how do i get a 2nd mortgage
we bought a house a year ago and we still owe about $280,000 and the value of the house is about $370,000 we want to consolidate all of our debt which will be around 80,000 can we still take a second mortgage of 80,000 and do you know how much monthly payment will i pay for the second mortgage
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How does getting a second mortgage work? Wondering if you can get a second mortgage? Well, you’re only eligible for one if you’re already a homeowner. That said, you do not necessarily need to live in the property. A second charge mortgage can be a loan of anything from 1,000 upwards.
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Disadvantages of a second mortgage. A second mortgage can be a hindrance if you want to refinance, need a loan modification or have to sell your home in a short sale. Closing costs on second mortgages can be expensive, often thousands of dollars. Expect to pay for origination fees, title fees, the appraisal and a host of other costs.
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In many cases, it is possible to get a fixed interest rate on a lump sum second mortgage, so you don’t have to worry about rates rising and forcing a higher payment later on.
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the direct-to-consumer mortgage lending arm of Ally Bank. "If you can wait a year before applying for a home loan, that’s an even better time frame to get your credit and finances into top shape.".
when they do I have 30 days to get out,” said Ezernack. Selling the house is a possibility but Ezernack would have to sell the home for around $220,000 to make it financially feasible after agent fees.