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What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
Can a Home equity loan be a first mortgage?
Your mortgage company will want its loan in first place, because they want to be the first to be paid in case of default. If you get a HELOC on a home that is paid off, then it is in first place. Some states, like Texas, also restrict the loan to value on any home equity loan- currently to 80%.
Who are some of the best home mortgage companies in Toronto?
Kiel Mortgage is a major company, though it has a website, and other branches in other place. Another good home mortgage is Quicken Loans. Many choose local companies, such as Toronto Mortgage Loans.
Where can one find information on a refinance rate for a home loan mortgage?
If someone is considering refinancing in relation to their home loan mortgage then the first place to contact is the bank with which the existing mortgage is placed. They are best placed to offer a new deal and say the rates that would apply.
How can you refinance your home for a mortgage?
In order to refinance your home, you should look for a reputable mortgage broker. Work with the broker to find a good plan to refinance you home by looking at you current mortgage.
What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
What is a good way to get a cheap home mortgage?
A good way to get a cheap home mortgage is by buying a home that is small. The larger the house, the more the mortgage will cost. The mortgage depends on the size of the house.
Can a Home equity loan be a first mortgage?
Your mortgage company will want its loan in first place, because they want to be the first to be paid in case of default. If you get a HELOC on a home that is paid off, then it is in first place. Some states, like Texas, also restrict the loan to value on any home equity loan- currently to 80%.
Who are some of the best home mortgage companies in Toronto?
Kiel Mortgage is a major company, though it has a website, and other branches in other place. Another good home mortgage is Quicken Loans. Many choose local companies, such as Toronto Mortgage Loans.
Where can one find information on a refinance rate for a home loan mortgage?
If someone is considering refinancing in relation to their home loan mortgage then the first place to contact is the bank with which the existing mortgage is placed. They are best placed to offer a new deal and say the rates that would apply.
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.
How can you refinance your home for a mortgage?
In order to refinance your home, you should look for a reputable mortgage broker. Work with the broker to find a good plan to refinance you home by looking at you current mortgage.
What is the best way to get a good mortgage?
The best way to get a good mortgage is to shop around. You will have to shop around in order to find the best rate on a home mortgage.
Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
Where can one get a new home mortgage?
You can go online to Wells Fargo and Chase for a New Home Mortgage. You can even go to their websites and prequalify. Texas Lending also has on their website a place to apply for a New Home Mortgage.
How can a person find information on home mortgage loans if they have bad credit?
A good place to start looking for home mortage loans is through the lender one hopes to have their mortgage through. Most lenders do have options available for people that have bad credit.
What is the best way to go about refinancing home mortgages?
If a person was interested in refinancing their home mortgage they should do some research first. The first place to research would be to talk with their financial manager at their bank.
