How long will I have to repay the second mortgage?

Some second mortgage loans could go for 20 years and some could require repayment in same year. You should discuss the repayment terms with lenders and pick one who offers the best terms for your needs.

Why do I need to pay for another policy of title insurance when we already own the property?

Before closing your new mortgage, your new mortgage lender must be certain that the title to the property will be free and clear, free of prior defects and indebtedness. A new policy is needed to protect the new mortgages lender and subsequent investor of your new mortgage. Both a homeowner and prospective lender need to be certain that what is available on the property is what is referred to as a "marketable title". A title company researches the legal history of the property that entails searching public records in the offices of the county recorder. Problems with the title could threaten the mortgage, limit ones use and enjoyment of the property and could result in financial loss. A policy of title insurance protects a homeowner's title and the insurer covers the cost of any legal challenges.

Is it possible to reduce my closing costs?

If you are refinancing, you could reduce some costs by asking your lender about them. Example: your lender could use your last home appraisal or your other credit reports or even recertify old documents for cheaper then getting new documents.

What is the best way to find mortage lenders?

It is a good idea to contact at least three to five lenders for input on mortgage programs and rates. You can do all of your shopping on-line or by phone. If there are any usual twists to your mortage scenario, it is best to disclose as much information up front as possible to be certain you are making a proper mortage comparison amongst lenders. When making morgage comparisons you must be sure to compare mortgages of similar terms.

Is Home Mortgage Refinancing the right option for me?

Look at your mortgage related goals: are you looking to improve your monthly cash flow, reduce your mortgage term, do you need to take out cash utilizing the equity from your home? Obtaining the right mortgage for your particular needs could make sense even when rates are not at their lowest levels. First identify your goal and contact a mortgage professional for suggestions on mortgage programs that would best help you meet your objectives. Then shop for rates after you have selected the appropriate mortgage program.

How much Homeowner's insurance coverage do I need to get new mortgage?

A safe bet is to buy a guaranteed-replacement-cost policy that will generally pay out 20-50% more than the face value of the policy to rebuild your home (this is also the preferred policy of mortgage lenders). A replacement-cost policy typically adjusts the amount of insurance each year to keep pace with rising construction costs in your area. It is important to note that local building codes require structures to be built to specific standards which could vary over time, if your home is severely damaged, you may be required to rebuild it to current codes. Even guaranteed-replacement-cost polices do not always cover this expense. However, many insurers offer an endorsement that will pay for the upgrading cost, it is a good idea to consider adding such an endorsement to your replacement-cost policy.

What is an interest only home loan?

An interest only mortgage is loan with which you can just pay the interest or the interest and portion of the principal whenever you want during the predesignated amount of time. These loans can be 20-year fixed or adjustable rate mortgages.

What can home equity credit line do for me?

If you need to borrow money, home equity lines just could be a great source of cash. It would provide you with a large amount of cash at relatively low interest rates and with some tax advantages not available with other kinds of loans.

How do I choose a second mortgage lender?

If you are looking for a lender, make comparisons between them. Look for interest rates,and origination fees, closing costs and repayment terms. Check with your local banks, credit unions and finance companies about their loan terms.

What is the difference between 0 point and no cost mortgage?

With no cost mortgage, a borrower has accepted a higher interest rates, with the trade off that the lender or broker will pay for all their non-recurring closing costs. With 0 point mortgage, a borrower has opted not to pay points to buy their interest rates down but will still be paying for their base closing costs.

Will the lender require a fee to lock in my interest rate?

For a traditional 30-90 day rate lock, the lender will not require the borrower to pay a lock fee, but for the privilege of locking for a period beyond 90 days they may. Some lenders allow borrowers to lock and then float the rate down one time during the cheap mortgage process, typically a borrower is required to bring in a fee of ½-1% of the mortgage amount which is then credited (or refunded) to them at closing. It is a lock fee the lender requires to insure the transaction will in fact close.

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