Sentences with phrase «lien position on»

This loan must be securitized in first lien position on either residential, multi-family, or commercial real estate; we do not extend bridge loans for land purchases.

So, for a house that is worth ~ $ 50,000, I now hold a first - lien position on that house, and he is paying off the $ 10,000 I «lent» him over the course of 5 years.

Lien position is relevant because in a foreclosure proceeding, the legal entities would determine which mortgage lenders are paid first based on lien position on title.

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.

BND requires first lien position on real estate, equipment and other security as may be appropriate.

Benefits of Cash - Out Refinances include possibly lower rates and simpler terms since the cash out is provided on the loan in the first lien position on the home, and a second mortgage is not applicable.

1Restrictions apply to first lien positions on Home Equity Loans.

Not exact matches

You are the senior debt holder (first position on lien).

Eligibility for the Offer depends on the specific characteristics of your credit transaction, including credit line amount, your credit score and history, lien position, collateral location, and term.

In other words, with a Home Equity Loan or HELOC, you will have two mortgages on your property; in all likelihood, it will have a higher interest rate than your first mortgage due to the fact that it will be held in a second lien position against the property.

On Home Equity Loans, rate assumes 1st lien position.

If you close your Credit Line before the third anniversary you may be charged 1 % or 2 % of the principle balance depending on lien position, up to $ 250.

Rate adjusted quarterly based on Prime Rate + / - a margin and based on first mortgage lien position.

There is an early termination fee of 1 % or 2 % (up to $ 250) of the principal balance depending on lien position if your HELOC is closed before the third anniversary.

APR shown is for first - lien position loans up to 90 % Loan - To - Value (LTV) on single - family owner - occupied properties in PA, NJ, MD, and DE.

The lender who pays the pax in exchange for the lien would be in a senior position on the btitle (senior to the first mortgage) and would enter into an agreement with the property owner to pay back the loan, at interest of up to 18 %.

If any liens are placed on the home, this fee ensures the FHA loan will remain in first position on title.

Sample APR assumes a new $ 100,000 HELOC in second lien position with a combined loan - to - value (CLTV) ratio of up to 70 % on a 1 - to 4 - unit owner - occupied primary residence and a borrower with excellent credit.

NAR signed on to a joint letter, along with the Mortgage Bankers Association, the Financial Services Roundtable and several other financial services and real estate groups, that raised several concerns about PACE loans, especially the provision that places any PACE loans in a first lien position ahead of the primary mortgage.

When that happens, Bill will pay off his note to Sam and Sam will pay off his note to Big Bank, and the new loan will take a new first position lien on the property.

3) That the first position is so important that the Federal Housing Finance Agency prohibits Fannie Mae and Freddie Mac (conventional loans) and FHA from purchasing mortgages or notes with these types of liens on the property - either as refinances or purchases.

Bill now owns the house and Bigger Bank has a first position lien on the house with the new mortgage.

I just closed on a first lien position HELOC with Desert Financial Credit Union in Arizona.

and generally speaking if you have looked at chain of title and you KNOW that your bidding on a first position lien then yes all the other liens are removed from the property as it relates to your purchase.

Another key is the loan's position compared with other liens on the property.