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heloc and a stand alone second mortgage

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bthahir Joined: 05 Sep 2007 Posts: 36 13.34 Dollars($)	Posted: Mon Jan 28, 2008 7:38 am    Post subject: heloc and a stand alone second mortgage Like 0 Dislike 0 Can some body please explain me whats the difference between heloc and a stand alone second mortgage. Please suggest the best option between these two.
jheard Moderator Joined: 12 Dec 2007 Posts: 734 Location: Houston, TX 116.72 Dollars($)	Posted: Mon Jan 28, 2008 8:46 am    Post subject: Like 0 Dislike 0 Heloc is a line of credit, which means you get a check book and its like a checking account you can write checks from, up to the amount of your line of credit. You pay it back, and take money back out as you wish. A regular mortgage, you receive the loan proceeds in one lump sum. You then make regular monthly payments until it is paid off.
livinginnky Moderator Joined: 08 Sep 2007 Posts: 631 29.96 Dollars($)	Posted: Mon Jan 28, 2008 11:04 am    Post subject: Like 0 Dislike 0 A heloc is like a credit card with the balance tied to your homes equity... hence... home equity line of credit or HELOC. A stand alone second is usually just a second mortgage, like your first, but not tied to it. In comparison if you get a second mortgage when purchasing a home it is called a purchase money second. _________________ Eric Matthews Mortgage Refinance and Home Loan Guide
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Tue Jan 29, 2008 12:17 am    Post subject: RE: heloc vs second mortgage Like 0 Dislike 0 Hi Bthahir, A heloc is a type of second mortgage - a variable rate loan which is tied to the Prime Rate. Heloc works like a revolving credit card debt. To know more on How Heloc works, please refer to the section on this topic. Take Care _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
My Tai Guest	Posted: Tue Aug 19, 2008 12:10 pm    Post subject: stand alone 2nds 65% Full Doc 750 fico in Washington .. Like 0 Dislike 0 can anyone please let me know who can help?
Samantha Community Mentor Joined: 16 Sep 2005 Posts: 1609 Location: MASSACHUSETTS 150.97 Dollars($)	Posted: Wed Aug 20, 2008 10:18 am    Post subject: RE: stand alone second mortgage Like 0 Dislike 0 Hi guest, I think you are looking for a 65% LTV stand alone second mortgage. Is that so? If 750 is your FICO score, then that's fair enough to help you qualify for a loan at favorable terms and conditions. I suggest that you consult a few lenders and see what quotes they have for you. You may also request for no-obligation free mortgage quotes from the community lenders here and compare the offers prior to choosing any loan program. Hope this helps... God bless you. Samantha _________________ Know how to compare lenders with mortgage booklet

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