what qualifies as a second home for mortgage loan?
I am working overseas, I want to buy a house in Texas. Can I consider it to be a 2nd home and ask the mortgage company to give me interest as second home instead of calling it "investment property" ? The interest rates and taxes for 2nd home is less than investment property. It will be rented out till we come back to Texas- Because you are renting it out, it is not a second home. A second home has to be one that you can visit and stay at as your second home. If it is rented to someone as their residence, it is an investment. You can still deduct interest, depreciation and other expenses as a investment property that you would necessarily be able to deduct as a second home
- You are out of luck, this is an investment, not a vacation home for your family
- Yes! Well. no, not since you just told us it will be rented out. Investors will consider it a second home if it is; A not going to be rented out. B farther than 50 miles from you primary residence. C in a place where people would typically vacation
- You should consult with a tax advisor. You could face tax implications that no one here can address without all your financial information. And I would not put that out here!
Knowledge Base
Is there any way to get a mortgage loan with bad credit?
hi there, i was wondering if there is any way at all to obtain a mortgage loan with bad credit, my home is sold and i am looking at a condo, i have half of the money for the condo but will need another half through a mortgage loan. is (refinance mortgage loans)
What would happen to your home mortgage loan in this case?
say if me and a co - buyer buy a home together both first - time home buyers, and get a conventional loan from a bank. if later, one of us wants to take our name down the le, would that be allowed? would the bank re - acess the (bad credit mortgage loan)
My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?
has anyone else experienced quicken loans. this is the first time we have not delt with the "local banker" and we're nervous about the closing over the phone / internet thing. if you can not face them, why would you do business with them. we had a deal once on (mortgage loan rate)
Knowledge Base: Mortgage Loan
can i get a bad credit mortgage loan?
i am having a home foreclosed on, and would like to know if anyone can give me a mortgage?. that's funny. probably not. it's tough to get a mortgage now even if you have good credit. have you contacted your mortgage holder and ask them if they can re - (bad credit mortgage loan)
If someone defaults on their mortgage loan, what happens to the second mortgage owed?
i know someone defaulting on their mortgage loan because they decided it is too much owed for a house that has gone down in value 40%. they also have a second loan for $75, 000. is that forgiven too? are there different rules for second loans? these people have ets. (home mortgage loan)
What are the key factors in obtaining a home mortgage loan?
my credit is not bad or fair. it's good, just below excellent. how good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?. hi ronnie, your credit has to be at least a 640, so i am uming you will (bad credit mortgage loan)
loan officer showing mortgage rate sheets and crediting points?
hi, i was shopping for the mortgage and i came across a loan officer who sends me the rate sheet every day and also ready to give. 625 points as credit towards closing costs. for example, from his rate sheet yesterday the rate for 30 year fixed was "4. 875 (home mortgage loan)
Can I use my current owned home as collateral on new home mortgage loan?
my family and i live in a home legally donated to us by my father. we have ownership. can we use this home as collateral for a mortgage loan on another home in another state? if so, how does that work?. is the home worth more than the home you (mortgage equity loan)
Knowledge Base: Second Mortgage Loan
My mortgage bank is offering me to pay my second loan at a reduced amount. Should I take it?
2 days ago i got a letter from aurora loan services, they are offering me to pay about half of my second mortgage loan and saying that, if i do it, "my loan will be considered payed in full". i have to do it within 30 days and the payment (second mortgage loan)
If someone defaults on their mortgage loan, what happens to the second mortgage owed?
i know someone defaulting on their mortgage loan because they decided it is too much owed for a house that has gone down in value 40%. they also have a second loan for $75, 000. is that forgiven too? are there different rules for second loans? these people have ets. (second mortgage loan)
Pay PMI or second mortgage loan?
we're refinancing and our home value has dropped causing us to pay $105 / month in pmi, but we're still saving $100 / month with the lower interest rate. our ltv is at 83. 4% and once 80% ltv is reached we will have no more pmi. this could take (second mortgage loan)
Should I stay away from a second mortgage interest only loan?
i have been approved for a 1st mortgage at a fixed rate of 7. 38 and a 2n mortgage interest only at 10. 425. this loan is for an investment property. i have been told that the 2nd loan is home equity line of credit. how much will my payments (second mortgage loan)
which law covers a second mortgage loan after a foreclosure?
my home went through forclosure and was sold. i had a second loan on the house and the loan company sent it to a collection agency to try and collect. i believe there is a law that would prevent them from being able to collect on the second. i have (second mortgage loan)
