What are the benefits of getting a second mortgage refinance?
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.
the first mortgage is collateral for the second mortgage.
When the original purchase money mortgage lender assigns the mortgage to a second party does the value of the benefits pertaining to purchase money remain the same?
Yes, if the lenders sells your loan to another lender. If you refinance -- No.
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.
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.
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.
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.
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.
You cannot refinance a 2nd lien on a property, you must refinance the first mortgage as well. Resources: http://www.fixed-mortgagerate.com
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.
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.
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… Read More
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.
If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?
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… Read More
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 the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
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.
There are many benefits associated with filing a Chapter 13 bankruptcy. The types of benefits that will result will depend on the facts of the case. Below is a few of the benefits available with filing a Chapter 13 bankruptcy. Pay Mortgage Arrears- You can set up a 3 to 5 year plan to pay mortgage arrears that are past due on your home. If you are in the process of being foreclosed and you… Read More
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
If yours is the only name on a home's primary lien but another person's name is on a second mortgage can you refinance without the second person's knowledge?
No, if the second person's name is on the title. Both people will have to sign at closing.
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.
Yes you may, in a refinance your HELOC could be paid off the same way as any other type of debt such as a credit card. The same goes for a second mortgage, as long as you have built enough equity in your property you can refinance and pay off the 2nd mortgage and leave yourself with just one mortgage payment.
This depends on the state and the nature of the second mortgage (purchase, refinance etc.). Once a senior lien (1st mortgage) has foreclosed on the property, the second mortgage holder on a refinance (non-purchase) loan may pursue the borrower for the balance owed. They may take the borrower to court and obtain a judgment against the borrower. While the action the court approves may vary, one of the more common outcomes (if they are successful)… Read More
Typically not (unless the bank is VERY sloppy on their paperwork). What you can typically do is refinance the second into the home equity line. For example, you qualify for a $50K home equity line of credit (HELOC) but already have a $25K balance on your second mortgage. The bank would refinance the existing second with the HELOC. You would then have $25K remaning available to draw on the line.
Many banks will give you a loan for a house, but your problem will be getting the best APR on your loan. A good rate is around 6%, problems with credit might get you a 8% APR. Don't get fooled into doing an interest only loan or 40 year loan. Use the 30 year loan and you may have to get an 80/20 (80% value of the home for the first mortgage and 20% on… Read More
"There are many benefits when having a second mortgage. A few are that you can get bigger loans because your house is the loan security, you also start to build up home equity, and maybe pay off some bills or use the money however you need too!"
One first must understand the components required in the mortgage. Then, one can talk to a professional from a bank or mortgage company. Through this professional, one can learn how to fill out the required paperwork to get a second mortgage.
Yes, but the holder of the second has to agree to it. Its called subordination. Normally when a first mortgage is paid off the second moves into the first position unless the holder agrees to "subordinate" the second. Yes, you can leave the second alone but the second mortgage company will have to allow it by signing a subordination agreement. Basically, a subordination agreement is an instrument that allows a first lien or interest to… Read More
How can my not legally separated husband and I purchase another home for him to live in and refinance our current home that I live in so that it benefits both of us?
First, owning two single family properties instead of one will not benefit either of you. That being said, I assume that you wish to pull equity out of your primary residence and use it as a down payment on the second. Refinance the first house with a cash out option. Your mortgage payments will increase as a result of the larger mortgage balance outstanding. Next take that cash plus savings and put down 1/3 on… Read More
There are three things need to be considered before refinance a home mortgage. First, Check the payoff, even with a lower rate, a new mortgagee is not always the best move. Second, set the expectations, refinancing can save money in the long run, but it is not a cure-all, and it does not happen quickly. Finally, Shop around, prices, rates and packages will vary from lender to lender.
Is it a good idea to refinance your 1st mortgage to include you home equity loan if there are only 4 years left on the home equity loan?
It depends. You may not be able to refinance at all if you don't roll both loans in, as the second mortgage holder has to allow you to keep the second loan subordinate to the first. The math you want to do, or have done for you, is to see which option allows you to spend the least amount on interest. The lower interest rate on the new, larger, mortgage should save you more interest… Read More
If you have two mortgages on your home can you refinance even though the mortgage is more than the house is appraised for?
What is is that you want to achieve with a refinance? Is it to lower interest and therby payments? Or do you just want to have better and different terms? With regards to your question, you can refinance the property however, you will have to come to the closing table with enough cash to make the lenders whole (ie. pay off the balance due). If your first and second mortgage balances are greater than the… Read More
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.
Pay it off. You aren't getting rid of it (or the first mortgage) and keep the property that is pledged as security if that's what you mean.
You are still likely to have a foreclosure problem, since the collateral is your house. You need to get more information about what can be done. These days, you may be able to refinance into one loan, even if you are underwater. At the new rate, you may be able to afford your payments.
A benefit to taking out a second mortgage loan to consolidate bills would be decreased expenses each month. The second mortgage more than likely would have a lower interest rate than the debts that are being consolidated and therefore would require a lesser amount in which the person would be required to pay out.
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the… Read More
The purpose for second mortgage calculator is to calculate the mortgage for when one gets a second mortgage. The second mortgage calculator will calculate all costs required.
You will have to contact a financial institution to apply for a second mortgage. After approval, each institution will have a different process and rates. A mortgage broker would also be a good person to speak to.
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.
If you are coming into money and have two outstanding mortgages should you pay the second one off or refinance and use the money as a larger down payment?
Pay off the highest interest (most likely the 2nd mortgage) first. Then if the interest rate on the first mortgage is high, refinance. High is anything over 7%. Low is 5.25. Be careful of interest only mortgages and paying down points, they are both a bad idea. Watch the junk fees as well.
I am assuming this was a cash-out refinance. On a refinance the money is usually funded within 3 days of the closing. It sounds to me that your lender is taking you for a ride. Did he send you a good faith estimate showing you that you would be receiving 17,000? Also at the closing when you signed did it state you were getting 17,000? Is he a broker or does he work for the… Read More
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
Can you get a home equity loan if you have a 1st and 2nd on your property and your escrow states that you can not refinance for 3 years?
A Home Equity loan is an additional loan from your first and second mortgage. It does not require a refinance process. However, consider if you want to saddle your home with any more debt, given that you may not have much equity. If you are paying PMI, it may also change that position.
One can obtain a 125 second mortgage by visiting several websites and filling in the correct information. These websites include BD Nationwide Mortgage, Second Mortgage Outlet, and 125-Second-Mortgage.
Deeds of Trust (mortgages) have a position on title based on seniority (1st, 2nd, 3rd). So if a new 1st mortgage wants to go into first position in a refinance transaction but there is already a 2nd mortgage, they must ask the 2nd mortgage to allow them to go ahead of them on title. The 2nd mortgage lender will review the proposed loan, and either approve or deny the request. This is most common when… Read More
A second mortgage is not included in a Statue of Limitation law. Explain more about your first mortgage, and I will be able to tell you what will happen to your second mortgage.
If our mom is deceased and she had a home in her name but a second mortgage on it and no will is it mine and my other siblings right to continue paying on the loan and then assume title of the estate?
You need to probate your mother's estate in order to pass title to the real estate to her children. The bank should be notified of her death and should also be willing to allow you to assume the mortgage payments. If the terms of the mortgage are reasonable then try to negotiate an assumption of the existing mortgage rather than a refinance. You should seek the advice of an attorney.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.