lawrie asked:


I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for $40,000 more than purchase price and only want $20K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued $277K and the loan will be for $229000. Any help would be great!

Ray F asked:


I have a 1st mortgage of about $100,000 on a condo valued at approx. $380,000. I have a home equity line of credit ( $20,000) that is interest only with no pre pay penalties. Can I refinance for a 15 or 20 year fixed?

GoGators asked:


Our house will be paid off next year. We have some major home improvements to do in the near future. Will borrowing costs be more if we borrow against the equity after the first mortgage is paid off, or does it matter?

waddle02 asked:


Say the 2nd mortgage is substantially less than the value of the house. Let’s say the value of the house is at $300k, and the first mortgage (the one on the house) has $40K left. You take out a home equity of $20k. What happens if you default on the home equity, since they can not foreclose on your house since the value is much higher than the borrowed amount.

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Austin S asked:


I want to look at an investment property that is only listed at $15,000. Would the bank just laugh at me if I went in and asked for a mortgage on this property?

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my brain hurts asked:


Do the 2 companies duke it out? Or does the former homeowner have to strike a deal with the company that held the second mortgage?

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Painted Jezebel asked:


I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.

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Berry asked:


My husband and I are going in to meet with a mortgage program. He is one of the participating lenders with the state that can help us with a special loan that the state gives for teachers. Should he run our credit? What if we don’t like him and want to use someone else, and they have to run our credit? Also, at what point do I ask him for that good faith estimate sheet? I am reading books on it, but this is all really overwhelming and I don’t want to be taken advantage of.

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Batfish asked:


i am purchasing the property, the bank will have 1st position and the seller has agreed to take back a note 2nd position.

i am wondering if having a second mortgage will reduce my chances of closing the first mortgage?

i want to be clear, i plan to inform the bank and i have no intention to commit fraud by concealing the second mortgage.

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Ray F asked:


I have a 1st mortgage of about $100,000 on a condo valued at approx. $380,000. I have a home equity line of credit ( $20,000) that is interest only with no pre pay penalties. Can I refinance for a 15 or 20 year fixed?

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