Posts Tagged ‘second mortgage’
Sunday, March 7th, 2010
I currently own 2 properties; 1 is being rented and another one I live in. Both properties have equity of line of credit loans. I almost paid off the loan on the first one that is being rented; the APR on this one is fixed at 7.75%. The second property that I live in, I also have equity of line of credit at fixed rate 9.95% and the balance is 45K. My question is:
1) I almost paid off the first home equity, so should i pull out more equity from the frist one to pay for the second equity, since the APR on the first one is lower? I really want to refinance my mortgage on the second property that I live in, but cannot as the principle balance is more than the house is worth. I thought getting more money from first equity will help me pay down the second equity and save on money since the APR on the first equity is 7.75%.
2) Should I just close off the frist equity account as I pay if all off, and just try to pay the second equity as much as I can at 9.95% APR?
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Tags: alaska mortgage, amortgage, cinco de mayo, equity account, first equity, fixed rate, home equity, Home Equity Loan, home equity loans, home mortgage, homehelp, interconnection rates, interest mortgage, line of credit loans, ltv, money, mortgage, mortgage loans, mortgage rate, mortgage tips, principle balance, real estate investor, second mortgage, telecom markets
Posted in Home Equity Loan Refinancing | 1 Comment »
Friday, February 26th, 2010
Is there a web page that explains, or does anyone know how I handle the second mortgage on a short sale? I’ve done a few short sales, but only with a 1st mortgage. I’ve tried a few with a second mortgage and I was told by the first mortgage, that the max they would allow the 2nd to get was ,500. Another time, I was told by the 2nd that they wanted ALL of their money. They (HSBC) said that if they are going to lose out in getting paid, then why help the owner and out let the owner get away scott-free.
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Tags: 2nd mortgages, canada money, casual dresses, commodity options, common misconceptions, debt problems, equity line of credit, first mortgage, first time home buyers, home equity line, home equity line of credit, home mortgage rate, low tide, money, money from home, mortgage terms, scott free, scott sigler, second mortgage, time home buyers, web page, web page maker, web site evaluation
Posted in 2nd mortgages | 1 Comment »
Monday, February 22nd, 2010
Is it better to get a home equity loan, or a home equity line of credit? I want to pay off my credit card debt.
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Tags: bank of america, credit card debt, debt consolidation loan, debt management, equity line of credit, finance program, google, home appraisal, home equity line, home equity line of credit, Home Equity Loan, home equity loans, how to eliminate credit card debt, loan mortgage, loan repayment, management debt, mortgage guide, mortgage loan options, second mortgage, venture capital
Posted in home equity line of credit | 1 Comment »
Friday, February 12th, 2010
We currently have a 1st mortgage with Resmor. We would like to renovate (and insulate) our second floor not only to accomodate heating costs but to bring in a boarder to help offset our costs. We need about K. Our finances haven’t been the best in the past but we’ve worked hard to increase our credit score, paying on time and is much better now.
Is it best to approach our bank for a home improvement loan? If one turns us down, should we continue looking? Should we bring a recent credit report and show how we intend to pay it?
Our equity doesn’t give us enough to do this and we prefer not to use our credit cards because of higher interest.
Once we’ve raised the value of our home, would this be a good time to put this loan onto a second mortgage? A mortgage broker has offered to do a 2nd mortgage with us. I get so confused with ALL these people who want our money. Help!
Tags: boarder, credit cards, credit report, credit score, good time, home improvement loan, money, mortgage broker, paying on time, resmor, second mortgage
Posted in best home equity loans | 1 Comment »
Thursday, February 11th, 2010
My husband and I owe my mother about K.
We currently live in a home that is unfinished (we bought it that way..) It sits on 3+ acres, the main floor is 1600 sf, the upstairs is approx 1300 sf, the basement is "somewhat" finished and has a higher ceiling than most. We live on the main floor because the 2nd floor is totally unfinished – no insulation, no walls. It is a huge home with loads of potential but we’ve run out of funds to complete it.
We have someone who is interested in coming in and completing the home and our plan is to do this, take out a second mortgage, pay our lender off, then pay my mother. Is this a good thing? We’ve been burned before and we want to be very careful this time around. Does this all sound too risky or a good thing to do consider the circumstances?
Though the home is large, we can only get an appraisal based on a 2 bedroom, 1 bath home. When completed, the value will be raised significantly to a 4-5 bedroom, 3 bath home.
Would it be best to slowly do the work ourselves rather than taking the risk? We live in Ontario so the housing market is much healthier than our southern friends. My husband and I have good secure jobs.
Signed, "Really at a Loss for What to Do"
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Tags: baxter, blawg, blog archive, cavanagh, circumstances, conway, draught excluders, existing home sales, heat saving tips, housing market, insulation, insulation contractors, jobs, killswitch, life insurance policy, market finance, martha stewart, morike, rental sector, second mortgage, southern friends, taking the risk, upstairs
Posted in 2nd mortgages | 1 Comment »
Thursday, February 11th, 2010
How do I know how much equity I have in my home?How can I find out?If you have equity in your home and never use it for anything where does it go?If you have to pay it back how is it your money?how soon do you have to pay the money back if you take out a equity loan?someone said buying a home can help you with retirement how is that? If you never have home equity then you didn’t purchase a good house is that right?
Best answer to all my crazy questions get 10 points ………Thanks
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Tags: advices, basketball coaching, bill consolidation, blog archive, buying a home, crazy guy, crazy questions, egyptians, equity loan, home equity, Home Equity Loan, home improvement loan, homehome, homeless people, how to save money, internet work, iraqi leader, loan equity, loan officer, money, money supply, purchasing a new home, retirement, second mortgage, stupid mistakes
Posted in best home equity loans | No Comments »
Tuesday, February 9th, 2010
My first mortgage is 180,000 payments 1121.00 2nd mortgage 30,000 567.00 a month. I can only pay for the 1st mortgage which is 1121.00 Can I file bankruptcy on the second mortgage but still live in the house.
Or what can I do so I can still live in the house I can only pay for one.
Tags: bankruptcy, first mortgage, second mortgage
Posted in 2nd mortgages | 1 Comment »
Sunday, January 17th, 2010
i’m having my condo appraised for a home equity loan and there is a realtor (not affiliated with the bank) that said she will be taking pictures of the inside of my condo. it seems a strange that she can’t just estimate the value of the home by looking at it… and i’m a little suspect about her taking pictures of my stuff.(i don’t want her to have pictures of what is in my home) is it absolutely necessary for a home appraisal??
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Tags: bacon, bad credit equity loan, cincinnati realtor, current real estate, decent money, deerfield twp, diana, fha mortgage, foreclosure, good job, grou, hinckley real estate, home appraisal, Home Equity Loan, home equity loans, home equity loans bad credit, home exchange, koss, loans bad credit, mortgage lenders, moyers, real estate news, realtor, san francisco, second mortgage, selling your home, sportster, student loans, white woman
Posted in best home equity loans | No Comments »
Saturday, January 16th, 2010
I have done loan modification with my first mortgage.
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Tags: bank loan, center expert, commercial equity, equity line of credit, fha loan, first mortgage, foreclosure, hardship letters, heading, housing bailout, insurance, loan modification, mortgage market, mortgages real estate, private mortgage insurance, second mortgage
Posted in home equity line of credit | 1 Comment »
Sunday, January 3rd, 2010
Often referred to as a second mortgage a manufactured home home equity loan gives the homeowner the option of borrowing money against the equity they have built up into their home. These types of loans allow the homeowner to borrow up to $100,000 and deduct the interest paid on their yearly tax returns.
When considering a second mortgage there are two types to choose from; a fixed rate loan or a line of credit. Both of these loans will have terms that range from five to fifteen years and they must be paid in full if and when the house is sold.
Lets take a look at how these two types of loans work. First the fixed rate home equity loan allows the borrower to receive a lump sum payment for the amount loaned that can be used anyway the homeowner wishes. The monthly payments and interest rate remains the same during the life of the loan making this type of loan easier to budget for.
A manufactured home equity line of credit works differently then a fixed rate loan. It normally comes with an adjustable or variable interest rate meaning that the rate is tied to daily fluctuations of the rates banks charge. The borrower is approved for a certain amount that can be accessed with either a bank provided credit card or special checks tied to the loan account.
The monthly payment is a little different with a line of credit equity loan. It is dependent on how much of the loan amount has been used and the current interest rate. This means the monthly payment can vary and needs to be accounted for in the monthly budget. It is also important to understand that when the term of the loan is up all outstanding balances must be paid in full.
One of the big advantages of a manufactured home home equity loan is the homeowners ability to get a large amount of cash fairly quickly. This money can be used to pay down debt, tuition, home improvement or remodel projects, a once in a lifetime vacation, or other unexpected expenses.
Another advantage of this type of loan is the interest rate. It is normally lower then other types of loans and the interest that credit cards charge. By paying off outstanding balances on credit cards using a home equity loan the borrower can consolidate their debt into one monthly payment with tax deductible interest.
A manufactured home home equity loan can be a good financial tool for homeowners who need a large infusion of money at low interest rates. It is important to weight the advantages and disadvantages before signing the closing papers to make sure this is the best choice to make.
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Tags: borrowing money, current interest rate, equity line of credit, fifteen years, fixed rate home equity loan, fixed rate loan, fluctuations, home equity line, home equity line of credit, Home Equity Loan, lifetime vacation, loan account, lump sum payment, manufactured home, monthly budget, rate home equity, remodel, second mortgage, unexpected expenses, variable interest rate
Posted in Home Equity Loan | No Comments »
Related ‘second mortgage’ sites :
 | second mortgage: Definition from Answers.com second mortgage n. A mortgage taken out on property that already has one mortgage, with priority in settlement of claims given to the earlier www.answers.com/topic/second-mortgage |
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 | Second Mortgages What Factors Determine Whether Raising Cash Is Cheaper Using a Second Mortgage or a Cash-Out Refinance? ... Can You Combine the Interest Rates on a First and Second Mortgage? ... www.mtgprofessor.com/second_mortgages.htm |
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 | Second Mortgage Nationwide provides comprehensive second mortgage and equity loans to help you refinance, purchase or debt consolidation. www.bdnationwidemortgage.com/second-mortgage.html |
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 | What are Second Mortgages? Second mortgages are subordinate, meaning that in the event of default, the primary, or ... For this reason, second mortgages typically carry a higher rate of ... www.wisegeek.com/what-are-second-mortgages.htm |
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