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Most people need a mortgage to buy a home because homes are typically expensive and require a large amount of money upfront. A mortgage allows buyers to borrow money from a lender to purchase a home and pay it back over time, making homeownership more accessible to a wider range of people.
What else can I help you with?
What is a reverse mortgage for?
A reverse mortgage is for helping older people who might need money. A reverse mortgage is a type of loan for people over the age of 62 who are home owners and they can use this loan to pay for unexpected expenses.
Do I need PMI for my mortgage?
Whether you need private mortgage insurance (PMI) for your mortgage depends on the size of your down payment. If your down payment is less than 20 of the home's value, most lenders will require you to have PMI to protect them in case you default on the loan.
What are the advantages of taking out a second mortgage?
The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit.
Can you use a second mortgage as a down payment?
You can use a 2nd mortgage on a home for the down payment of another home. The payment for the 2nd mortgage will need to be added to your debt ratios.
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.
Where can one purchase a home mortgage?
To purchase a home, most people will need a mortgage. Check with your bank and see if they can approve you and what kind of rate they offer. Your personal bank is the best starting point since you already have a relationship with them.
What types of products does The Mortgage Works offer?
The Mortgage Works website offers mortgage advice and tips to people who are buying their first home. They also have worksheets and calculators for people to see what expenses they need to cover when buying a home.
What is a reverse mortgage for?
A reverse mortgage is for helping older people who might need money. A reverse mortgage is a type of loan for people over the age of 62 who are home owners and they can use this loan to pay for unexpected expenses.
Do I need PMI for my mortgage?
Whether you need private mortgage insurance (PMI) for your mortgage depends on the size of your down payment. If your down payment is less than 20 of the home's value, most lenders will require you to have PMI to protect them in case you default on the loan.
What are the advantages of taking out a second mortgage?
The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit.
Can you use a second mortgage as a down payment?
You can use a 2nd mortgage on a home for the down payment of another home. The payment for the 2nd mortgage will need to be added to your debt ratios.
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 you refinance your home mortgage?
To refinance your home mortgage, you can go to a bank or credit union with the proper paperwork from your original mortgage and ask for refinance. There's usually fees involved, but if you need to, you can.
Why people can't live in their home for free of charge?
Simple economics. The people who purchased the land and built your home got paid. The people who paid them had a mortgage, then they sold the house to you and got paid, so now you have a mortgage. When you sell you will want to get paid, so the people you sell to will have a mortgage. The people who work for the water, gas and electric Companies that provide your utilities need to get paid, so you have utility bills. The Police, Firemen and the people who pick up your garbage need to be paid so you have taxes.
How do you pay back Reverse mortgage?
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.
Do accountants need mortgage software?
Sometimes accountants will need mortgage software. They will need this if they have been hired by someone who wants to keep track of their mortgage. Most of the times an accountant will not need it though.
Do I need a mortgage broker to refinance my home loan?
You don't need a mortgage broker to refinance your home loan, but they can help you find better deals and navigate the process more easily.
