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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

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โˆ™ 2007-07-06 01:08:16
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Q: What does taking out a second mortgage mean?
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Related questions

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 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,


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 purpose of second mortgage calculator?

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.


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 -


Why does the second mortgage holder have to approve of the first mortgage refinance?

the first mortgage is collateral for the second mortgage.


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 a second trust deed taken back by owner mean?

That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.


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.


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.


What is second home mortgage?

A second home mortgage is a loan that you take to purchase your second home.


What rights does the second mortgage holder have if the first mortgage payments are up to date?

If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.


A friendly foreclosure enables a mortgagor to prevent the mortgagee from taking the property by statutory means This can be accomplished by use of an?

What happens to a second mortgage if there is a friendly foreclosure of the first mortgage on property?


Why si there second mortgage rates?

"Second mortgage rates are for people who already have a first mortgage out and need the money for bills. Or, sometimes if there is an emergency and they don't have the money to cover it, they will take a second mortgage out."


How can you get rid of a second mortgage?

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.


What happens to the second mortgage if the first mortgage is paid off?

you then only have to pay the second


How would someone calculate the cost of a second mortgage?

One can calculate the cost of a second mortgage by going to the website 'MortgageCalculator'. Here one can find information about achieving a second mortgage and use the calculator to calculate the cost of a second mortgage.


Why would a person need a second mortgage?

A person would need a second mortgage because it is a way to avoid mortgage insurance. They might also need a second mortgage if they need a lump sum of cash.


Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?

First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.


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 Mortgage Services


What are some benefits to using a second mortgage loan to consolidate bills?

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.


What does mortgage home improvement mean?

It means that you take out a second mortgage to help make home improvements on your house. This often raises the value of your house if you are selling it.