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BJM
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| I'm not sure how much our house is worth. Five years ago they aprais the home at 75,000 and that's what we got and I have paid down to 68,000.00 now. So would this be our 1st mortage and can we get a 2nd mortage |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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based on those numbers, it honestly doesn't look like it.
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George M. Akerley
Loan Consultant
860-221-5044 |
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BJM
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| Is there anything else that we might be able to do? |
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Guest
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| Hi BJM...why do you want to take a second mortgage? If the appraised value of the property is less than the mortgage, you would neither qualify for a second mortgage nor will you qualify for a refinance. |
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Violet
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Post subject: Help with Financing |
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| Can anyone tell me if there are any banks lending at a CLTV of 95% for jumbo loans? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Hi Violet,
Jumbo loans are hardly available these days. Most lenders are not offering jumbo loans to borrowers. Moreover such loans have high interest rates as well. You should contact your local lenders and check out if you qualify for such a loan or not.
Thanks |
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Kandie Brothers
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Post subject: quit claim deed |
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If the first mortgage is in my parents name, but I have the quit claim deed to this house, would it be possible for me to obtain a second mortgage in my own name. I make the current house payments to my father and he sends it to the mortgage company. There is quite a large amount of equity in the house; however I do not want to borow all of it.
thank you.
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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Hi Kandie!
Welcome to forums!
As the property is in your name, you would be able to get a second mortgage in your name. You've mentioned that you've a large amount of equity in the property. In such a situation, it would be better if you could refinance the first mortgage in your name. This will leave you with one mortgage payment. Moreover, it will also help you build your credit.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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kandie, i believe you're going to run into some difficulty. inasmuch as the first mortgage on that property is not yours, a lender is going to want to investigate further. i don't know if anyone will be willing to take a risk such as you describe - granting a new secondary mortgage behind a first mortgage that isn't your own.
i know i've never heard of it happening - perhaps someone else has had some sort of experience in this type of thing.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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emily1
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Hi!
I want to buy an investment property but all loans for investment require 20% down (around $25000).Is it worth it to take second mortgage to pay the 20% or I need to look for other ways to come up with the money?
Thanks |
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mbt12
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Post subject: HELOC after < 1 yr? |
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| We have been in our house for 8 months. We would like to pay off some credit cards. Our house was appraised for 427K when we moved in; we now owe 389K. We have very good credit. Does anyone offer HELs for LTVs @ 90%? |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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To emily,
If you take a second loan, then you would be liable to pay off two separate loans. You can ask your friend's or relatives to gift the money for the downpayment. In my opinion, it would be a better option for you.
To mbt,
With a LTV ratio of 90% it would be difficult for you to get a loan. Lenders will ask you for a private mortgage insurance (PMI). This will help the lenders to recover their dues in case you default your loan payments.
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Procrastination is the enemy of your financial sucess |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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Post subject: |
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mbt, i have to say i am puzzled about what you want to do. based on your numbers - $389K balance and $427K value, you are already at 91% ltv. clearly you'd have to come up with cash out of pocket to drive the ltv down to 90%.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Larry Doyle
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Post subject: potential for fraud with 2nd mortgages |
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In the process of getting a 2nd mortgage as well as a reverse mortgage, I truly hope people are beyond careful for the potential for fraud.
Sense on Cents |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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Post subject: |
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larry, your sentiment is well-received ("beyond careful") but i have to say i don't quite get the first phrase - how do you manage to be in the process of obtaining a second mortgage at the same time as a reverse mortgage?
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George M. Akerley
Loan Consultant
860-221-5044 |
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