refinance 1st and 2nd mortgage

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Why Is This Mortgage Refinance "Cash-Out"? – A cash-out refinance is any refinance that a) is not used to pay off a first mortgage, and/or junior mortgages that were used in their entirety to buy the subject property; and b) is for an amount not in excess of the loan balance, plus settlement costs, plus 2% of the new loan amount or $2,000, whichever is less.

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How to Refinance a 2nd Mortgage – Crestline Funding – Many borrowers wish to refinance a 2nd mortgage because 2nd mortgage rates tend to be higher than first mortgages. It is customary for lenders to give higher 2nd mortgage rates because they work under the assumption that if a borrower has financial difficulties they will first allocate their funds to their 1st mortgage.

Texas home equity refinance eligibility matrix to – ditech – Texas Home Equity Refinance Eligibility Matrix. Page 1 of 1. 1st Subject to 50(a )(6)?. 2nd Subject to 50(a)(6)?. Is 2nd. 1st Mortgage. No. N/A.

How much your second mortgage is, relative to the first. How long it has been since you secured your second mortgage. How high your credit score is, at the time you apply. These are the most common criteria you’ll encounter when you try to refinance a first and second mortgage loan.

Keep in mind that the FHA streamline refinance can’t pay down or pay off the second mortgage. The second mortgage holder will have to subordinate the loan. This means that the lender will request a document from the lender stating that the second mortgage or HELOC will be in second position behind the new FHA first mortgage. "Second.

should i lock my interest rate today home loan pre approval without credit check refi 30 year fixed rates Applying for home loan conditional approval – NAB – Getting conditional approval for your home loan allows you to look – and enquire – with confidence, and it helps narrow your options. Here are eight commonly asked questions about conditional approval, that important first step in the home buying journey.Should I lock my mortgage rate today? – newcastle.loans – You agree to accept the rate, pay the fees, and close your loan before the rate lock expires. Why do I need to lock my rate? All home loans require a rate lock agreement. It’s part of the process. Besides, mortgage rates are always changing. They go up and down. If your rate is not locked, it can change at any time.

Refinancing when you have an existing Second Mortgage or HELOC – When you refinance your first mortgage and you have an existing second mortgage, the new mortgage will have a recording date that is after the existing second mortgage. Technically, that would put the second mortgage or HELOC in "first lien" position, which would not be allowed with the new lender.

Second Mortgage Calculator – Refinance & Consolidation – When you have a second mortgage on the same home as your first mortgage, that’s called a home equity loan or a home equity line of credit. home equity loans add an additional layer of complication to the process of refinancing. Remember, the second mortgage lender must agree to give up their position to the refinance lender.