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Answered 2013-07-09 12:17:36

The main benefit of a second mortgage refinance is that it allows one to not have to create a new mortgage. Creating a new mortgage can be a hassle, which a second mortgage can alleviate.

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the first mortgage is collateral for the second mortgage.


You can find information on what it means to refinance a 2nd mortgage from your potential mortgage lender. Alternatively you can try money blogs and forums.


Some of the benefits of getting a second commercial mortgage would be lower payments, a chance to pay off bills that are backed up or due now. It can also help pay off a first mortgage or pay for home improvements.


It can be difficult to achieve but it is possible for one can refinance a second mortgage, the following companies offer such services: Bank Rate, SF Gate, Capital One.



There are many companies that offer 2nd mortgage refinance loans. These include Bank of America, Chase, Wells Fargo, as well as independent mortgage brokers.


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.


A person might seek out a second mortgage refinance loan if they are struggling with debt or monetary issues. It also lowers the amount of your monthly mortgage payment.


You cannot refinance a 2nd lien on a property, you must refinance the first mortgage as well. Resources: http://www.fixed-mortgagerate.com


No you cannot.! my experience was that we had to take the house off the market before we could get an appraisal and a new refinance of our mortgage. also just fyi one party cannot get a mortgage on a second property either at that time. such as during a divorce. not until refinance is complete. this was nebraska.


Options are very limited when one needs to refinance a second mortgage. All they can really do is talk to the financial advisor/institution for which they have their current mortgage under.


There are many options for a business to refinance, you could take a second mortgage or refinance the one you have.


One can get a loan for a 1st and 2nd refinance mortgage from several places. These places include Bank Rate, Wells Fargo, Lending Tree, and Bank of America.


If you refinance your mortgage, the attorney representing the bank will use the proceeds of the new mortgage to pay off the existing mortgage and a discharge of that mortgage should be recorded in the land records. You must make certain you ask that question at the closing before you sign anything.


Yes it usually does. Most often you can not refinance unless you pull both mortgages into one and you can't do that without equity. My parents have this problem now.


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.


Some of the benefits of a second mortgage loan is that it allows one to borrow large sums of money based on the equity that one has built up on their home. Second mortgage loans are often used for debt consolidation and home improvements.


The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services


With interest rates as low as they are, now may be an excellent time to refinance your mortgage. While many mortgage lenders have tightened their underwriting standards, there are still many refinance mortgage companies that are willing to give out a refinance mortgage. To get your mortgage refinance through one of these companies, there are various underwriting criteria that should be met. The first piece of underwriting criteria that should be met in order to have your mortgage refinanced is to have a good credit score. While in years past many mortgage refinance companies were willing to refinance a mortgage for anyone with a credit score over 620, the high rate of default for people with bad credit has tightened their underwriting. Today, getting a better interest rate from one of these refinance companies will require you to have a credit score of 740 or better. However, those with scores between 680 and 740 could still be approved for a mortgage refinance, but they will pay a higher rate. The second piece underwriting criteria that should be met in order to have your mortgage refinanced is to have a sizable down payment. When underwriting standards were looser, many borrowers were able to get mortgage loans with as little as 0% down. Today, mortgage refinance companies will require at least 10% equity in the home. Since housing prices have fallen across the country, you may have a hard time getting a mortgage refinanced even if you used to have equity in your home. To get approved for the refinance, you may need to put forth another down payment. The third piece underwriting criteria that should be met in order to have your mortgage refinanced is to have a low debt to income ratio. A debt to income ratio is a measurement of your monthly housing debt divided by you monthly gross income. In years past, a person could be approved for a mortgage if their debt to income ratio was less than 40%. Due to the tightened underwriting standards, the debt to income ratio requirement has dropped to around 30% for most lenders. This may require you to purchase a cheaper home.


Not necessarily. That must be in the arrangements made when you apply for the loan. Some people refinance to pay off the first mortgage. Some people take out second or third mortgages to get more money for personal use or home improvements.Not necessarily. That must be in the arrangements made when you apply for the loan. Some people refinance to pay off the first mortgage. Some people take out second or third mortgages to get more money for personal use or home improvements.Not necessarily. That must be in the arrangements made when you apply for the loan. Some people refinance to pay off the first mortgage. Some people take out second or third mortgages to get more money for personal use or home improvements.Not necessarily. That must be in the arrangements made when you apply for the loan. Some people refinance to pay off the first mortgage. Some people take out second or third mortgages to get more money for personal use or home improvements.


Saving money by refinancing your mortgage is an overlooked strategy that can easily save you thousands of dollars every year.How To SaveMany homeowners choose to refinance their home loans in order to receive a more favorable interest rate and reduce their monthly mortgage payment. Some property holders refinance in order to obtain cash out for home renovations and repairs, college tuition, or to pay off high interest rate credit card balances. Another way people cut costs through a mortgage refinance is by eliminating private mortgage insurance or paying off a second mortgage with a higher interest rate.


Application for a second mortgage is much the same as for the first. The primary difference is that with the application for a second mortgage, most major incentive plans such as the Home Affordable Refinance Package (HARP) are not available.


If she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.


A second mortgage is when, already having a mortgage, you take out a second loan/mortgage secured on the property. This is possible if you have positive equity. A second mortgage calculator will give some indication about how much might be able to be borrowed without having to actually approach a money lender and give them your personal details.


No, the second mortgage would be called a home equity loan and usually interset rates are higher. If a second loan (mortgage) is needed, it may be better to add it to the first and refinance, assuming you have equity in the home to do so



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