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Where would one go for advice on financing a first time mortgage?
Wiki User
∙ 10y ago
First time mortgages can be confusing so it would be advisable to get some face to face advice which can be found at one's bank or building society. It is also possible to consult publications such as What Mortgage and websites like Money Expert and Bank Rate, who run features for first time buyers.
Wiki User
∙ 10y ago
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What are the advantages and disadvantages of 100 percent financing however having a first mortgage and subfinancing in order to get 100 financing?
The advantage to having a first and second mortgage equalling 100% financing is that you would not have to pay PMI, which would be required on a first mortgage at 100%. The second mortgage is subordinate financing, meaning it is in the second lien position on the house, and therefore does not affect the first mortgage lender's ability to persue the subject property in the event of a default on the loan. The thing to consider is that when you do this on a purchase, your first AND second mortgage lender will qualify you at the cumulative mortgage payment.
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 a person go to get information on debt loan and mortgage consolidation?
Depending on the nature of the debt/loan or mortgage, first place would be to talk to the creditors themselves. Or speaking to debt consolidation specialists and charities such as StepChange (CCCS) or Citizens Advice.
Blended Rate Mortgage Calculator?
Blended Rate Mortgage Calculator The high price of homes has many buyers trying to get 100% or near 100% financing. One option is to acquire two mortgages. This calculator helps you determine the effective, or blended, interest rate you would pay if you use a first and a second mortgage to finance the purchase of your home.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
What are the advantages and disadvantages of 100 percent financing however having a first mortgage and subfinancing in order to get 100 financing?
The advantage to having a first and second mortgage equalling 100% financing is that you would not have to pay PMI, which would be required on a first mortgage at 100%. The second mortgage is subordinate financing, meaning it is in the second lien position on the house, and therefore does not affect the first mortgage lender's ability to persue the subject property in the event of a default on the loan. The thing to consider is that when you do this on a purchase, your first AND second mortgage lender will qualify you at the cumulative mortgage payment.
Are there any websites to learn about mortgage financing?
Yes, there are many websites that you can go to in order to learn more about mortgage financing. You can start with the msn money section and there would be links to that topic.
If I want to invest in homes, what would the mortgage financing be?
You can use an online mortgage finaciing site that will calculate what you mortgage payment, closing costs and initial insurance costs would be for the home that you are looking at.
Who can I talk to for credit score advice?
The person you would speak to is a mortgage consultant at a mortgage company. You would have to submit your financial information and wait for the mortgage consultant to determine what you are elligable for.
Where would someone who is looking to buy a house go to find finanzierung which is the German word for financing?
To find financing to purchase a house, one should go to their bank or a mortgage broker. A mortgage broker will be able to find them the right loan to fit their needs.
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.
What equipment can I expect to purchase to start up my own chiropractic business?
To start the buisness i would advice to go for the financing first and then check the necessary chiropractic equipment on this www.chirohealth.org
Who would be the best person to go for mortgage advice--a banker or a lawyer?
For mortgage advice it's best to go to a banker. If you are thinking about filing bankruptcy, then you would want to speak to a lawyer. You might also want to try a financial planner.
Do people in tornado alley have to have tornado insurance?
It's not generally a law, however, mortgage companies would require it to approve financing.
Where can a person go to get information on debt loan and mortgage consolidation?
Depending on the nature of the debt/loan or mortgage, first place would be to talk to the creditors themselves. Or speaking to debt consolidation specialists and charities such as StepChange (CCCS) or Citizens Advice.
Blended Rate Mortgage Calculator?
Blended Rate Mortgage Calculator The high price of homes has many buyers trying to get 100% or near 100% financing. One option is to acquire two mortgages. This calculator helps you determine the effective, or blended, interest rate you would pay if you use a first and a second mortgage to finance the purchase of your home.
Where can I find mortgage broker training?
Capstone instutute of Mortange Finance offers mortgage broker training. http://www.capstoneinstitute.com/ I think that your best bet would also be talking to a local Mortgage Broker and seeking their advice.
