Can I Get A Loan For A Camp? The differences between mortgages on primary residences and second homes. On your primary mortgage, you might be able to put as little as 5% down, depending on your credit score and other factors. On a second home, however, you will likely need to put down at least
What Happens To 2nd Mortgage After Foreclosure? When a homeowner defaults on the first mortgage, the lender may foreclose on the home. After the foreclosure sale, the second mortgages and junior liens will no longer exist against the home. However, the debts that are owed will not disappear. What happens when a second mortgage is
Can I Refinance A First And Second Mortgage? Can I refinance a first and second mortgage? It is possible to refinance first and second mortgages, combining them into one. Approval is contingent on the age of the second and how much equity is in the home. Refinancing to combine first and second mortgages is often
Does A Second Mortgage Affect Credit Score? Does a second mortgage affect credit score? Hard inquiries performed while mortgage shopping will cause your credit score to drop. A finalized first mortgage, mortgage refinance, or second mortgage will cause your credit score to drop temporarily. If you pay your mortgage payments on time, your score should
What Does It Mean When The Seller Carries The Loan? What does it mean when the seller carries the loan? Simply put, seller carryback financing is owner-provided financing. The seller acts as the bank or lender and carries a mortgage on the property, collecting monthly payments from the buyer. What does carrying a loan mean?