 Advice for person moving out? |
| i am 23 years old with a son who is 5 and i regretfully say this but i live with my annoying nagging mother who i have always lived with. i also go to college full time. i have never moved out and ... |
|
 My parents want to sign over their home to my brother and I. What do we need to do and will there be problems |
| Parents are both 65, the home is paid for, they will continue to pay the property taxes and insurance. They want to do this in case they are put in a nursing home.... |
|
 Is 1200 to much to pay for rent? |
| for a two bedroom apartment in your area?... |
|
 Is it legal for a landlord to do this? |
| My lease expires Dec 31, 2008. At previous expirations, three months before hand my landlord would ask me to let them know if I intended to renew or not, but I did not have sign my new lease before ... |
|
 Question for Home Buyers and Sellers? |
Buyers, if you are buying a home, do you prefer to see picture nails/hooks on the wall, or is it better to take 'em out and leave just a nail hole?
Sellers, which way are you going ... |
|
 I want to sell my home, who is a reputable realty companie to go through? |
| I dont want to spend too much on commision and closing cost, can anyone recomend a company? What should I look for and avoid?... |
|
 My Realtor caused me not to get a house. its avail now because other buyers loan failed. Must I use him now? |
| My Realtor dropped the ball and did not submit material to the sellers agent in reasonable time so the sellers chose another strong buyer interested in the same house. Luckily the other buyers loan ... |
|
 If i live in an apartment can mantinence unlock my door and walk in if I dont answer the door or am not home? |
| Just wondering if theyre actually allowed to do that. We called the other day to have our dishwasher fixed and they said they'd sned someone (didn't give us a time or anything) so today my ... |
|
 I am sick and tired of hearing people down people who are in a foreclosure situation!? |
| Me and my husband are stable, we already owned a home and bought a second home. We had a 5.99% for two years and anticipated on refinancing after the two years at a fixed rate. However, the housing ... |
|
 Roommates been gone for a few weeks, can i still make her pay her part in bills? |
| my roommate hasn't been staying in our apartment since the third week in june. we just got some bills in for utilites and gas. can i still make her pay half even though she's been gone ... |
|
 If a realtor came to your door and gave you a plastic business card, would you keep it? |
| it would be clear or frosted. It would have the realtor's pic and info on it. Would you keep it OR still throw it away.... |
|
 How much do you have to earn to rent a property for £850 a month? |
| I've found a great flat to rent for £850 a month. I was just wondering how much our income would have to be for them to accept our application on it? (I'm going to rent it with my ... |
|
 Do I need to be employed to qualify to rent a apartment.? |
| I do have money in the bank which I am living off but I do need to move out of my dad's estate and find a place to live and eventually get a job but in the mean time I was wondering if ... |
|
 My roommate had her boyfriend move in after i had signed the lease with her. Is there a way to get out of it? |
| Well My best friend of 12 years and I moved into a apartment. I was informed it was just going to be us living there. Well a month after we moved in her boyfriend moved in. He has been living here ... |
|
 Is there a form that I need to fill out to give my landlord my 30 day notice? |
| Live in Texas. Renting a house. Lease has expired. Need to move out. Landlord requires 30 day notice. I would like to provide something to her in writing giving her my 30 day notice. Is there a ... |
|
 I had lost my home? |
| i found out that my landlord has sold the house that i was living in,and buy the 31 oct,i will be homeless.so i have to give up my dog and losse my home.great ???... |
|
|  |
Lott | Explain second mortgage? |
Some people get a second mortgage on their house. HOw can they if the house aint paid for? |
 |
 
fixer of all aka mom
 |
Ok, a second mortgage is when you still are making your original pmt., but you take out what is called equity that is built up in your home. Say you bought your house for 100,000, and now it is worth 200,000. Now, most banks use the 80% rule. You take the 200,000 and subtract what you owe still on the house- say you owe 85,000. So, you have 115,000. Now, what is 80% of that? 92,000. So, you could get an equity loan (or a line of credit) up to 92,000. Now, say you borrow that, you will owe money on that. Technically, banks call it an equity payment, but a lot of people call it a second mortgage, because it is a loan against your home. A line of credit is a bit different in that say you get the line of credit for 92,000, but you only use a few thousand here and there. You only pay what you use. Say you pay it off, and then a month later, decide to use it for a vacation, then you would owe again. |
|
dycks
|
This is what I do for a living. Observe..
A person buys a home for $200,000.00
They put 20% down which is $40,000.
They own their home but have to pay the bank a monthly "rent" for the priveledge of living there.
They owe $160,000 on their home, but a few years later the home goes up in value as well, so now they have a house that is worth say... $250,000.00.
The difference between the $250,000 and the Original $160,000 is called "equity". They can usually borrow a portion of that equity if they want which is called a Second Mortgage.
Here is another example.
A person bought his/her home 10 years ago. Paid $100,000 for it. Borrowed say, $80,000. Meanwhile the home goes up in value and they are paying down the mortgage. But things get tight, and the person needs some extra cash. Ten years later, they might still owe $60,000, but the house is worth $300,000 now. So, they only owe a small portion against the value of the home, and can easily borrow some extra in a new second.
Some people have 3rd mortgages as well, but these are usually from private parties who loan the money, since most banks won't loan in a 3rd position.
As long as you have equity, and a willing lender, you can borrow against your home. Sadly, many people finance their lifestyles this way. |
|
cliffinutah
|
A second mortgage is a loan obtained against the property using the equity in the property (difference between what it's worth and the balance on the first mortgage). You can acutally have a third, forth, etc. too. |
|
sunshine_today
 |
The second mortage is also referred to as an equity line of credit. It is the appreciated value of the house (equity) minus the existing mortgage amount. So, if you bought a house and have a first mortgage of $100,000 but now your house is worth $140,000, you could get a 2nd mortgage for that difference of $40,000. |
|
The Whopper
|
you can borrow up to 125% of your house's equity...so if you own a home thats 100,000.00 you can borrow 125,000.00
if you still owe 50,000 on the house you can borrow 75,000.00. |
|
Rick C
|
You refinance the loan at a better rate so your payments change and you have to pay less in the long run. |
|
careercollegestudent69
 |
A desperation to pay and consolidate bills that you cannot afford to start with. But it happens to almost everyone if you own a home or property. Most people that get second or more mortgages are the homeowners that work constantly to pay the note, then wake up one day in the imminence and unpreparedness of the roof needing replaced, piping or electrical work, etc. You are basically borrowing some of the EQUITY, money you have in it that's yours, to make your payments longer in the long run. Some people will also second mortgage turn over to another mortgage company to get a lower percentage rate. It's all a big corporate money game where the mortgage companies are almost always the only ones who profit in the long run. You are basically a slave to it until the day you sell it, or lose it, or die! |
|
pknutson_sws
|
Because they are borrowing against the equity in the house. i.e., they bought the house at 100,000, but if they were to sell it today they would make 300,000, giving them 200,000 equity.
The banks make their money back by selling your house if you default on your loan. |
|
zphtar
|
You borrow against the built up equity in the house. Say you buy a house 5 years ago for $150,000 and it appraises for $225,000 today. You can borrow against that $75,000. |
|
playtoofast
|
a second mortgage is used to finance additions and renovations to your home usually done because intrest rates are higher then the first mortgage.to finance the whole thing at a higher rate costs you more so you only pay the higher intrest for short period . most people refinace and pay of second and third mortgages when intrest rates drop below the largest mortgage.The addition or renovation adds value to the house making a loan possible provided you have some built up equity to cover a portion of the estimated improvements. |
|
legal&sane
|
You can take a second mortgage from your first using equity that you already have in the house. |
|
glenn b
|
goes against any equity you have built up in the home since you bought it, principal paid, increase in value etc. the total of the first and second mortage will never exceed the total loan value of the home |
|
awaken_now
 |
First you find a house or condo to buy...say $200,000.00
You put down a deposit of money...say $20,000.00,
you now have $20,000 equity in the building (your home)
The balance of $180,000 is your first mortgage.
The second mortgage is like a loan you get with the equity of $20,000 acting as collateral. But it is not a loan it is a mortgage like the 1st one, only now you have another $20,000 cash in your hand and you no longer have any equity in the house. Your home is now 100% financed.
You have a 1st and 2nd mortgage.
Now it gets interesting...if your home rises in value like properties did last year by 40%...you home is now worth $280,000. You have a fresh $80,000.00 equity in your home and a 1st and 2nd mortgage for $200,000.
Some mortgage companies will give you a third mortgage!
...and on and on as the home rises in value.
....The danger is when the home drops in value and your mortgages are greater than the worth of the building (including land) But that will never happen right?
Enjoy and get more than 1 quote. Today there are lots of companies looking for your business.
A side benefit is... the interest you pay per year for your main home and one other (say a cottage) is a fully deductible from your gross income and you pay less taxes. |
|
naplesagent
 |
Second mortgage is to pull equity from your home. You can buy things with the money. |
|
mista_stizz
 |
i hope you arent asking for yourself because it is a bad situation. if you are good luck. your second mortgage is about 140-150% more than the first one and people usually need the credit for putting a kid through school or something like that. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
15 | 8 minutes(s) ago
| | | |
15 | 23 minutes(s) ago
| | | |
15 | 48 minutes(s) ago
| | | |
15 | 3 hour(s) ago
| | | |
15 | 8 hour(s) ago
| | | |
15 | 10 hour(s) ago
| | | |
14 | 2 day(s) ago
| | | |
14 | 2 week(s) ago
| | | |
15 | 3 week(s) ago
| | | |
15 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
