Sentences with phrase «second mortgages because»

According to the FHA, HECM loans differ from typical home loans or second mortgages because, «no repayment is required until the borrower (s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.»

Home equity loans and home equity lines of credit are called second mortgages because they are in second position when it comes to repayment in the case of a foreclosure.

Or, maybe you want a second mortgage because you love your first mortgage rate too much to do a cash - out refinance.

Or, maybe you want a second mortgage because you love your first mortgage rate too much to do a cash - out refinance.

A home equity line of credit can be more useful than a second mortgage because once you pay down the loan, you can borrow the funds again if an emergency arises.

When private mortgage insurance (PMI) was tax - deductible (from around 2006 through 2016), many borrowers opted for a single home loan instead of tacking on a «piggyback» second mortgage because of the perceived savings.

You can borrow large amounts through the second mortgage because your loan is secured against a property which is generally worth a lot of money.

Not exact matches

«My 9 - year old said to me, «You lost my dad's money,»» because it was a second mortgage, says Kleynhans.

«We've heard a lot today about how smaller banks are being smothered by unnecessary regulation, supposedly because of Dodd - Frank rules, like the new mortgage rules that went into effect in the first quarter of 2014,» she said during the second Senate Banking Committee hearing this week on regulatory relief for small banks and credit unions.

However, because the second mortgage was relatively small, I was able to pay it off as a condition of the refinance.

Second mortgages are so - called because, in the event of default, the holder of a home's first mortgage has first claim against monies recovered at auction.

Because if I am your only source at this point there is a good chance you are considering a second mortgage.

«I bought my second home cheaply because it required some repair so my mortgage interest claim was low but my repair bill was high.»

That's because the Focus RS is a car that can be driven hard on the track without fear of dying, and then back and forth to the office all week without anyone knowing you're driving a 350 - horsepower RPG that didn't require a second mortgage on the house

If both cars and stars are your thing, better take out that second mortgage this week, because here are three vehicles that were owned or driven by big - named celebrities.

Edward Tufte took out a second mortgage on his house to self - publish The Visual Display of Quantitative Information in 1982, because no printer could meet his quality standards.

Second Lien Modification (2MP) Program - Some homeowners struggle to make their monthly mortgage payments because they have a secondSecond Lien Modification (2MP) Program - Some homeowners struggle to make their monthly mortgage payments because they have a secondsecond lien.

Because the house is worth less than is owed on the first mortgage, the second mortgage may be stripped off in a Chapter 13 bankruptcy.

Because adding debt against the value of your house increases your risk of default, lenders charge higher interest rates for second mortgages.

Keep in mind that many people consolidate with a bank loan or second mortgage, and then end up charging again because they can not meet expenses.

Home equity loans are sometimes referred to as «second mortgages» because they are also secured against the value of the borrower's home or property.

I'm sure DJ will chime in, but I wanted to share that it was pretty easy for me to get a second mortgage even with the first because the primary driver was debt to income ratio.

Getting a second mortgage to pay off your credit cards is risky because if an emergency were to arise, you could lose your home if you used it as collateral.

This is the most basic reason because of which second mortgage rates are higher.

Second Mortgage: Second mortgages are so - called because the loan is subordinated to the first mMortgage: Second mortgages are so - called because the loan is subordinated to the first mortgagemortgage.

Second mortgages are so - called because, in the event of default, the holder of a home's first mortgage has first claim against monies recovered at auction.

Is the reason because a home equity loan is basically a second mortgage, so it is riskier than a first mortgage on a property?

That is because a home equity loan is (usually) just a second standard fixed - rate mortgage, as opposed to a HELOC or Home Equity Line Of Credit which is a different thing altogether.

When we first got our mortgage we didn't give property taxes a second thought because it was «part of buying a home», that perspective has changed significantly now.

Clients should understand that second mortgage companies can not foreclose on its mortgage simply because a bankruptcy debtor chooses not to sign a reaffirmation agreement.

The primary reason why most homeowners consider paying off credit card debt by consolidating all of their outstanding credit debt into a second mortgage is because the interest rates on their existing credit card are simply too high.

Finally, homeowners benefit tremendously simply because interest rates on second mortgage loans are still very low.

A home equity loan (second mortgage) is an excellent option for debt consolidation because home equity rates are quite a bit lower than credit card rates, especially if you are paying universal default rates.

Second mortgages can be a good source of low - interest cash because they are backed by your home.

Fixed rate second mortgages allow you to budget easier because your payment is the same every month.

Both 105 % and 125 % second mortgages are considered risky loans, because the lender really has no collateral or recourse when you have no equity in your home.

And because second mortgage holders may not want to pay off first mortgages in cases where the first mortgage is in default, second mortgage holders will often propose a reaffirmation agreement to bankruptcy debtors.

There were many homeowners who lost their homes in the mortgage meltdown because they could no longer make the payments on their second mortgages.

It is sensible to use a second mortgage to consolidate debts because it is generally cheaper than other types of credit.

Of course it's not as simple as I describe it, because the mortgage lender will want to know where the money for the down payment came from, so you can't register your second mortgage until after the deal closes, so you will be unsecured for a period of time.

HELOCs and HELOANs are also called «second mortgages» because their liens are «junior» to the lien held by the lender with the first mortgage.

Suppose you settle a second mortgage debt (perhaps because the house / home is seriously underwater).

Second, as mortgage foreclosures and writeoffs predictably increase in the coming quarters, we are likely to observe a fresh demand for Treasury bonds as a safe - haven because of their lack of default risk.

Because you repay only a portion of your debts, without interest, a consumer proposal can be a cheaper alternative to a high cost debt consolidation loan or second mortgage or a viable option if you do not qualify for refinancing with your house equity.

This is primarily because the home that might be costing $ 4000 per month (first mortgage, second mortgage, HOA, taxes, insurance, etc) can easily be rented for $ 2000.

Please note that second mortgage rates are usually higher than first mortgage rates, because the risk factor for defaults is much greater with 2nd mortgages.

Because of my extensive background in the financial industry and mortgage lending my clients should expect a service that is second to none.

They're often called second liens because in the event of foreclosure, they only get paid off after the primary mortgage has been satisfied - they're second in line in other words.

If he files Chapter 13, the judge may strip off the $ 50,000 HELOC, because the home's value is too low to secure the first and second mortgages.

Silent mortgages are risky for Sellers, because these loans are unrecorded second mortgages that may not be enforceable if the buyer stiffs the seller.