0
you have two options when you need to pull out money from your property. 1.) cash-out refi- where you pay off the current mortgage and take additional cash with it. 2.) leave the current mortgage alone and taking a second mortgage out for the cash. Second mortgage all so means it is in second place behind the first mortgage
Wiki User
∙ 2007-07-06 01:08:16
Add your answer:
Earn +20 pts
How risky is taking a lien on your house?
Please clarify your question. Do you mean taking out a second mortgage or equity line?
What does it mean to sign off on Dower Interest?
I signed a dower interest in taking a second mortgage on my home, though I am not on the loan papers or my mortgage deed, Am I responsible and in what way
Where can one find information on taking out a second mortgage with companies?
A person can find information about taking out a second mortgage with a company from several different places. Some of these places include Zillow and Bankrate.
What are the advantages of taking out a second mortgage?
The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit.
What is the difference between a first lien and second lien mortgage underwriting process?
A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,
Why does the second mortgage holder have to approve of the first mortgage refinance?
the first mortgage is collateral for the second mortgage.
Why might a homeowner take out a second mortgage?
A homeowner take out a second mortgage if they are struggling to pay off their first mortgage. You can read more at www.bostonapartments.com/mortgage/second-mortgage/second-mortgage.html -
What are the dangers of a second mortgage foreclosure?
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.
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.
What is the statute of limitations on second mortgage in CA?
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.
What is second home mortgage?
A second home mortgage is a loan that you take to purchase your second home.
How can one obtain a 125 second mortgage in the US?
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.
