Sentences with phrase «second lien position»

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.

I have represented many whose second lien positions evaporated because they couldn't cure the first, and foreclosure sales are often not for FMV.

With both the first and second lien positions locked up in a combo loan, owners who want access to any future equity accumulated in the home for a remodeling project or addition will be hard pressed to find a lender willing to accept the third position.

The sample variable Annual Percentage Rate (APR) and monthly fixed - rate payment amount shown in the home equity loan payment example table are for illustrative purposes only and assume a new home equity loan in second lien position, a 10 - year term, combined loan to value (CLTV) ratio of less than 60 % on a 1 - to 2 - unit owner - occupied primary residence, and a borrower with excellent credit.

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.

The Credit Union is listed in the second lien position, and therefore would collect the amount owed on the loan behind the first mortgage in the event of a default.

The investor obtains a gap loan, in a second lien position behind the bridge loan, and uses the funds from the gap loan to repair the property.

The home equity line of credit must be in first or second lien position.

The sample variable Annual Percentage Rate (APR) and interest - only payment amount shown in the home equity line of credit monthly payment and APR example tables are for illustrative purposes only and assume a new home equity line of credit in second lien position, with a combined loan to value (CLTV) ratio of 60 % on a 1 - to 2 - unit owner - occupied primary residence, and a borrower with excellent credit.

Your APR will be between 4.99 % and 8.84 % for a loan in first lien position and between 4.99 % and 11.49 % for a loan in second lien position.

If this were a second lien position you would most often find the answer is no at any price (rate).

A: Your lender is in a first lien position and the Federal Housing Administration is in a second lien position.