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wonder
Guest
0.10 Dollars($)
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Post subject: 2nd mortagage |
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| hi, i bought my home a year ago and now i'm looking for some type of loan against my property, so i can do some home improvement and pay some of my credits off. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi wonder!
Welcome to forums!
You can contact your lender and look out for home improvement loans. Check out if your lender offers home improvement loans or not. If not, then you can even contact other lenders for the same. You can even speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you know what type of rates and terms you would receive.
Feel free to ask if you've further queries.
Sussane |
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syl in fl
Guest
0.10 Dollars($)
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Post subject: home line of credit |
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we have a fixed rate of 6 % VA loan on our home. The value currently is 129000. we also have a home equity line of credit in the amount of 120000, which is 400 a month on interest only. Can we refinance and add this balance to our existing 1st mortage loan and pay off our line of credit. we dont know what to do. Please advise us. Thank you  |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi syl,
You can refinance both the loans into one. If you refinance the loan, then you can get extra cash out which will help you in paying off the home equity loan. But I don't think you would be able to add the balance amount to the first mortgage.
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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in refinancing, if you have sufficient equity in the property, you can, indeed, combine the two balances and pay them off with one new mortgage loan. yes, that is considered a cash out transaction.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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need help bad
Guest
0.10 Dollars($)
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Post subject: second mortgage & foreclosure |
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| my house is in foreclosure, can I get a second mortgage to pay what I owe to stop the foreclosure |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi Guest,
As the property is already in foreclosure, I guess you are delinquent in your mortgage payments. In such a situation, you won't qualify for a second mortgage. If you want to save your property from foreclosure, then you should apply for a loan modification with your lender.
_________________
Procrastination is the enemy of your financial success |
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intercomrepairman
Guest
0.10 Dollars($)
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Post subject: bank take both houses ? |
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| We have our house paid off that is worth aprox 75k and we want to use our house to get a equity loan to buy a lake house for 75k. If my world went bad and I couldn't make payments would they take both houses or just my main house that I had paid off ? |
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CAVoyageHomeLoans.Sac
Guest
0.10 Dollars($)
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Post subject: Equity? What. |
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| I would have to say if there is equity in your home get it out now! Just to say there is better ways to invest your money besides letting it sit in a depreciating asset. Peter Scalise |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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well of course, that wasn't the question, was it?
intercom, if you mortgage your current home to purchase a new property and subsequently default on that mortgage, the lender will foreclose on its mortgage, i.e. the current property.
is there a remote possibility that a lender could find itself losing money and seek retribution by placing a lien on your newly-purchased property? well, of course there is, but i'd like to think that's kind of far-fetched to say the least.
go ahead and do what you have planned.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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charles kl
Guest
0.10 Dollars($)
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Post subject: equity loan |
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i am interest for equty loan $35000.-50000.
my first morgage is 304000. and value of the house is 5500000 |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi charles,
You can contact your current lender and apply for a home equity loan. Similar to your primary mortgage, he would judge your credit score and income before giving you the loan. If you want, you can even contact other lenders and check out the type of rates and terms they are offering you. If you get better rates with them, you can go for it. It is not mandatory to take the second loan from your current lender. You can even seek a no obligation free mortgage consultation from the lenders of this community. This will let you know the type of rates and terms you would get.
_________________
Procrastination is the enemy of your financial success |
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No name
Guest
0.10 Dollars($)
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Post subject: Second mortgage |
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i need to know what is the credit score for a second mortgage for an investmente propert when i have a stable job and my huby is self employee. How does it affect to lenders?
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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no name, your query is too vague for anyone to answer properly. where you are located will make a major difference in how you'll be treated as you search for a home equity loan. it might just be that the bank down the street from you offers loans to all comers, regardless of score. check there first, and stay local before you seek a national lender's viewpoint.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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bengal
Guest
0.10 Dollars($)
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Post subject: second mortgage |
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| what is the income to debt ratio to qualify. |
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