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 jbarto65
Joined: 04 Nov 2007
Posts: 626
-0.11 Dollars($)
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 Posted: Thu May 01, 2008 5:57 pm Post subject: 2nd Mortgage |
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| Will the company that has your primary mortgage also do a second mortgage? Is it a good idea to have the second mortgage with the same company or is it normally done with two different companies? I read alot about them on here but no one has said that they were both with the same company or not. |
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jameshogg
Joined: 20 Dec 2005
Posts: 1038
Location: nevada
131.64 Dollars($)
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| Posted: Thu May 01, 2008 9:37 pm Post subject: RE: |
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Hi jbarto,
Whether one goes for second mortgage with the primary lender or with another, what he should choose is the right loan offer that would suit his needs. If the borrower has been making payments on time and has a good credit score, favorable income, sufficient equity, then he's likely to qualify for some of the best programs available.
Thanks |
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Niicss
Joined: 03 Oct 2005
Posts: 1047
156.17 Dollars($)
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| Posted: Fri May 02, 2008 2:48 am Post subject: |
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Hi jbarto,
You can get the second mortgage from your present lender also. If he provides good rates and terms then you can go with your present lender as you already know him and worked with him. But if you cannot get the right option from your present lender then you can shop for lenders. But surely it is not necessary that you will have to take.
Let me know if you have any further questions. |
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JuanHdez
Joined: 14 May 2008
Posts: 29
Location: San Diego, CA
12.42 Dollars($)
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| Posted: Wed May 21, 2008 9:36 am Post subject: |
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Hey JB,
Great question. Many lender who offer a 1st mortgage offer a 2nd mortgage as well. It can be a bit more convenient to have both loans with the same lender, however, refinancing the second just for the sake of switching lenders can get a bit pricy on a second mortgage loan. Typically, even if the loans are with the same lender, because they are two seperate accounts there will be two seperate payments to be made.
Other than having a limited amount of my client rant and rave over the service or lack of from certain lenders, I don't see a financial advantage of having the loans with the same lender.
Best o' Luck
J |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1151
Location: bloomfield, ct
10.49 Dollars($)
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| Posted: Sat May 24, 2008 4:57 am Post subject: |
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if you're seeking a second mortgage, you ought to look for the best deal (interest rate, costs, etc.). who the lender is really isn't important.
_________________
George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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jbarto65
Joined: 04 Nov 2007
Posts: 626
-0.11 Dollars($)
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| Posted: Sat Jun 07, 2008 7:43 pm Post subject: |
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| I am really trying to stay a way the whole second mortgage thing, my husband keeps looking at acreage next door and keeps hinting about buying it and they will not come down on the price, I guess that $1500 an acre is the going price these days, the problem is there is 56 acres and they will not split it up. One half is across the road and one is connected to our property. |
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erb1953
Joined: 24 May 2008
Posts: 79
0.19 Dollars($)
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| Posted: Tue Jun 10, 2008 7:21 pm Post subject: |
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The price of property has been going up over the last few years, especially if it is in a higher priced area. Is it in this type of area? Is there development going on around you or is it undeveloped property?
I have not been shopping for property in quite some time, hard enough to keep up with the taxes on what I have now, along with all the other prices in my life going up and up. Hopefully one day you will be able to get the property if you and your husband really want it. goodluck, hope you can get what you want to get. |
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