0
Yes you can. But when you refinance your 2nd mortgage you have to inform your 1st lender and 2nd lender both.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can you have two mortgages for one property?
Yes. It is possible to have a mortgage and get a second mortgage on the same property. In some cases there are more than two mortgages on a single property.
Can one person have two mortgages?
Yes. Many people do, especially if they have let property.
What are the reasons to do a mortgage refinance?
Some of the reasons for a mortgage refinance would be lower rates, to get additional money to eventually buy a home somewhere else or even to consolidate two mortgages.
How long do you have to wait to refinance after foreclosure?
If the mortgage on your property is foreclosed the bank takes possession and you lose the property. You can't refinance. I have heard that to take on a new loan is possible in as little as two years. However, if you own another property paid off or in good standing, the foreclosure could affect your ability to refinance that property. I've heard 3 years so 2 years is a plus!
If you are coming into money and have two outstanding mortgages should you pay the second one off or refinance and use the money as a larger down payment?
Pay off the highest interest (most likely the 2nd mortgage) first. Then if the interest rate on the first mortgage is high, refinance. High is anything over 7%. Low is 5.25. Be careful of interest only mortgages and paying down points, they are both a bad idea. Watch the junk fees as well.
Can you have two mortgages for one property?
Yes. It is possible to have a mortgage and get a second mortgage on the same property. In some cases there are more than two mortgages on a single property.
Can one person have two mortgages?
Yes. Many people do, especially if they have let property.
What are the reasons to do a mortgage refinance?
Some of the reasons for a mortgage refinance would be lower rates, to get additional money to eventually buy a home somewhere else or even to consolidate two mortgages.
If you have two mortgages can you pay one and not the other?
There will be serious consequences. The lender you don't pay has the right to take possession of the property by foreclosure.
How long do you have to wait to refinance after foreclosure?
If the mortgage on your property is foreclosed the bank takes possession and you lose the property. You can't refinance. I have heard that to take on a new loan is possible in as little as two years. However, if you own another property paid off or in good standing, the foreclosure could affect your ability to refinance that property. I've heard 3 years so 2 years is a plus!
If you are coming into money and have two outstanding mortgages should you pay the second one off or refinance and use the money as a larger down payment?
Pay off the highest interest (most likely the 2nd mortgage) first. Then if the interest rate on the first mortgage is high, refinance. High is anything over 7%. Low is 5.25. Be careful of interest only mortgages and paying down points, they are both a bad idea. Watch the junk fees as well.
If there are two mortgages first one larger than the second one an the first one gets enough to cover their loan what happens to the second loan can they take other property you have like land?
What was the question again?
What is the use of a consolidate mortgage?
A consolidated mortgage is used to combine two or more outstanding mortgages. The mortgages may or may not be the same property. Sometimes a consolidated mortgage results in lower interest rates.
What is the time period to pay off a homeowner secured loan?
There are two types of homeowner secured loans. One is a second mortgage. The other is a cash out refinance. In both cases, the pay off timetables are identical to regular mortgages, typically fifteen or thirty years.
Can one co owner who does not qualify for financing quit claim the property to the other owner in order to refinance?
Yes. Some lenders require it when two people own property and one has poor credit. However, you should discuss the situation with an attorney to make certain the person who is transferring their interest understands the consequences. They will no longer own the property.
What are the advantages of two properties under one mortgage?
There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.
If you want to buy a house in Arizona that has 3 mortgages on it and the previous owners declared chapter 13 bankruptcy on all three do you assume all 3 mortgages if you assume the senior loan?
You have to look at the bankruptcy file and also review the Chapter 13 plan to determine the status of the other two mortgages. A Chapter 13 can sometimes be used to strip liens from property if the liens exceed the value of the property. Until you determine otherwise, it would be best to assume that you will be subject to the other two mortgages as well.
