Users' questions

Does second mortgage have to be with same lender?

Does second mortgage have to be with same lender?

A To answer your first question, it is perfectly possible for you to take out a second mortgage with a different lender to finance your extension. And if you can definitely get a better deal than with your current lender, it would seem silly not to.

Is a second lien a second mortgage?

A second lien mortgage, also known as: 2nd liens, piggy-back seconds, 80/10 loans, or 80/15 loans, is a type of lien on the property, which is subordinate, or second, to the primary mortgage. This type of split financing uses two mortgages to purchase or refinance a home.

What is a second lien mortgage?

A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. The term “second” means that if you can no longer pay your mortgages and your home is sold to pay off the debts, this loan is paid off second.

Can you get a 2nd mortgage?

A second mortgage is a loan you can get in addition to your first mortgage. So, if you get one, you’ll essentially have two loans secured against the same property. But, unlike your initial mortgage, with a second mortgage the money is yours to spend how you wish.

Who are certified funding, l.p.second lien specialists?

About Us Certified Funding, L.P.is a pioneer in second lien lending. Since 1985 we have provided purchase money second liens, equity liens and home improvement loans for Mortgage Brokers and Mortgage Bankers.

What happens to second mortgage liens in foreclosure?

But if the property had sold for only $200,000 at the foreclosure sale, the total amount would go to the foreclosing lender. The second mortgage lender and the judgment creditor would receive nothing and their liens would be wiped out in the foreclosure. However, this does not mean that the debt disappears.

When did purchase money start providing second liens?

Since 1985 we have provided purchase money second liens, equity liens and home improvement loans for Mortgage Brokers and Mortgage Bankers. As an independently owned and operated business, we are constantly striving to provide innovative programs and competitive products tailored to your clients’ needs.

What do you need to know about second mortgage?

Here are the basics on mortgages, second mortgages, and judgment liens. When you take out a loan to buy a home, you’re usually required to sign two documents: a promissory note and a mortgage (or deed of trust). Promissory Note.