What is a second morgage?
Answers: A really bad idea on how to go further into debt because you cannot curb your spending, and end up loosing the house over it.
A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.
In real estate, a property can have multiple loans or liens against it. The loan which is registered with county or city registry first is called the first mortgage or first position trust deed. The lien registered second is called the second mortgage. A property can have a third or even fourth mortgage, but those are rarer.
Second mortgages are called subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Thus, second mortgages are riskier for lenders and generally come with a higher interest rate than first mortgages.
In most cases, a second mortgage takes the form of a home equity loan and the two are synonymous, from a financial standpoint. The difference in terminology is that a mortgage traditionally refers to the legal lien instrument, rather than the debt itself.
The term length of a second mortgage varies. Terms can last up to 20 years on second mortgages; however repayment may be required in as little as one year depending on the loan structure.
A second mortgage can occasionally be the catalyst to foreclosure when a homeowner defaults on their loan. The second lien holder then purchases the primary mortgage (which may still be in good standing) and then forecloses which leaves the homeowner losing their home to the 2nd mortgage lender.
it's another loan secured by your home. it means if you don't pay it back they can take away your home, just like on the first mortgate. they are the reason so many people are in financial trouble -- they use equity lines of credit for expenses they should be paying from their paychecks, or not incurring in the first place.
Is in that a road you can draw from a mortgage if 1 party doesnt havent a full years of accounts?
Me and my Fiance are looking to get a mortgage but as he is self employed he doesnt enjoy a full years worth of accounts yet, is this going to stop us from getting a mortgage or is within ways round it. has or is anyone out in that in indistinguishable situation? we would like to try and buy as soon as fairly than waiting till Oct when he will have 1yrs worth of accounts, or do you meditate its best to wait?Answers: Speak to a mortgage broker. There are lenders who will consider your situation. Good luck.
Go to a mortgage broker as soon as possible they will tender you all the serve you need within are literally 1000s of options available at the moment.
Many relatives are starting out on self employment and dependant on his occupation he may be a good investment.
I assume that you are first time buyers so really push seller on a price the market is slowing and you can afford to be choosy. Whatever you do look at as tons houses as you can within your price breadth and dont bother with any that are approach out but look at those that are just above as most general public will drop.
Keep within the budget and remember the fees and the deposit and adjectives the other costs.
Good luck, buying a house these days can be unbelievably traumatic and stressful so I wish you adjectives the best.
One golden rule never get involved within a bidding war that other loses you money if the offer you reflect fair is not standard walk away loaf for them to come back to you afterwards offer smaller quantity.
yes, try www.haven-finance.co.uk
Im 17... I need a $1000 for a downpayment on a truck. how do I get it?
Answers: Either wait for a better deal on a truck (lower downpayment) or get a cosigner.
If you can't get a lower downpayment or a cosigner, you will have to do what many people do and get a job. It will be hard to get a loan for the truck if you don't have a job in any event.
I would check fast food places, retail stores (Target, Wal-Mart) and similar places.
Good luck,
Dana
Yea you got to work hun.
You can also look on line for some paid focus groups and research studys in your area (not the ones on line where you only get a dollar for participating) that you can participate in while your doing that. I do them all the time
u work 4 it sweetie!
If you cant save that, how do you plan on making payments? Do you have a job??
Get a job gomer.
Ask a family member.
I suggest you seek a part-time job within walking distance from your home and begin to save. You mention a down payment, this implies other payments. You will need an income to pay the payments, insurance, fuel and other costs of ownership. Good Luck
Get a job and save up.
A $1000 downpayment sounds like you're looking at a pretty expensive truck. What kind of monthly payment will you be stuck with for the next 5 or 6 years?
Maybe you should look at less vehicle. Save up and pay cash.
If you don't know where the $1000 is coming from, then how do you plan on making the payments?
Or are you going to buy a $1000 truck with cash?
To get $1000, you either have to sell $1000 worth of stuff, or get a job. The minimum wage went up last July, so that'll help.