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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?
Wiki User
∙ 14y ago
Yes, if the lenders sells your loan to another lender. If you refinance -- No.
Wiki User
∙ 14y ago
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Is California a non recourse debt state?
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
What are the benefits of using a rent to buy purchase plan?
Using a rent to buy purchase plan is beneficial if you do not have a large down payment to purchase a home. Typically, the owner of the home holds the mortgage and one would make monthly payments to them.
What is mortgage used to purchase?
A mortgage is a loan that is secured by real property.
Where can you buy mortgage notes?
One can purchase mortgage notes by getting in touch with an agent who specializes in mortgage notes. There are plenty of agents who can assist in the purchase of a mortgage note and advise on the best rates for a note.
What are the benefits of using a home loans calculator?
A home loan calculator will give you an idea of home much your mortgage will be so that you can determine if you can afford to purchase a certain home or not.
What is a purchase money first mortgage?
A purchase money or first mortgage is the mortgage granted in order to purchase the property. It usually indicates that the title was examined, a certification of title was issued by an attorney and a title insurance policy was written.
How do you purchase the balance of home that had a Reverse Mortgage on it?
First, you must have legal standing to pay off the mortgage. That means you must be the original mortgagor or an heir of the original mortgagor. You must contact the bank that holds the mortgage and pay off all amounts due. Otherwise, if the mortgagor has died and the bank owns the property, you can contact the bank and let it know you are interested in purchasing the property.
What is the difference between let to buy and buy to let mortgage?
A buy to let mortgage is a mortgage generally for landlords, who wish to purchase a rental property for extra income. A let to buy mortgage is for individuals who rent out their existing home so that they can purchase a new family home. This type of mortgage is useful if the individuals are struggling with the purchase chain.
How does a reverse mortgage purchase work?
Similar to a purchase with a regular mortgage. The difference is that you need a large enough down payment to qualify, and you won't ever have to make a mortgage payment on the new home.
Do you have to pay mortgage insurance premiums if your house appraises 20 percent higher than your loan amount?
In general, the private mortgage insurance (PMI) threshold is based on the value of the house at the time that the mortgage is written. You can request to cancel PMI if you pay down the mortgage to 80% or less of the original appraisal value or the original purchase price, whichever is less. The law does not require lenders to consider later appraisals, but some may be willing to do so.
What is a mortgage used to purchase?
Real Estate
What is a loan for the purchase of a home called?
mortgage
