I currently own a home in Maryland and plan on moving to NY next Summer. with our current housing market, I am considering renting out my existing town-home (so I can wait out the crunch we are in). And when in NY, I hope to take advantage of the lower priced homes. I am curious [...]

Is the higher rate of interest charged by the lender the only reason for them to do a second mortgage?Why would the lenders lend more money than the property is appraised for? A second mortgage is a secured loan (or mortgage) that is subordinate to another loan against the same property. More specifically, the second [...]

Sir Chris. Kelly is to recommend that instead of being able to claim for mortgage interest in their expenses, MPs will have to rent and charge part of that instead. Does anyone think that Jacqui Smith’s sister will be applying for a very large extension to her property? Sans-Culottes – i just hope and pray [...]

Could someone tell me what steps to take in this situation? Our home is currently appraised at $150,000. We’ve only built up $10,000 in equity. We are interested in building an addition on to this home – I estimate this would cost about $35,000. Would this mean adding a 2nd mortage, or could I increase [...]

Either the home is held for personal use (then the mortgage interest is deductible on schedule A as a vacation home), or the home is held for business use (the home is rented so the interest is deductible on schedule E as an expense to offset the rental income), or the home is held for [...]

Can I sell a home with just a 1st mortgage, collect the equity and continue to pay on my Heloc as if it is a line of credit? or will I have to include it in my home sale (and possibly a short sale)? The HELOC is secured by your home (read your loan documents). [...]

I am planning to buy a new house. What would be better, to take two loans (primary and secondary) on the new home, or to take one loan and home equity from my first home (which was paid in full) to put into the new house? It’s usually pretty irrelevant which option you use, Lenders [...]

I read public records when doing RE research so I’m wondering. I guess that only second and reverse mortgages show. And why would someone choose a second mortgage vs home equity loan? Are we saying that a home equity loan automatically shows as a lien? all mortgages and liens against a property are available if [...]

My girlfriend and I purchased a 2bdrm 2bth condo 6mths ago. We now want to move into a larger townhome. We don’t want to sell the condo, but rather rent it instead. To add to that the home we found isn’t done being built yet. In order to seal the deal we need to cough [...]

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