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looking for 125 second mortgage

Posted on: 15th Nov, 2006 03:12 pm
I looking for some information on 125% second mortgages - Clara
Hi Clara,

Please go through this article for all the details regarding the 125% second mortgages and how they can be beneficial: Benefits of 125% second mortgage

Thanks
Blue
Posted on: 15th Nov, 2006 03:17 pm
Hi Clara,

Let me give you some more details on 125% home loan in addition to the information provided from the page.

The 125% loans are usually available at interest rates equal to 13% to 16% higher than that of the second mortgages. The loan fees are equal to 10% of the total loan amount.

In order to qualify for a 125% home loan, one should have good income, steady income source and a good FICO score which reveals that he has a good payment history. These loans are designed for people who have high debt but have always been regular on payments.

The Internal Revenue Service has announced that the interest paid on any part of the loan above the fair market value of the home cannot e counted as mortgage interest and hence it cannot be deducted while filing tax returns.

Thanks,

Sara
Posted on: 15th Nov, 2006 08:50 pm
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