Results for Second Mortgages

Having two mortgages attached to your home is not a bad thing. For years, U.S. homeowners have used second mortgages for basic financial security.

Whether you’re considering a second mortgage to consolidate your debt or complete some home renovations, there can be a lot that goes into making this financial decision. Because a second mortgage is a loan that goes against the equity you currently have on your property, this can be a risk to the ownership of your home. If this is an option you’re seriously considering, here are some basics to know before deciding to on this route
Be Prepared For Higher Rates
You may…

Home ownership has the benefit that it allows you to use your home as collateral and borrow money against it, by taking a second mortgage.

College is expensive and everyone needs to think about how they are going to cover the costs. Some of the costs include tuition, room and board, meals, books, and spending money
In order to pay for college, some people consider taking out a second mortgage instead of taking out a student loan. How can someone know if taking out a second mortgage is the answer for them? There are several factors to consider.
The Interest Rate
One of the factors that people need…

Applying for a second mortgage isn’t all that different than applying for a first mortgage. The paperwork is very similar, and just as when you bought your home, your lender will look at many of the same factors when determining how much you qualify for and determining what the terms of the loan will be. […]

Buying a New Home? 3 Tips for Being Approved for a Second Mortgage – and How to Manage It
Applying for a second mortgage is a great way to keep your down payment amount to a minimum and to keep more of your cash in your bank account. It can also help you to avoid making PMI payments, and some lenders may even waive escrows for taxes and insurance if you use a second mortgage instead of a higher first loan amount. Whether…

Whether it’s to consolidate debt or make funds available for a home renovation, many people consider a second mortgage in order to make it possible to pursue other options. However, like any important financial decision, it’s important to be informed about the financial implications before diving in. If you’re currently weighing your mortgage options and are considering a second mortgage, here are some things to do…

The decision to invest in a home is a big one for many people, but if you’re making the foray into real estate the second time around, it’s even more important to be financially aware and prepared. If you’re wondering what you’ll need in order to get approved for an investment property, here are some things that you’ll want to consider before deciding a second property is in your future
A Larger Down Payment
Due to the risk factor involved in taking on…

Traveling with a significant other is pricey. Traveling with children? That hit is downright obnoxious, and it could blast your savings into oblivion if you’re not careful. So how can you provide your family with a decent getaway without taking out a second mortgage?

Whether it’s to consolidate debt or make funds available for a home renovation, many people consider a second mortgage in order to make it possible to pursue other options. If you’re cu…

The Delaware State Housing Authority Small Mortgage Assistance Loan (SMAL) is a second mortgage loan that can help with closing and down payment costs.

If you have been spending a lot of time at home recently, then you might be getting tired of staring at the same four walls. Fortunately, there are plenty of ways for you to switch it up by financing a home improvement project. At the same time, home improvement projects can be expensive, particularly if you are targeting the kitchen. Therefore, you might be wondering how you are going to be able to pay for them. There are plenty of ways that you…

Do you aspire to own a vacation home… or to own a second mortgage? Was your dream in life to drive a red sports car… or to have a low-interest car loan? Too many credit unions focus marketing dollars on discussing the features and product details of their credit union member services, rather than focusing …

Mortgage interest rates are at historical lows right now, but they’re expected to start rising soon. That’s why savvy buyers are taking steps to ensure they get the best possible interest rates on the market and then lock those rates in for the long term. But even if interest rates are already low, that doesn’t mean you can’t reduce them further
So how can you save even more money on your monthly interest payments? Here’s what you need to know.
Buy Down Your…

One of the major benefits to purchasing a home with a mortgage are the tax credits that can be taken advantage of when April 15 comes around
Many homeowners are unaware of what mortgage related expenses can be deducted and, more importantly, which ones can no longer be deducted.
Receive A Tax Deduction For Interest Paid On The Mortgage
The most common tax credit associated with mortgages is the interest paid credit. This allows borrowers to deduct the cost of the interest paid…

From mortgage to equity to debt-to-income ratio, there are many terms associated with home ownership that can be quite confusing if you’ve never been on the market for a home before. ‘Conforming loan limit’ may be a less familiar real estate term than the rest, but here are some things you’ll need to know about it and what it could mean for your biggest investment
What Is The ‘Conforming Loan Limit’?
The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan…

Retirement columnist
BOSTON (MarketWatch) — My, how things go full circle. A few years ago, before the housing market crashed, experts warned Americans against counting on the equity in their home to fund their expenses in retirement. Six years later, experts are singing — even in light of a still-depressed housing market — a slightly different tune, telling retirees and pre-retirees they will have to consider…

Mortgage borrowers having to choose between the different types of mortgages face a puzzle, which may be particularly perplexing today. Interest rates re...

Mortgage prepayments more than doubled in September from a year earlier as low rates spurred people to refinance their home loans. The volume of homes loans that were paid off rose 121% from September 2018, according to Black Knight.