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anonymous 715
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0.10 Dollars($)
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Post subject: second mortgage |
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I am looking into using the equity I have built up in my home to build a garage. The house appraised for $77,000 in Jan 2009. I owe $49,000 on the home. The garage will hopefully cost under $10,000 due to me doing most of the work. What is your advice on this situation.  |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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amjkkl
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0.10 Dollars($)
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Post subject: second mortgage |
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Owned house 420,000 with a mortgage 242,000. Want to buy an investment apartment but not enough for 20% down. Should I take a second mortgage for the whole 20% on my home or just 10% what I need or do not buy?  |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi amjkkl,
If you have equity in your property, then you'll be able to get a 20% loan on your existing property. You may even cash out the amount that you want to use as a down payment. If you have the required equity, then I don't think it would be a problem for you.
Take care. |
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Felicia
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0.10 Dollars($)
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Post subject: Pay of Credit Card Debt |
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| Hi, I bought ahouse for $102,000, it appraises for $150,000. I was thinking of taking a 2nd mortgage of of $10,000 to pay off credit card debt. I was thinking it may be easier to pay one thing instead of several cards with high interests rates. Would this be the best way to approach this by taking a 2nd mortgage out? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10169
Location: Nevada
944.91 Dollars($)
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Hi Felicia,
Rather than taking out a second mortgage, you can refinance the loan and take a cash out of $10,000 to pay off the credit card debts. Thus, you would be liable for a single monthly payment on your mortgage rather than two separate payments that you'll have to pay if you takeout a second mortgage on your property.
Thanks |
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roseann
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0.10 Dollars($)
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Post subject: i have a mortgage of 155 and an equity line of 70000 |
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I have a low rate currently on the equity line, however, these payments
are killing me. I would love to eliminate the 70 but don't know how.If i
sold my home for 200 oweing 45000 to equity, do i have to pay that? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi roseann!
Welcome to forums!
As you've equity in your property, you can refinance both the loans into one. The cash proceeds that you receive while refinancing the loan, will help you in paying off the HELOC. Thus, you will be liable for paying only one mortgage.
Feel free to ask if you've further queries.
Sussane |
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jds
Guest
0.10 Dollars($)
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Post subject: what kind of loan? |
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My mortgage is paid off and I own an unimproved lot. Is it possible to acquire a 2nd mortgage on the lot rather than on my house? and, if so,
how do the possible interest rates compare? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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You can take out a loan on your unimproved lot. If the lot has a first mortgage, then you'll have to check out whether or not there is equity in the property. You'll get a second loan on the lot if there is equity in the property. You can speak to the local lenders in your area and check out the type of rates and terms you'll qualify for. This will give you an idea about the market rates.
_________________
Good is the Enemy of Great. |
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