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Answered 2013-07-09 08:09:45

One could find an equity loan second mortgage from many websites, such as BankRate and Realtor. One could also check out their local area banks and see what they may have to offer.

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Can a second secured mortgage loan be discharged?

Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.

What is the purpose of an equity home loan mortgage?

An equity home loan mortgage is similar to a second mortgage where it is possible to borrow on the equity of a home. This helps reduce financial pressure like facing a foreclosure on a home.

Where can find equity home loan mortgage refinancing in Houston?

One can find equity home loan mortgage refinancing in Houston at the following places: Loan Star Financing, TexasLending and even at Houston Home Loan.

What exactly is an equity fixed home loan?

An equity fixed home loan is a home equity loan with a fixed interest rate. These are used to repair a roof or fix a septic system. The homeowner takes this loan out in addition to the first mortgage and the equity fixed home loan is often referred to as the second mortgage.

Can a primary mortgage be classified as a home equity loan?

Yes. There are 2 ways to refer to a mortgage loan: 1) Lien position on the title (1st mortgage, 2nd mortgage) 2) Product type (loan type: 1st mortgage, home equity loan, home equity credit line) If you only need to borrow $10,000 for example, this will not meet the minimum loan amount for a first mortgage with most lenders. Therefore you may obtain a "home equity loan" which is more often used as a second mortgage, but it will be the primary loan on the home.

How can one apply for a second equity home loan mortgage?

One can apply for a second equity home loan mortgage by visiting a bank and filling out the application. Banks make approval decisions about second home loans according to ones home equity and personal credit rating.

Can you use a home equity loan to pay off your existing mortgage?

Equity is the value of your home less the amount owed on the mortgage. A home equity loan is a loan secured by the equity in your home. Your lender will use an assessment to decide your home's value and the amount of equity available to abstract. If the available equity exceeds your mortgage balance, you can use an equity loan to pay off your mortgage. If your mortgage exceeds the available equity you cannot use the equity to pay off your existing mortgage.

Is a home equity loan considered an unsecured loan?

No. A home equity loan, also known as a second mortgage, uses your home as security. If the loan is not paid back, the lender may go after your home.

Can you have 2 first mortgages on 1 property?

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

How can you get home equity loan?

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. Home equity loans are based on the amount of equity you have built up in your home. (Home equity is the difference between the current value of a home and the amount still owed on the mortgage. As the principal of the mortgage amount decreases as a result of monthly mortgage payments, the home equity increases) You can borrow your loan as a traditional home equity loan (second mortgage) or a home equity line of credit (HELOC), which functions in a similar manner as a credit card. These loans are sometimes useful to help finance major home repairs, medical bills or college education.

Is tax on continuing a second mortgage deductible after filing for a first foreclosure?

Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.

Can you get a home equity loan with no mortgage?

You can get a home equity loan with no mortgage but the process is a lot longer than the normal loan process. If you are interested in getting a home equity loan, please visit http://austinhomemortgageloan.com, we will be happy to assist you!

Can you have 2 mortgage loans through same mortgage company?

Yes. Your mortgage company may hold your first (or primary) mortgage as well as a second which may be represented as a home equity loan or a home equity line of credit.

What is the difference between a mortgage and a home equity loan?

The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.

Should you get a second mortgage or a home equity line of credit?

Mortgage loans and home equity loans are two different types of loans you can take out on your home. A first mortgage is the original loan that you take out to purchase your home. Second mortgage means cover a part of buying of your home or to cash out some of the equity of your home. It is important to understand the differences between a mortgage and a home equity loan before you decide which loan you should use. Both types of loans have the same tax benefit since you can deduct the interest on each.

House was quit claimed to you but you are not on the loan can you get a second mortgage just being on a quit claim deed?

Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.

How does one get a 2nd mortgage loan?

One can acquire a second mortgage from any lender based on the existing equity on the home. Basically, the second mortgage is borrowed on the "paid off" portion of the existing home, which is why it is also referred to as a home equity loan. You should, after having your home appraised, contact multiple lenders to find the best possible deal in terms of both interest and closing costs.

Is the interest deductible when you use a home equity loan to pay off a second mortgage?

The interest on the second mortgage is deductible but not the home equity loan. If you could deduct the interest on the equity loan also, then you would be double dipping and the IRS doesn't like that. In every situation, one party can and the other party can deduct the interest. Someone has to pay tax on the money transfer.

What is an equity home mortgage?

An equity home mortgage is a type of loan which the buyer uses the equity of the home as a collateral. This type of loan is very risky because one's own home is in danger.

How can you find information about receiving a mortgage equity loan?

There are plenty of places on the internet in order for one to find out some information about receiving a mortgage equity loan. However, it is suggested that one should check out the information on the website bankrate to have more detail information.

How can you find more information about a second home mortgage loan?

One can find information about a second home mortgage loan by contacting one's local mortgage company. Another option would be to read financing and mortgage blogs/websites.

Where can I go to have reverse mortgage exaplained to me?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.

What do home equity loan rates do?

Home equity loan rates are second or third mortgage. The loan rates are based on loan risk. The bank sets higher rates for higher risk borrowers and lower rates for lower risk borrowers.

Where can one find a 125 home equity loan?

A person looking for 125 home equity loans can find them on the BD Nationwide Mortgage and Home Equity Loan Center websites. Both websites offer information and allow you to request a quote.

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