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Questions tagged [second-mortgage]

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7
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4answers
2k views

Is it advised to sell current self occupied home and buy the other new one to book the profit?

I have a first (and only) and self occupied home. Mortgage is fully paid. Home is with four rooms. Considering expenses I done on home so far including my share in mortgage, taxes so far, total ...
-1
votes
1answer
151 views

Buying a house for mother in law

I was wondering if anyone could advise me. I live with my husband, the house that we have purchased is solely in his name and I am not named on the mortgage at all. His mother is living in a rented ...
3
votes
2answers
259 views

401K contributions vs. saving for a house

I am 47 yrs old, married and I own a townhouse (paid off recently). I currently contribute 23% into my 401K with a company match of the first 6%. I have maxed out my 401K every year for the past 3 ...
13
votes
1answer
2k views

Use equity to purchase second home in Canada

I tried searching, but did not see one specific to Canada. I have a home I'm living in worth approx. $180,000. I owe approximately $126,000 on the mortgage, which I have been paying extra towards ...
3
votes
0answers
75 views

allocation of payment between principal and interest

Individual made a (second) mortgage loan to another. The loan has been in default for many years. The bank (first mortgage holder) foreclosed on the property. The individual lender received a ...
6
votes
4answers
263 views

HELOC vs. Parental Student Loans vs. Second Mortgage?

First to set the stage. We have two kids one starting school this fall and another following in two years. As a family our income is high enough that we do not qualify for any aid. We also make ...
7
votes
1answer
2k views

Buying a house for/with parents. Could we get a mortgage?

Situation: My parents will retire in the next 10 years. They have a house provided for their job, but will not have anywhere after retirement. They are very careful with money, and have about £100,...
3
votes
1answer
274 views

Remortgaging my home to release capital for second property

I bought my first property in June 2014 under the UK Help To Buy scheme. I have until June 2019 before I start paying interest on the Help to Buy equity loan. The property's increased in value by ...
0
votes
1answer
71 views

Best way to refi to consolodate second mortgage on dilapidated house? Personal loans?

My mother is 82 and has some cognitive impairment that justify some level of concern on my part. Her house and other assets are in a living trust of which I am co-trustee, if that makes any difference....
4
votes
2answers
203 views

Upside down on Property with Mortgage and HELOC, now on Disability Income…

Excuse any Newby mistakes, this is my first post: I just got my SSI Disability and also owe more on my house than current market value due to 2 mortages. If I got rid of my HELOC, then my primary ...
3
votes
1answer
218 views

Using second mortgage on rental property to make down payment on primary residence?

I currently own and occupy a condo with ~75% LTV. My fiancé and I are planning to move to another city and buy a home in 5-7 years. We plan to put 20% down on that home, which will be a significant ...
4
votes
1answer
142 views

Taking out money on current home for down payment of new home

My real estate broker is advising me to borrow money against my current house for the down payment on a second house . I need to borrow about 50k. My current house has a principal balance of 80k and ...
3
votes
1answer
75 views

How difficult would it be to refinance a second mortgage?

Some years back, my mom, now 80, took out a second mortgage on her house. I don't think it was a wise decision, but of course we can't do anything about that now. She recently complained that most of ...
5
votes
1answer
6k views

Construction loans - when do payments begin?

For the sake of round numbers, consider this scenario: $300,000 land purchase $700,000 cost to build a home $200,000 down payment Figure building the home will take 1 year. My question is, for ...
1
vote
2answers
1k views

15 yr mortgage amortized as 30 yr with balloon, pay off early?

I have a second mortgage that was originated in 2006 for roughly $60k at 9.125%. It is a 15 year mortgage amortized as a 30 year mortgage with a baloon payment due in 2021 for the remainder (roughly $...
0
votes
1answer
111 views

What is the best way to borrow money to consolidate our multiple outstanding mortgages?

My wife and I are in our early 60's. What We Have We have a condo that is upside down. It appraised at $110,000 and we owe $105,000. The going market rate is $85,000. We pay 5% for this loan. Our ...
8
votes
4answers
271 views

Financing with two mortgages: a thing of the past?

Back in 2006, our mortgage broker easily got us two mortgages for use when purchasing a home with 10% down: A non-conforming ("jumbo") loan with 80% LTV requirements covering 80% of the purchase, and ...
6
votes
4answers
994 views

Job transfer with a house I can't sell. How should I handle it?

We have a house with a 180k 1st mortgage (Huntington) and 55k 2nd mortgage (PNC). Each is from a different company. The house just appraised at 190k. I'm being transferred by my employer from ...
6
votes
2answers
2k views

Should I pay the interest or the principal on my second mortgage?

We have a second mortgage on our home from 10/08. It was designed to be deferred for five years, so we're right in the middle. After the deferral, our monthly payment will be $413.74 for 25 years. ...
11
votes
4answers
809 views

What does the term “second mortgage” mean? Can I easily get one?

Are these loans easy to get if you have enough equity in your current home? Is there any negative connotation associated with getting a second mortgage