0
What else can I help you with?
Can you refinance two mortgages on one property?
Yes you can. But when you refinance your 2nd mortgage you have to inform your 1st lender and 2nd lender both.
Can you refinance your 1st mortgage after discharge?
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
Where can one get a loan for a first and second refinance mortgage?
One can get a loan for a 1st and 2nd refinance mortgage from several places. These places include Bank Rate, Wells Fargo, Lending Tree, and Bank of America.
What are the qualifications for getting a mortgage on a house?
Good credit and some money to put down is really helpful. Think about having 20% of the price of the house on hand to put down. If you don't, then you will probably have a 1st and 2nd mortgage right off the bat (you can refinance later into one big mortgage).
Can you refinance your 1st mortgage if you have a home equity loan?
Yes. You must either pay off the home equity loan separately or with the refinance, or you must request that your home equity lender "subordinate" your loan. This means they sign a written and recorded agreement that allows your new first mortgage to be recorded on title in place of the old one and the home equity lender agrees to state "subordinate" to the new first. Your refinance loan officer or title company can make this request for you.
Can you refinance two mortgages on one property?
Yes you can. But when you refinance your 2nd mortgage you have to inform your 1st lender and 2nd lender both.
Can you refinance your 1st mortgage after discharge?
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
Where can one get a loan for a first and second refinance mortgage?
One can get a loan for a 1st and 2nd refinance mortgage from several places. These places include Bank Rate, Wells Fargo, Lending Tree, and Bank of America.
What are the qualifications for getting a mortgage on a house?
Good credit and some money to put down is really helpful. Think about having 20% of the price of the house on hand to put down. If you don't, then you will probably have a 1st and 2nd mortgage right off the bat (you can refinance later into one big mortgage).
Can you refinance your 1st mortgage if you have a home equity loan?
Yes. You must either pay off the home equity loan separately or with the refinance, or you must request that your home equity lender "subordinate" your loan. This means they sign a written and recorded agreement that allows your new first mortgage to be recorded on title in place of the old one and the home equity lender agrees to state "subordinate" to the new first. Your refinance loan officer or title company can make this request for you.
What is subordinate second mortgage?
Deeds of Trust (mortgages) have a position on title based on seniority (1st, 2nd, 3rd). So if a new 1st mortgage wants to go into first position in a refinance transaction but there is already a 2nd mortgage, they must ask the 2nd mortgage to allow them to go ahead of them on title. The 2nd mortgage lender will review the proposed loan, and either approve or deny the request. This is most common when a borrower wants to retain the terms of the 2nd mortgage or they do not have enough equity to borrow a sufficient amount in the new loan to pay off the 2nd mortgage.
Can you refinance and remove the co-signer?
Yes, you can refinance --but the question will then be, can you afford the mortgage payments by yourself. If you can, try and work out the best deal, rate wise and closing costs wise, so that you don't have to dip into your pocket too much to refinance this loan. Also, you should wait atleast a year before refinancing if you needed a co-signer/co-borrower if the 1st place.
Can a second mortgage deed of trust come after your other assets if a house is foreclosed?
This depends on the state and the nature of the second mortgage (purchase, refinance etc.). Once a senior lien (1st mortgage) has foreclosed on the property, the second mortgage holder on a refinance (non-purchase) loan may pursue the borrower for the balance owed. They may take the borrower to court and obtain a judgment against the borrower. While the action the court approves may vary, one of the more common outcomes (if they are successful) is wage garnishment. With the prevalence of bankruptcy filings, monetary recovery is becoming more difficult for lenders to obtain.
Does it make sense to refinance your mortgage at a higher rate for debt consolidation?
It depends on how much debt you have, what interest rates this debt carries, what rate your 1st mortgage is at, if you are disciplined enough NOT to incure any more debt once a refinance has occurred. If you have a good interest rate on your home loan I would leave that where it is and consider a closed end home equity loan (typically, these loans would be at a rate a bit higher that convention mortgage rates, plus this loan can be written such a way than repayment is spread over many years, and you only have one payment). If you chose to refinance your home, remember that discipline must be maintained to NOT incure any more unmanagable debt.
Can you get a home equity loan if you have a 1st and 2nd on your property and your escrow states that you can not refinance for 3 years?
A Home Equity loan is an additional loan from your first and second mortgage. It does not require a refinance process. However, consider if you want to saddle your home with any more debt, given that you may not have much equity. If you are paying PMI, it may also change that position.
Is it a good idea to refinance your 1st mortgage to include you home equity loan if there are only 4 years left on the home equity loan?
It depends. You may not be able to refinance at all if you don't roll both loans in, as the second mortgage holder has to allow you to keep the second loan subordinate to the first. The math you want to do, or have done for you, is to see which option allows you to spend the least amount on interest. The lower interest rate on the new, larger, mortgage should save you more interest than you will spend on the current mortgages, even after you consider closing costs. Tom T. www.startwiththehouse.com
What happens if payoff 1st mortgage and keep 2nd?
You will then have one mortgage and not two.
