will getting a second mortgage be a good decision or a bad one.  i am in a money crunch.?
816734
If you can figure out anything else to do, don't get a second mortgage.  They are too easy to not pay (at least you don't have to pay very much on them) and so they hang around forever and then mess you up when you want to sell your house.
98674
Either way you go. Move or stay. Make sure that you are putting money away for a rainy day.  The mortgage industry goes through some slow downs just like the real estate market.  Where ever you end up make sure you build a network of people that can provide you lenders.  Stay in touch with realtors and builders.  \n\nFrom what I hear, there are a lot of new developments going in around the Los Vegas area.  Sounds like a great opportunity.
332595
If you go with your existing Mortgage Company, they know you and know you are not shopping, so the price will be higher.  You may have the right circumstances to buy a special type of mortgage, to save you money monthly (WHICH IS MOST IMPORTANT), so you should have a knowledgeable Broker and a bank that specializes in that type. Or your situation has changed or is better, so you want to study the market and shop.\nDo not worry a lot about one time payments like settlement or closing costs, or other costs as they are only one time payments and you do not pay these monthly.  I am not saying ignor other costs, DO NOT ACCEPT GARBAGE COSTS, but if you have a good broker, pay for his work.  If you save any percentage on the rate, it translates to monthly savings for the mortgage term, usually 15 or 30 years.\nThere is always a bank who will want your business to increase theirs and will give you a slightly better rate or conditions, than the others.  The TRICK is you have to find that Bank.  So you go to a good, straight mortgage broker to shop the market for you and see what happens.  If you feel the broker is not doing a good job, get another who WILL shop for you.\nThere are some companies, and not just the brokers, I would not touch with your pole.  They lie about the way they do business, so they can lie about anything.  Check Newspaper stories over the NET in the area of your house back for 2 years, when you have a short list of banks, so you make no mistakes.\nYou are right, rates are fixed by banks and some banks fix higher requirements than others.  It is complicated and that is why Banks have Actuaries.  But your credit score will help determine your rate (which if you think about it is sensible), the higher your score the lower the risk a bank faces in loaning you money.   There is always someone who wants to do business and it does not cost you anything more than time, so look around.   And there are companies who specialize in cleaning up your credit so your score is at it's highest.  One such company I would recommend, who as far as I know is the cheapest of them all, is Ideal Credit Score at 718-502-8800.
611970
you should spend the money to speak with a real estate attourney. the mortgage may become/probably will become your responsibility.
1076130
I would say live in a low cost area if it's accessible to your job, is safe for your family, etc. The less you pay for rent/mortgage, the more you can pay on your other bills... just my opinion. :)
113335
With your situation you're working with an investment property and will take a hit on rate because it's not your primary residence.  But the rates that are available to you depend on your credit score, how much equity you have, mortgage payment history, and how much debt compared to income that you have.  \n\nI work for a company called MYLOAN and our rates are very competitive and service is top notch.  If you'd like a free no obligation consultation you can fill out an application on my website, email me, or give me a call.  I wish you luck in your search for financing.
80159
You should have some financial knowledge before setting out to get a loan.  I imagine you need the loan to purchase a one family house, instead of some apartments and other high end real estate.  I would suggest that you read a book first on buying a house, it will explain many of the curve balls the bank will throw at you when it comes time to buy the house.  Credit is not so important because the house will be your equity.  If you dont pay the bills the bank will take the house.  Try going to one or more banks, if they decline your loan, then ask them why, this way when you get to the next bank you will have some experience.  The bank is the safest way to borrow money, aside from loan sharks, and family.  You should look for a competitive interest rate, something less then 5% is good but I wouldn't pay more then 6.5% no matter your credit.  Well if you have a credit rating of less then 500, then be prepared to pay more in interest.  A large down payment will defer some of the monthy payments.  When buying a house I prefer to tie up the deal first, then worry about the money.  Also look the housing market in the USA showing slow growth this year.  I bet next year houses will be a lot more affordable.  Whatever the asking price is, take 10% off that price and offer the person that.  Look at the house, if there are cracks and damage take that out of the asking price.  I would buy a book on real estate before buying a house.  Get something like real estate for dummies,  I know it sounds degrading but its a 20 dollar book and could potentially save you thousands of dollars.  Its better to be informed before making an expensive decision.
880853
You asked questions that should be answered by qualified mortgage broker. If you are working with one ask him/her all of these questions and if you are not, than find some one in your area.  You should also consider talking to a financial planer, he/she will explain to you the benefits and pitfalls of investing your down payment.\n\nI would suggest that if you can afford making the payments for your new home without any financial hardship, invest the money into less risky investments. You will not get 10% as mutual funds would pay, but you may still be able to get good return on your money and have less risk involved. \n\nOne of the great benefits of home-ownership is having income tax deduction, which in the case of 100% or 80% / 20% financing would be substantial. \n\nDo not be afraid of PMI, if it would be a better deal for you to pay it (must have more info if it would be a better deal), you can always refinance at the later date when the property value will go up and you have 20% equity.\n\nYou can refinance both 1st and 2nd mortgage into one loan if it would make sense at the time.
1006592
There are several options there but you may be better of talking to your bank, a mortgage broker and perhaps check an online offer to give you three options.  Keep in mind it may give you peace of mind to work with a local buisness or bank for your mortgage.  It never hurts to shop I tell all of my customers to shop around.  Check origination, lock fees, rates are important but can be less of an indicator of a "good loan" or not.
396713
If you own a home get a second mortgage on your house. Ask the loan company to refinance for a lower rate
1132441
There are a couple of trains of thought here.\n\nYou did not state your age so it is sort of difficult to say with certainly how to solve or answer question.\n\nIf you are not close to retirement and not worried about being on a fixed income and worried about making your current mortgage payment, then this is my suggestion.\n\nKeep your current mortgage as it is, it is mostly a tax write off with your interest.\n\nPurchase additional income properties either with a guy that need money to find fix-up and repair distress properties and place them back on the market for  sale.  This is a good way for you to earn money without doing a lot of the work yourself.  Make sure this person has  experience, so have him show you some of his work he has done in the last 2-3 months. Find out his volume, investment amount needed per deal and the return you can expect for your investment.\n\nThe other way is for you to find distress properties, foreclosures, For sale by owners, fix them and put them back on the market for sale. If you decide to go this route for every 3 houses you come across I would keep 1 for a rental property and income tax write off. If you are doing an average of 3 per month that would give you 12 properties at the end of your 12 month cycle. You should conservatively be earning approximately $10,000- $20,000 per month easily. \n\nAnother way is just to purchase property for rental through bank REO that are already for move in. At this rate it would take a lot longer to accumulate.\n\nYou can lend your money out to others using their homes as collatral for 2nd trust deed investment. 2nd trust deeds are averaging about 10-12% annual. They are normally interest only with a call date of 5 years or less.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
974390
Yes you can have more than one mortgage. In fact you can have as many mortgages as there are people willing to lend you money.\n\nA mortgage is just a loan secured on property. That means that if you don't pay the agreed installments, the mortgage company can take the property to pay off the loan.\n\nIf you have a second mortgage, they would also have the right to sell your house if you got into arrears, but their interest would come second to the first mortgagee's. For example, you borrow £10,000 from Bank A, then £5,000 from Bank B. If you stopped paying, either A or B could sell the house to get their money back, but A would get all his money before B. So if the house fetched £12,000 when it was sold, A would get £10,000 and B would get £2,000.\n\nYou may also own more than one house. Say you want to buy 2 houses, each worth £100,000, but you only have £150,000 - you need a mortgage of £50,000. You could have one mortgage of £50,000 which covered both houses, two mortgages of £25,000 each or you could just have a £50,000 mortgage on one of the houses.\n\nIt's up to you and what the lenders will lend you!
152441
NO......I WOULD STRONGLY SUGGEST THAT YOU SELL THE HOUSE..\nBECAUSE THEN YOU ARE GOING TO BE STUCK WITH 2 PAYMENTS... THE ONE FROM WHERE YOU BOUGHT THE HOUSE...AND THE 2ND LOAN YOU TAKE OUT...\n\nWHATS GOING TO HAPPENED WHEN YOUR MONEY RUNS OUT...FOR PAYING THE HOME YOU PURCHASED....??\n\nYOU WILL BE STUCK WITH 2 PAYMENTS.
278429
it might be better to buy one later because of the fact that the real estate bubble is about to burst. prices should fall on property. plus, by then you'll get a better rate because your putting down payment.
610980
you may not have enough equity to even consider refinance..Basically look at the interst rates of your existing loan and the rates that are currenlty being offered. Is there more than a 2 point differnece? Has homes in your area in the last 6 months gone up in value considerably? Don't forget with refinancing also comes clsoing cost, points, assesment, and attorney fees. Talk to you finance company. Otherwiwse look at possibly a second mortgage or line of credit (again depends on equity though)
608479
As a branch manager for a direct lender/brokerage, I would stay away from the 2/28 at this time.  We may have more rate hikes, hindering you from refinancing in 2 years due to whats called payment shock!  It is a risky loan at this time as nobody knows if rates will decrease. You will be fine to refinance in 2 years; at the going rate at that time.. The 2 year fixed is a way for that loan officer to earn income off of you two times.  It may not be the best program for you after seeing your hesitance.  Email me at ryan.wood@truelend.com for other options.
1069800
Put in refinance mortgage bad credit and see what you get.\n\n\nLC