what's a second mortgage?
336488
A second mortgage is a secured loan (or mortgage) that is subordinate to another loan against the same property. More specifically, the second loan in sequence.\n\nIn real estate, a property can have multiple loans against it. The loan which is registered with county or city registry first is called the first mortgage. The loan registered second is called the second mortgage. A property can have a third or even fourth mortgage, but those are rarer.\n\nSecond mortgages are called subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage gets any money. Thus, second mortgages are riskier for the lender, who generally charges a higher interest rate.
638569
You can, but it will cost you more than its worth, you will get an outrageous apr on you second mortgage b/c of you beacon score. Get the payments caught up, hold off on big expenses and once you get to apoint where you can make payments early do it. After six months to one year your score should be back in a lower apr range, where you have more flexibilty and hopefully more equity accrued to play with. Just like getting the job that pays that good, it takes time and hard work, Good luck.
660151
Yes, you will be able to get another mortgage, however you will pay a higher interest rate, larger fees and jump through more hoops to get it.
332705
The down payment is a key factor. Usually the 2nd (line of credit) is at a higher rate and shorter term. Making the payments high.  The more down you can provide the lower your monthly payment will be. There are also many options like Interest Only and even some Negetive Amortized loans which have considerably lower payments than the conventional 30yr fixed paymetns. It ultimatly depends on what your long term goals are? \nBest thing I can recommend talk to a loan specialist at your local bank.
404192
***********************************************************\nHopefully you currently own your home now. You can use the equity in your current home as a downpayment on a 2nd home. Use the 1st as a rental. This may mean refinancing your 1st home or getting a 2nd mortgage on it.\n\nI suggest you take your first $15 bucks you can spare, go out and buy the book "The Automatic Millionaire Homeowner" by David Bach. This book alone is more than enough to get you started, even if you don't think you can. You can also check out his website at www.finishrich.com/homeowner\n\nAnd by the way, don't let others tell you it can't be done or they know someone who tried, etc. They have good intentions. They are trying to protect you from disappointment (a feeling they've experienced). So thank them for being caring enough with thier warnings. But explain that what you can really use is thier encouragement and support and that any advice they have that might help you in your efforts would be much appreciated.\n\nDon't give up. And congratulations on your thinking big.\n\nHope this helps. Good luck.\n\n***********************************************************
187359
You say your house "Will be" mortgaged by a finance company, does that mean you haven't bought it yet?  If that is the case then get a job or second job or wait until you can afford it.
1130427
I bought my first house with the help of a first time buyer program.  I had to take one 2 hour course (free, all I had to do was show up & listen), and the county paid my down payment.  It showed as a silent second mortgage.  As long as I lived in the house, and did not refinance, I did not owe any money to the county.  When I did refinance I had the option of paying that money back or making payments just like any other loan.  I was able to close on that house for $300 out of pocket because of that program.  As another poster said, there are many programs out there.  Some will even offer very low interest loans to make improvements to your home after you move in.  Your Realtor or mortgage broker should be able to steer you in the right direction as far as what programs you qualify for that are available in the area you are buying in.
473602
My husband and I run a mortgage branch in Temecula, CA.  The answer to your question is that you would need to get pre-qualified again to buy the new home.  If you are earning enough money you could, in order to prequalify, retain your existing home whilst buying the new one.  If not, you would need to make the purchase of the new home dependant upon selling the existing one.  In terms of hurting your credit, well a new mortgage account usually knocks it slightly, but generally over a few months having 2 mortgages is good for your credit rather than detrimental. And having an existing mortgage account which you have been paying every month is a good thing for the new lender, not a bad thing. It is always good to have open credit which you are using and paying as agreed.\nIf you need help in either CA, WA, OR, FL or AZ please call us and we will help.  951 302 6586 or toll free 866 606 8707.
34495
Take out a loan at your bank (or a second mortgage).
1166561
I do not know anyone off hand but if your looking to have it appriased because your looking to do a new loan DON'T! Most commercial lenders will charge you for the appraisal and send out their own company  to do the appraisal. If you do this then there is a VERY good chance you'll pay twice. This is completely different than residential where your broker will schedule the inspection and the lender will accept it.\n\nDepending on the size of the properties these inspections can cost over $4,000.\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com
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?
946577
Depending on the value of your current property and the outstanding balance you maybe able to borrow on your existing mortgage.
784350
not enough info....two loans? 1st and 2nd?  home equity etc. unless there is equity in the home that you can access, the only option is a personal loan  unless you sell the house and have it deeded in both names...a reverse mort might be an option, however, that is usually only avail to seniors.....you could do a promissory note and use purchase money mort as a way to have the one party buy even amounts...ask a real estate atty
642410
They could consolidate to one mortgage, should be possible!
321992
It is borrowing against the equity in your home you already have. If you have a 200,000 dollar house and you owe 80,000 on it, then you have 120,000 in equity. With a 2nd mortgage you can borrow against the 120,000 you have in your home as colatteral.\n\nIs it a good idea? It depends. You can usually get a better rate on a 2nd mortgage than you can with other kinds of loans. They are low risk loans for the lending institution-- they will take your house if you default. Thus, they can give you a better rate.\n\nIf you have quite a few working years ahead of you and feel you can pay it off, it might be a good idea. If you are nearing retirement, it might not be a good idea.\n\nIf you are going to use the money for a college education, it might be a good idea. If you are going to use the money for a weeklong cocaine and hookers binge, it might not be a good idea.\n\nOnly you can decide if it's a good idea or not.
1065960
You cannot sell the home without paying off the second mortgage. So either you go bankrupt on both, or you pay off both in full at closing. The bank gets their check before you do, and their lien on your title will show up in the title search. There's no way to recieve the funding from the home sale without satisfying all liens first.
510658
Raise the purchase price of the house by 15%. Write up the sales contract for the asking price plus the 15%, then in the purchase contact indicate that the seller will be doing a 15% second mortgage, you will have to include terms and monthly payment and supply that info to your bank because he will include the new payment in your monthly debt ratio (DTI). After close you have the seller hand you a satisfaction of lien document. You take that down to the court house in the county where you live and remove the second lien on the property. So how this works is the following:\n\nAppraisal = $120,000\nAsking price = $100,000\n15% of asking price = $15,000\nNew Purchase Price = $115,000\nBank loan (85% of purchase price) = $97,750\nseller second = $17,250\n\nYou can move the purchase price around if needed, you may want to also consider raising the purchase price enough to have the seller pay the closing costs as well! \n\nGood luck...