Second Mortgage

So the tax deduction on your mortgage payments or the tax waiver for profits after you sell a home?

In some states profits from the the sales of your home can be waived of taxes up to a certain amount if you live there long enough. This has nothing to do with tax deduction.

Any home where you pay a mortgage the interest is tax deductible.

Read the rest of this entry »

Is it wise to refinance a fixed mortgage with a 2-year ARM?

Would it be wiser to do the 50-year fixed or a 2-year ARM and then refinance after 2 years for a fixed rate? Paying closing costs twice in two years seems like a lot of money to you.

You need to keep what you have and do NOT, don’t refinance a ARM. Read the rest of this entry »

Most people answering are getting confused.

There are two types of loans out there: Reverse Mortgages and Negative Amoritization Mortgages.

Reverse Mortgage are only for people 62 years or greater and they can be a great way to go. Increases cash flow, eliminates monthly payment. Read the rest of this entry »

Remember, if a mortgage sounds too good to be true, it can be a scam.

Lenders will always get their money out of you, no matter how sweet the terms sound.

You have to consider carefully all the ramifications of a reverse mortgage. Eventually the bank will own your home, so you have to make sure that the income will last long enough for you not to run into a problem. Read the rest of this entry »

Do you know how a Mortgage Interest Deduction works?

You pay your payments for the second mortgage but do you know who really gets the “cut” everytime you send that pay cheque? It is called Mortgage Interest deductions.

So who deducts the mortgage interest paid. If you are paying a mortgage in some one else’s name then should it be on his/her tax return since the mortgage is in his/her name? Read the rest of this entry »

5 year fixed rate means the fixed rate of interest on the capital loan of the total.

After five years the interest rate will resume to the normal variable rate.

The type of mortgage taken depends on many factors like the intent of the buyers for the house. Are they planning to sell it or stay on it long term. Read the rest of this entry »

Supoose you had a fixed rate mortgage for the last two years.

And now it’s about to expire. What do you do next? Will your mortgage lender offer you a new deal or he will just change to the standard rate? Well, read on… Read the rest of this entry »

So what really is the end results when someone has there home foreclosed?

Well it normally takes about six months for a morgage company to forclose on a home. It can be sooner or later, just depends on how much of careless the creditor is?

Then within three months this will show on there credit report. It will affect the credit score as soon as it is reported to the credit bureaus. Read the rest of this entry »

Do you need to stay away from a second mortgage interest only loan?

If you have been approved for the first mortgage at a fixed rate and a second mortgage interest higher than your first mortgage. And suppose you want the second mortgage interest only loan for an investment property.

Is there a possiblity that your second mortgage payments may go up? If yes, should you go for another loan? Read the rest of this entry »

Is is really easy is it to buy a second home and get a second mortgage?

There is a possible way that you can get second mortgage. You have to prove that your first home is rented out and that you have been consistent in paying all your mortgage payments in the past.

So will the mortgage companies look at this as a hoax if you can provide a copy of the lease agreement, or will it be included in the debt to income ratio ? Read the rest of this entry »