Sentences with phrase «1st lien position»
If I do the exact same thing with a $ 100K HELOC in 1st lien position for the same house, the same monthly expenses, and instead of 5 % interest rate I assume 6 % interest rate, I will be done paying in 7 years.
https://www.biggerpockets.com/
I saw another bank that will do it as well - provided they're in 1st lien position.
Therefore, if a person defaults on their mortgage and home equity loans, the lender listed in the 1st lien position on the mortgage would get paid the balance, and whatever dollar amount is leftover would go to the home equity lender.
Home Equity Loans with greater than a 20 year term are limited to a 1st lien position only.
On Home Equity Loans, rate assumes 1st lien position.
Not exact matches
Once HECM purchase is complete, no additional liens are permitted (Lender in 1st position, HUD in silent 2nd)
I've read that the 1st lien are «safer» for you and the lender but can you achieve the same results w / o being in the 1st position?
From what I understand, is that it allow other liens to fill up 1st and 2nd position, then 1st mortgage in 3rd position?