to take back a mortgage for the new buyer. It is owner financing in whole or in part.
Where can one seek mortgage financing in Boston?
Companies that provide mortgage financing are widely available in the city of Boston. Among the companies providing this service are Zillow, Security First, and Arbor.
Are there any websites to learn about mortgage financing?
Yes, there are many websites that you can go to in order to learn more about mortgage financing. You can start with the msn money section and there would be links to that topic.
What options do you have in order to obtain a commercial mortgage financing?
The options when obtaining a commercial mortgage financing is to shop around to find the most competitive and secure rate. As well one needs to look at comfort level and ability to pay for the mortgage.
