Can some who has a mortgage and an equity loan apply for another mortgage?
I currently own a two family house with a mortgage and equity loan up to it's current market value. Can I qualify for another mortgage because I want to buy another house. And how much would I have to put down? Bearing in mind that I am not interested in selling but would rent out the current house- You are walking tight rope. one slip and your @ss is gr. pay down before you go down
- considering you are nearly bankruptable now. most lenders will give you a high rate loan. great place to go when you are in debt is to 2nd job. u need a reality check. pay down ur present costs so we do not come visiting. u are drowning in debt
- You need to sit down with the loan officer at your local bank. He can tell you the particulars as far as how much you could borrow for the additional property. I think the whole thing would turn on how much you are still owing on the present property more than the amount of equity. He will know for sure. noone else can tell you without the exact figures. Buying another home to rent is a good idea on paper, but remember you are the one who has to fix everything that goes wrong and every thing that breaks. You cant't hire someone else to do any of that work. or there goes your profit down the drain. Consider the condition of the second home into the decision. not only for value. but for upkeep. Good luck. ?
- Sure, your new house would have to be purchased as an investment property - generally a slightly higher rate
- yes. at one time I had over 30 mortgages. but on different places LOL We normally put do 20% because it was a business loan. and did not have to pay the additional PMI in surance, We are now millionaires a couple times over, and started with only $40k 20 years ago. Equity loan is not that bad unless you have used all of it. Don't let the nay - sayers discourage you. The banks are overloaded with REO properties, and some will be more than willing to sell some. When I started 20 years ago the int. rates were in the 13 - 15% range. and if I had listened to all the people that said it can not be done, would have nothing to show for those 20 years. IT IS A LOT OF WORK> not all fun and games either. Higher rates? FUNNY! I bought a $195k property from a bank, because they wanted 9% and the other guy bidding on the property would only go 8. 5%, cost me $100 a month for 8 years. and now paid off. Mean while the rents kept going up, Today we get $6400 a month from them. Who do you think was right for half a point? Other guy is now dead and gone. and his kid is spending his money. If you think YOU are a good risk, do not let one bank say no and quit, go to 5 - 6 in your area
- You have zero equity and two payment on the house you own. Unless you have a huge proveable income, you're not going to get another mortgage
Knowledge Base
How long will it take the latest 3 / 4% interest rate cut to affect the mortgage and loan companies rates?
with the fed's decision to cut interest rates, i understand that banks will follow suit and lower interest rates. how fast will it take for these changes to go into place? at what point should people begin to investigate refinancing their mortgages and other loans where it will actually reflect (home mortgage calculator)
Public Records Reading - Mortgages, Do home equity loans show or just reverse and second mortgages?
i read public records when doing re research so i am wondering. i guess that only second and reverse mortgages show. and why would someone choose a second mortgage vs home equity loan? are we saying that a home equity loan automatically shows as a lien?. all mortgages and liens (home mortgage loan)
Are there any banks that give mortgage loans to people with bad credit?
i am looking to buy my first home. my goal is to get to a 620 credit score but i know this will take quite some time. i was wondering if there are banks out there that give you loans to buy a home if you have bad credit or (mortgage equity loan)
Knowledge Base: Mortgage Loan
Are there any banks that give mortgage loans to people with bad credit?
i am looking to buy my first home. my goal is to get to a 620 credit score but i know this will take quite some time. i was wondering if there are banks out there that give you loans to buy a home if you have bad credit or (mortgage loan refinance)
What are the key factors in obtaining a home mortgage loan?
my credit is not bad or fair. it's good, just below excellent. how good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?. hi ronnie, your credit has to be at least a 640, so i am uming you will (mortgage loan refinance)
can i get a bad credit mortgage loan?
i am having a home foreclosed on, and would like to know if anyone can give me a mortgage?. that's funny. probably not. it's tough to get a mortgage now even if you have good credit. have you contacted your mortgage holder and ask them if they can re - (home mortgage loan)
Can I use my current owned home as collateral on new home mortgage loan?
my family and i live in a home legally donated to us by my father. we have ownership. can we use this home as collateral for a mortgage loan on another home in another state? if so, how does that work?. is the home worth more than the home you (home mortgage loan)
Any advice on bad credit mortgage loans?
yes. do not bother since you will not qualify. you will only be wasting the application fee clean up your credit. you need at least a 620 fico to even apply for a fha loan; 720 for a conventional. you will also need to resolve any derogatory items on your (mortgage loan refinance)
Knowledge Base: Mortgage Equity Loan
How should I go about selling my current home that I have a mortgage and home equity loan on and go about
we want to relocate to my home town to better off my children this would give them a better school district and we would be alot closer to my family, just how do we go about doing this? we have a mortgage on the house we live in now and (mortgage equity loan)
If I purchase a home in all cash would I get a mortgage or home equity loan?
i am planning on purchasing an investment property with a hundred percent cash. i can purchase the property at 60% of market value. i then plan on pulling a loan out for 60% of the market value. would it be considered a mortgage or a home equity loan? a mortgage (mortgage equity loan)
Can some who has a mortgage and an equity loan apply for another mortgage?
i currently own a two family house with a mortgage and equity loan up to it's current market value. can i qualify for another mortgage because i want to buy another house. and how much would i have to put down? bearing in mind that i am not interested in (mortgage equity loan)
how long does it take for a mortgage equity loan to go through?
i have a credit score of about 680 and lived there for 15 years. i owe 185k and the house is worth 410. i am over 15k in credit card debt and had two late payments. i am also retired and on a on and social security. mine took about (mortgage equity loan)
Upon retirement, is it better to pay off my mortgage. & equity loan or continue with payments. ?
i live in charlotte, nc, and plan to retire july 31, 2009. i will be 66 yrs old. i plan on paying off my mortgage & equity loan to have more money available. both loans equal $1125. 00 per month. is this a good idea, or should i invest that (mortgage equity loan)
