Jasong915
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Location: El Paso, TX
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| Second mortgage. |
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We currently own a home which is being rented out. We have tried selling the home and have not had any luck for two years. The renters wanted to buy the home but they did not qualify. We have decided to refinance the house and try to buy a second home. My renters really want the house and will continue to rent the house and try qualify again in a few months. Our renters have been very reliable and fell in love with the house so we feel comfortable they will be there for the next year or two. My question is will the lenders count the rental income? The rent covers our principal and interest. Thank you
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Wed Aug 04, 2010 12:27 am |
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oldguy
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Yes, the rental income counts if you have a signed lease and a year of rental history.
Your subject says 'second mortgage' and your text says 'refi' - I would choose the refi, you will get better terms and a better interest rate.
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Wed Aug 04, 2010 1:58 am |
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Jasong915
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Location: El Paso, TX
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We want to refi the current home and buy another. I apologize for the confusion.
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Wed Aug 04, 2010 6:46 pm |
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Keilysmith
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Second mortgages offer a unique opportunity to start saving the cost of borrowing for refinancing. The process of mortgage refinancing second serves restoration of the basic structure of the second mortgage loan application.
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Wed Aug 11, 2010 12:02 pm |
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buzinesspro
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| second mortgage |
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A second mortgage typically refers to a secured mortgage that is subordinate to another loan against the same property. In real estate, a property can have multiple loans or liens against it.
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Fri Sep 03, 2010 10:16 am |
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moonraker1
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Your rental income will definitely get consideration and second mortgage would be good idea to borrow money.
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Sat Sep 18, 2010 9:48 am |
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joshrego
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It's just another mortgage on your home - a loan secured against property. The term second mortgage indicates that the loan will have priority over your house in case of default. Instead, the first mortgage has first priority and be paid before the money goes to the second mortgage.
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Tue Dec 07, 2010 1:14 pm |
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jeffreyrayenz
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Mortgage secured on property that already given on a mortgage. When you sell the property, you use the proceeds to be paid off the mortgage early. And a second mortgage to pay any remaining funds will put. This makes the second mortgage lender in terms of more dangerous, and thus they tend to command a higher interest rate mortgage.
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Tue Dec 14, 2010 11:23 am |
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amberthomas
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The process of mortgage refinancing is the second restoration of the basic structure of the demand for second mortgages. In real estate, a property can have multiple loans or privilege.
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Fri Dec 17, 2010 1:04 pm |
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MatthewKrauss
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A second mortgage is a mortgage that are further extended to the owner when the property is already carrying out a first mortgage. second mortgages are often extended by the lender who provided the first mortgage.
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Fri Dec 17, 2010 1:11 pm |
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jarniviabroune
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Then in another country learn financial strength. I study or loans, savings, income and expenses with a major problem is the only thing that we clarify the proposed loan to refinance the mortgage can avoidSecond a unique opportunity to provide the cost of borrowing when to start. A second mortgage refinancing second mortgage loan application process for the restoration of infrastructure works.
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Sat Dec 18, 2010 10:03 am |
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janiemorgan
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Refinancing doesn't lessen your debt, it just stretches the payment term a bit more.
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Tue Dec 28, 2010 11:22 am |
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cdloanmod
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A home may have multiple mortgages on it. Second mortgages are subordinate, meaning that in the event of default, the primary, or first mortgage would get paid off first, and then any funds remaining would be used to pay off any second mortgages
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Tue Jan 04, 2011 11:13 am |
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Walter Sanchez
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Yes, the rental income will be considered and it would be based on the rental history and the lease amount. All the best for the plannings that you have in your mind. Thanks!
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Mon Jan 24, 2011 6:58 am |
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savana
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| Re: second mortgage |
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quote:
Originally posted by buzinesspro
A second mortgage typically refers to a secured mortgage that is subordinate to another loan against the same property. In real estate, a property can have multiple loans or liens against it.
So is it better to go for second mortgage instead of refinance ? and if a person is going to refinance than what will be the benefits?
http://www.capitalareahomebuyers.com/tell-us-about-your-property.html
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Thu Feb 24, 2011 12:09 pm |
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