Sentences with phrase «same as a second mortgage»

At its heart, a home equity loan is the same as a second mortgage.

Not exact matches

A piggyback loan — also known as a purchase money second mortgage — is when a borrower takes out two mortgage loans at the same time, one that's for 80 % of the home's value and the other to make up the 20 % down payment.

It carries the same cachet as the big houses, without the second mortgage.

The loan, a second mortgage on the house, was from Marisa Capital Corp., which lists the same Manhattan address as GFI.

The second mortgage holder would be paid the same dividend by the trustee as all the other unsecured creditors.

The result is much the same as using as a HELOC or home equity loan (or a second mortgage), except it's all rolled into a single new mortgage.

Refinancing your house's mortgage is not the same thing as getting a second mortgage.

A 2nd mortgage is usually referred to as a secured loan that is in second place to a 1st mortgage against the same property.

Mortgage rates offered on Second / Vacation Homes are usually the same as rates offered on primary residence mortgages.

As part of a Chapter 13 action, in which the court orders a repayment plan for the debtor to complete over several years, the second mortgage is stripped from the home and viewed in the same way as unsecured debt, such as credit card and medical billAs part of a Chapter 13 action, in which the court orders a repayment plan for the debtor to complete over several years, the second mortgage is stripped from the home and viewed in the same way as unsecured debt, such as credit card and medical billas unsecured debt, such as credit card and medical billas credit card and medical bills.

The second loan (the piggyback) is taken out as a home equity line of credit (HELOC) that closes at the same time as your 80 % mortgage.

The issue with second mortgages is that they work on the premise that life will stay the same as it has always been, in a financial sense.

Mortgage rates offered on second homes and / or vacation homes are usually the same as rates offered on primary residence mortgages.

If you use your home as a true second home, you could get a tax deduction on mortgage interest payments, on the same terms as for your first mortgage, as well as for the property taxes.

Nationally, loan originations increased 34 % to $ 18.8 billion in the first quarter of 2003, up from $ 14 billion during the same period a year ago, according to the Mortgage Bankers Association of America (MBA), which anticipates that figures for the second quarter will be equally as strong for loan production.

At the same time, first - time homebuyers made up 25.5 percent of mortgage originations with FHA backed loans, down for the second time in as many months.

The fact that banks actually made money on the loans they originated in the third quarter is a positive trend, considering that in the second quarter, those same banks reversed a six - quarter streak of losing money on mortgage originations, reporting a net gain of $ 954 as opposed to a net loss of $ 194 in the first quarter.

«If the loan is originated as a (Qualified Mortgage) loan and then is later found to not be... the lender can be exposed to a possible lawsuit or repurchase of the loan, both of which very costly,» said Joe Soto, vice president of mortgage lending for Guaranteed Rate in Los Alamitos, Calif. «What we have done and what most lenders will likely do is try to keep everything the same... to make sure there is no second - gMortgage) loan and then is later found to not be... the lender can be exposed to a possible lawsuit or repurchase of the loan, both of which very costly,» said Joe Soto, vice president of mortgage lending for Guaranteed Rate in Los Alamitos, Calif. «What we have done and what most lenders will likely do is try to keep everything the same... to make sure there is no second - gmortgage lending for Guaranteed Rate in Los Alamitos, Calif. «What we have done and what most lenders will likely do is try to keep everything the same... to make sure there is no second - guessing.