Second Mortgage

The thing that matters most is what will be best for you knowing that you are moving into a new house in a few years or so.

A refinance to clean up credit makes alot of sense. The new rate is actually lower then what you have now. Even though you have a 6.5%, your second mortgage can probably be in the 8% or higher range.

So, interest alone is less with the new mortgage. Also, the main thing to look at is the paying credit cards over 30 years. Read the rest of this entry »

Ever wondered what is the best mortgage in order to refinance you current second mortgage?

When you got to your lender with bad credits, he will do your application with your current mortgage but they may tell you that you may not be able to do it cuase of some percentages issues.

And they even may tell you that if they cannot get you approved no other mortage. How far that is true? Read the rest of this entry »

Why would any bank want to refinance your second mortgage?

If you have a mortgage with Bank A. The rates went way down so you refinanced with another Bank B at a lower rate with a shorter term, i.e., from 30 year went down to 15 year mortgage.

Why would Bank B want to offer me something like that? What is in it for them? Read the rest of this entry »

There will be a time when you may wonder if you need to report the equity “cash out” from mortgage refinance as income?

You do your own taxes every year, but this year you may have this question. Suppose you just refinanced your mortgage recently. And you find out that you have a good amount of equity.

So you decid to “cash out” some of your equity to help pay off some outstanding debts including car loans, student loan, credit card balance. Read the rest of this entry »

If you are in a  process to quit claim a house or still deciding on refinancing the second mortgage, then wait and analyze your situation first.

Suppose your partner wants to split up and s/he will be quit claiming the house to you. So in order to take your partner’s name off the second mortgage, should you re-finance it? 

What are the costs you have to pay for the quit claiming and the refinance? Read the rest of this entry »

So is the sub-prime mortgage market the primary reason for the steep down in the real-estate market?

It may not be certainly true most of it. It has more to do with bad mortgage brokers. They overstate income on stated deals, they have appraisers in their pocket to inflate values, they get the deal done, no matter how bad it may be.

 It’s been a buyers market for about a year now, and the problems in subprime have only been hitting the fan for a few months. Read the rest of this entry »

Ever thought of refinancing your house and thinking to either apply for prime or subprime mortgage.

It all depends on your credit rating. If so what is considered a prime credit rating? Yes, it does primarily have to do with credit rating. Currently 640 is the extreme low on a prime and has several limits on rates, loan-to-value ratios, and programs. Read the rest of this entry »

BOCA RATON, Fla. (BusinessWire EON/PRWeb ) March 22, 2007 — Phillip Roy Financial Services, a leading national life insurance and annuity seller, has announced a free mortgage referral program. Read the rest of this entry »

After the subprime mortgage market took the dip last week, is it even possible to get an 80/20 loan now?

And is it better to obtain the loan, through an online site or through a mortgage consultant?

Firstly, the subprime market is not affecting the prime market. The 80/20 is still alive, and if you have good scores you can get the better deal with any lenders. You may not want to go for an online lender for your first purchase transaction. Read the rest of this entry »

Have you ever exceeded your line of credit more than once?

This may have ended in to your bank iincreasing your APR and most of the time they will be unwilling to work with me even though  your have never had a late payment.  

So should you look into taking out a second mortgage on the house as the balace is substantial? Ever thought about the downside to a second mortgage in this case? Read the rest of this entry »