what is the difference between being the primary on a home loan and being secondary on a home loan?
107896
If you are primary you get your money first and second get whats left.They can use big words to explain it but that is what it boils down too
1023231
If the home equity loan is on the home you are selling, you will be required to pay it off when the home is sold. A home equity loan or line of credit is treated like a second mortgage. You might consult with your lender (with whom you have the home equity loan). If you will be purchasing another home, you might be able to switch the home equity loan to your new home, depending on how much money you are putting down, as well as a number of other factors as determined by the policies of your lender for the home equity line of credit. I had a client do exactly what I have described above. But if you are not purchasing another home, you will have to pay it off at the time of sale, because you no longer have the "equity" (in your home) which was the collateral for the loan when you got it.\n\nA home equity loan is granted when you have invested money in your home. You could have paid a large down payment, or you could have had the loan for a long time so you have already paid off a good part of it. The amount which a lender will lend to you in the form of a home equity loan depends on the value of your home compared to the amount you owe on your mortgage. The difference is the equity you have in your home. Thus another way to acquire equity in a home is if home prices have risen a lot since you purchased your home. There is usually an appraisal to acquire a home equity loan to determine the value of the home.
255070
The principal portion of a P&I pymt (payment going both to principal and interest charged on the loan) is applied to the outstanding loan amount/principal. This REDUCES the balance of funds due. Also, called "paying down" a loan
589340
needs to be primary residence
191373
What do you mean remortgage? Are you refinancing?\nLiving next door has nothing to do with it, it's a matter of credit.
1103157
With mine the loan interest is next to nothing, much cheaper. It's also much easier to obtain a loan in the first place with credit union.
545504
Ok, a second mortgage is when you still are making your original pmt., but you take out what is called equity that is built up in your home. Say you bought your house for 100,000, and now it is worth 200,000. Now, most banks use the 80% rule. You take the 200,000 and subtract what you owe still on the house- say you owe 85,000. So, you have 115,000. Now, what is 80% of that? 92,000. So, you could get an equity loan (or a line of credit) up to 92,000. Now, say you borrow that, you will owe money on that. Technically, banks call it an equity payment, but a lot of people call it a second mortgage, because it is a loan against your home. A line of credit is a bit different in that say you get the line of credit for 92,000, but you only use a few thousand here and there. You only pay what you use. Say you pay it off, and then a month later, decide to use it for a vacation, then you would owe again.
512427
If it was your primary residence for a couple of years, you get the first 250k profit (500k if married) for free on capital gains.  With mortgages, you can only deduct interest payments, and rolling over your property to something of higher value only works for properties that you don't live in personally.
624261
Usually primary sales means that the sales person is in direct employ of the company who makes the product.\n\nSecondary sales realtionships are when the sales team are employees of an entity separate from the the entity that manufactured the product. Like a distributor or a sales agent.
1072654
SIMPLE ANSWERS:\n1. Mortgage broker: middle man between the lender and consumer\n2. Secondary Mortgage Market: the government buys loans from lenders so lenders can have more money to loan out.\n\nsimple eh?
1167428
in some cases you may be committing fraud if you claim a house is a primary residence and then immediately rent it out. Laws very by state but you will usually have to occupy the home for between 6months-2 years for it to be considered a primary residence.
658183
A typical refinancing goes like this.\n\nHomeowner has a mortgage with a 6% interest rate, and he still owes $200,000.  Nowadays, interest rates are lower, so he gets a refinance company to loan him the same $200,000, but with a 5% interest rate.   Homeowner takes the money and pays off the first mortgage, and now owes the same amount of money, but with a lower interest rate.  Homeowner saves money.
540241
where do u live? in the uk there are joint ownership scheames. a housing agency pays half your mortgage, you pay the other. if you ever sell they get half, but so do you. and you buy the home yourself.
502213
If you are getting a higher interest rate from your IRA, then put your $ in to the IRA.  If the interest rate on the home loan is higher than the IRA, then put the $ on the home loan.  Which ever is going to return more $ to you.
213874
Most banks decide what to loan you using the 28/36 Rule. That means your house payment can’t exceed 28 percent of your gross monthly income and your total debt can’t exceed 36 percent
994028
When you become eligible for Medicare, the two plans will coordinate benefits.  This means that one plan will pay first (primary) and the other will pay secondary.\n\nIf you are retired from the State, Medicare will be the primary payer.  You will need to tell your insurance company that you are picking up Medicare so they know to wait for Medicare to pay first.\n\nNote that having two insurance companies does not guarantee that you will never have to pay a portion of your care.  Watch your insurance company statements (EOBs) closely to determine if you have any liability.
144182
easy. loan proccesing fees. You pay the int. up front under a different name. Simular to points (another name for interest) on a Mortgage.