Home Equity Loans – second mortgage

Question by MUSCLES: Is a home equity loan and a second mortgage the same thing?
If not, can someone explain how a second mortgage works in laymans terms? Can I take out a second mortgage if I haven’t had my house that long?

Best answer:

Answer by Robert H
These are not necessarily the same thing. Normally, a Home equity line is secured by a second mortgage because the person who is getting the loan already has a traditional first mortgage on their house. However, they are two different things. A Home Equity Line of Credit is a revolving line allow you to borrow up to a maximum amount whenever you request a draw and it is secured by a mortgage on your residence. A second mortgage just refers to the position that the mortgage is in. If there are no other liens on your house than it is a first mortgage, if it is filed second, then it is a second mortgage, and so on. A Home equity rimmed can be secured by a first, second, third, or more mortgage.

Give your answer to this question below!

Question by Kristy: Use student loans or obtain home equity line?
My employer pays for my tuition, but I am inactive eligible to take out student loans. I am debating if I should continue to use student loan money to “fix-up” my house, or just take out a home equity line. I know if I take out a loans, and if I stay in school I tin keep the loaned deferred and just pay when I can, but a home equity loan would require immediate payments. Also, if I hit a rough patch I can request a forbearance request. Any thoughts??

Best answer:

Answer by v b
So, you are going to lie on your loan applications that you need the money for tuition when you aren’t actually paying tuition. Since your employer will only reimburse you if you pass the course, this may really be allowed. However, if you do get reimbursed, you can’t deduct any interest on your taxes and you would be a gull to not pay away the loan immediately.Stick to the home equity line of credit or no loans at all.

What do you think? Answer below!

Question by Kelly: Refinancing vs Home equity Loans once you take the house of the market?
Taking the house off the market we are not eligible to refinance because of the rules by the government How can we do a home equity loan and where can I find the current fixed rat? Thank you

Best answer:

Answer by sbinlb
Just because your house was for sale and now it’s not, has no impact on whether you can refinance or not.You have to have 80% equity to be eligible for a home equity loan.

What do you think? Answer below!

How To Get A Home Equity Loan When Your Credit Is Terrible

Since releasing my special report, How to get a Home Equity Loan, even if your credit is terrible and your bank just turned you down, there has been a lot of commotion and confusion created over what it means and how it’s affecting homeowners in Ontario.

Is it the end of the banking system? Are banks not lending? Will it be impossible to get a home equity loan? The answer to all of these is definitely “No.” And I’ve written a few articles since then to clarify, but there’s still some misunderstanding going around.

Well, I’ve decided to clear the air once and for all,

Here’s the real deal…

As you know, the banks are clamping down on their lending. It’s gotten to the point where the major players are so tight with their lending policies that only the best qualified applicants can even think about applying.

What’s about secondary lenders?

When it comes the secondary institutional lenders things are changing fast. Normally this is a good option but they are closing shop in droves. The choices are extremely limited. Today there are only a handful of mortgage companies left who cater to the “sub-prime” market. To make it worse, the ones that remain are tightening their policies to the point of being as restrictive as the big 5 banks.

]]> The days of easy money are over my friend.

Where can you turn?
The final option is private lenders. I tin see you cringe like I said a bad word. But don’t be frightened. Private lenders can be wonderful….if you know which ones to use.

Private lenders step in where the banks won’t. They tin save your butt in a sticky situation and help you when everyone else says “No.”

Think about it. Who else is going to lend you money when your credit is bad or you can’t verify your income?

Private lenders look at one thing and one thing only. EQUITY.

Plain and simple…if you have equity in your home you tin get approved.

Now let’s get something straight. There will be challenges. This is not exactly the easiest way to get money. You will need to have your housed appraised. You will have to supply documentation and you will have to pay legal fees and broker fees. And, I guarantee this won’t be the most pleasurable experience of your life. But you still tin get the money you need and probably come out in a good financial situation…..and….perhaps level consolidate those credit cards.

Strategic Capital Network is a licensed brokerage providing home equity loans for Ontario homeowners. If you would like to see if you qualify for a home equity lend go to www.loansforontariohomeowners.com for a FREE assessment.

best-equity-home-loans.us If you are need money for buying new car or pay off your old debts, you can get loan. There are many loans that you can apply if you are creative in finding it. Payday loan is the easiest loan ever. You don’t need to wait long to get money from this website because in less than 24hours, you will get the money in your bank account. If you need bigger amount of money, it is suggested that you apply for personal loan.
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The 3 most common blunders homeowners make when applying for a home equity loan….and how to avoid each one

Let’s dive right in….with the 3 most common blunders I see homeowners
make – and of course, how to avoid each one.

Blunder # 1 Paying for an appraisal when the value isn’t there.

I see this all the time with wannabe borrowers.

Most populate get excited about the idea of getting fast cash and rush to
get their property appraised.

But here’s what happens….

It costs them to find out that their home is valued lower than they thought. (especially in today’s market) Your home you swear is worth 5,000, the stupid appraiser thinks is only ,000. Just like that the ,000 equity you wanted to borrow vanishes into thin air. (along with your )

So what do you do?

The answer is elementary. Check the home values in your neighbourhood before you do an appraisal. Here’s how. Have your mortgage broker analogize properties in your area and glimpse if your home is in the correct range for you to get approved. It’s gratis, and you will evade squandering your time and money.

Blunder # 2 Not Having Your Income Taxes Done

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I can’t tell you how many times I see this one.

Everything looks good. Your house has lots of equity, the appraisal is complete and things are going swimmingly. Then the unthinkable happens. They ask you to provide a Notice of Assessment (NOA). Oops! You haven’t done your taxes for the last 2 years. Just like that…lent declined.

Solution: Find out first what income proof the lender needs. Sometimes all they require is a pay stub and a job letter. (Some lenders don’t need income verification at all.) You will save yourself hours of grief and aggravation. Or, if you want to be safe, just call your accountant and get your taxed done!

Blunder # 3 Not Disclosing Liens On Your Property

This one really is really bad. Don’t do this !!

Here’s the scenario….

The lender approves your home equity loan and It’s time to get your money.
You go to the lawyers office and they tell you their is a problem.
Shocked? Well you shouldn’t be. Remember that secured loan that went bad 3 years ago? Guess what. It’s now registered as a lien against your property.

Here is some free advice. Tell the lender everything before you apply. And I do mean everything.
Trust me. Every title issue, lien or debt secured against your property WILL show up
when the lawyer does his search. If this happens your lend will get declined – guaranteed.

There you have it.
Avoid these these 3 common mistakes and you can get your housed equity loanapproved with a lot less chivy and get the liquidate you need right away.
Hope this helps.

Strategic Capital Network is a licensed bonding brokerage specializing in home equity loans. If you would wish to find out if you qualify for a loan please visitwww.loansforontariohomeowners.com to get a FREE pre-approval.

A home equity loan is generally a fixed rate loan, while the HELOC, or Home Equity Line of Credit, is like having a credit card on a home. Find out how the HELOC can be used for debt consolidation withhelp from a financial adviser in this free video on home equity and personal finance. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz

New York University Tabs The Reverse Mortgage Center’s President Russell J. Fishkind to Teach Premiere Reverse Mortgage Training Class

Eatontown, NJ (PRWEB) July 19, 2007

The Reverse Mortgage Center, LLC® is proud to announce that Russell J. Fishkind, President and C.E.O. of The Reverse Mortgage Center, has been selected by New York University’s School of Continuing and Professional studies, to teach the inaugural Reverse Mortgage Training Program. Students who complete the 6 hour course will earn a NYU Reverse Mortgage Broker Certificate of Completion.

This class explores in detail the current and projected senior demographics, the lack of adequate retirement funds for over 13,000,000 seniors, and why the FHA reverse mortgage is becoming a mainstream planning tool.

Course highlights include interviews with both government and industry executives, hands-on knowledge of how to compute principal limit amounts, current and new product designs, and how to utilize a reverse mortgage in retirement, estate and income tax planning. Topics include:

Aging in place. Seniors’ concerns and issues. Independent counseling. HECM and HECM100 Proprietary reverse mortgage products. Estate and income tax strategies. Congressional acts and legislative history. Fannie Mae and Ginnie Mae. Ethics in the senior marketplace. Long term care insurance. About The Reverse Mortgage Center, LLC®
A team of legal, tax, existent estate and financial professionals pooled their expertise to build a comprehensive reverse bonding education and lending program to present consumers and brokers with fair and balanced information and service. Safeguarding the consumer’s financial well-being and the reputation of our participating mortgage brokers is of overriding importance. Our knowledgeable staff of loan correspondents and management team will explain the benefit of a reverse mortgage, assess you or your client’s involve for a turn mortgage, and provide step-by-step guidance through the application handle. Therefore, The Reverse Mortgage Center, LLC® provides each prospective client and broker with a dedicated lend correspondent to ensure your full understanding of reverse mortgages. For more information call 1-866-784-9111 or visit our website at http://www.thereversemortgagecenter.net.

Media Contact:
Patrick Melillo
The Reverse Mortgage Center, LLC
6 Industrial Way West
Building F – Second Floor
Eatontown, NJ 07724
(732) 542-9400 Office
(848) 466-0628 Cell

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At Citadel we have easier ways to get money when you need it. With a Home Equity Loan or Line of Credit. Go to CitadelFCU.org/SmartLiving today for smarter ways to borrow money.
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David Grossman is licensed to arrange mortgages in Ontario, Canada. Call 416 876 2031 or visit www.mortgagemench.ca for more information. MENSCHLife airs live on Tuesday’s from 11AM-noon EST on http or go to www.menschlife.tv to watch previous episodes and interviews
Video Rating: / 5

Question by cumbrlnd: Home equity loans what happens when my mom dies?
My mother who is 85 got an equity loan on her home rather than a reverse mortage loan. I was told today that when she passes the total loan becomes due and payable? Basicly that we can’t just holding making the payments. Is that true? She did this loan so the house could stay in the family rather than it being lost at the time of her death? Wat that the right choice any input would be appreciated.

Best answer:

Answer by GoldyLox1116
the structure of the loan has nothing to do with the ownership of the house. home equity loan just gives her access to cash. mom needs to put it her will that the house is granted to a specific individual. i would check with the bank to see what happens in the scenario you outline.

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