#101 ·
Fine, let's just go ahead and lend them a hand by advising them to skip mortgage loans entirely, since honestly, those things are better off avoided altogether anyway.
Mortgage rates and advice
Started by Joshua Jones · · 👁 13 views · 221 replies
#102 ·
Look ... if you don't actually have a specific question, some advice to offer, or useful info regarding this topic, then just stop right there...
Taking out a loan isn't some casual hobby or a game you play for fun. Honestly, if you can avoid debt entirely, you should—period. But, if you've already made up your mind or you're just trying to wrap your head around how these types of loans work, then fine, this is the place for questions and answers...
Taking out a loan isn't some casual hobby or a game you play for fun. Honestly, if you can avoid debt entirely, you should—period. But, if you've already made up your mind or you're just trying to wrap your head around how these types of loans work, then fine, this is the place for questions and answers...
#103 ·
Hey,
Does anyone know if banks actually allow a second mortgage on a house?
Say the first mortgage was taken out during construction for $100,000, but now the property value has shot up to around $350,000.
Is it possible to grab another mortgage for a different loan?
Does anyone know if banks actually allow a second mortgage on a house?
Say the first mortgage was taken out during construction for $100,000, but now the property value has shot up to around $350,000.
Is it possible to grab another mortgage for a different loan?
#104 ·
Sure thing, the process is identical to what you went through with your first mortgage. You’ll deal with the appraisal and all the usual paperwork...
Just a heads-up though—if things go sideways and you happen to miss a payment on one loan while staying current on the other, Bank of America could potentially consolidate both debts and trigger the mortgage clause. Since they're tied to the same underlying collateral, they essentially act as one unit.
Just a heads-up though—if things go sideways and you happen to miss a payment on one loan while staying current on the other, Bank of America could potentially consolidate both debts and trigger the mortgage clause. Since they're tied to the same underlying collateral, they essentially act as one unit.
#105 ·
Good luck getting any bank—Bank of America included—to touch a property that already has a lien recorded against it. Whose mortgage is currently sitting on the title?
#106 ·
From my own experience, I know for a fact that you can definitely secure a second mortgage with the same bank that holds your primary one, but I’m honestly not too sure how the process works if you're trying to coordinate with different lenders like Bank of America.
#107 ·
thanks everyone, I'm planning on sticking with the same Bank of America, so hopefully it won't be too much of a headache.
#108 ·
If you're dealing with the same Bank of America, it works—but if you've got two different banks involved, then no, it won't happen
#109 ·
Jonathan Ward59 said:If you're dealing with the same Bank of America, it works—but if you've got two different banks involved, then no, it won't happen
Wrong.
You can carry mortgages from five different banks at once, provided the property value covers it.
#110 ·
Andrew Thompson said:Hey,
Does anyone know if banks actually allow a second mortgage on a house?
Say the first mortgage was taken out during construction for $100,000, but now the property value has shot up to around $350,000.
Is it possible to grab another mortgage for a different loan?
If you're applying as an individual, YES, they'll give you loans—but they'll back it up with blank promissory notes, wage garnishment authorizations, and various other legal declarations to secure both the loan and the mortgage.
Just because you *think* it’s worth that much doesn't mean it is.
You have to file a formal loan application, pay for a professional appraisal, and see what the loan-to-value ratio looks like.
That’s how it works... if the equity isn't enough, they’ll ask for additional collateral; if it is, they won't.
#111 ·
James Cox6 said:Wrong.
You can carry mortgages from five different banks at once, provided the property value covers it.
True—legally speaking, you can set that up—but most major lenders won't touch it. 😉
#112 ·
That’s just the reality of it—no bank wants to touch this stuff, so they won't take it on, and honestly, they’d much rather just refuse the loan altogether than deal with the headache.
#113 ·
Steven Reed said:True—legally speaking, you can set that up—but most major lenders won't touch it. 😉
Well, that's just a business decision for Bank of America.
You've got a point there...
but I’d watch out for one thing—some banks slap a restriction on you that prevents selling property without their explicit okay.
It’s illegal. Banks don't actually have the right to do that, yet they still pull it—and some courts let them get away with it.
If you're stuck with one of those, my advice? Demand that Bank of America removes it, because they have zero legal ground to stand on.
This applies specifically to mortgages.
With Fiducij, it's possible.
#114 ·
A freeze on property ownership due to a lien?!?!?!? 🤔
Seriously—which court is actually authorizing that?? 🤷
Seriously—which court is actually authorizing that?? 🤷
#115 ·
You wouldn't believe how many properties like this actually exist in the real world...
I've seen them in Arlington, the Bronx, Washington, D.C., and even Newport... they're everywhere.
I've seen them in Arlington, the Bronx, Washington, D.C., and even Newport... they're everywhere.
#116 ·
@hammersickle
please,
Can you actually take out a second mortgage through a bank?
My husband went to this financial agency where some guy told him our 650 sq. ft. condo would probably be valued at $100k, but we could somehow walk away with $200k. He’s currently hunting for paperwork and photos to hand over.
I am honestly terrified of these kinds of brokers—I just want to know what the banks say. My husband claims banks offer a 1:3 ratio while these guys are offering 1:2. I really don't want to end up in a total disaster and lose our home because of another reckless move. Plus, my mother has to sign off on everything since the place is technically hers. I don't have anyone else to turn to for advice. I can handle any mockery here if I have to—things are just really tough right now and I desperately need some solid info. My husband thinks he can just take one massive monthly payment and use the leftover cash to wipe out his other debts. It sounds great in theory, but...help, please!😢😢🤷😲😢
please,
Can you actually take out a second mortgage through a bank?
My husband went to this financial agency where some guy told him our 650 sq. ft. condo would probably be valued at $100k, but we could somehow walk away with $200k. He’s currently hunting for paperwork and photos to hand over.
I am honestly terrified of these kinds of brokers—I just want to know what the banks say. My husband claims banks offer a 1:3 ratio while these guys are offering 1:2. I really don't want to end up in a total disaster and lose our home because of another reckless move. Plus, my mother has to sign off on everything since the place is technically hers. I don't have anyone else to turn to for advice. I can handle any mockery here if I have to—things are just really tough right now and I desperately need some solid info. My husband thinks he can just take one massive monthly payment and use the leftover cash to wipe out his other debts. It sounds great in theory, but...help, please!😢😢🤷😲😢
#117 ·
I'm not entirely certain I grasp the exact nuance of what you're aiming for here, but while it is technically possible to use one mortgage to pay off another, it’s generally a losing game from a financial standpoint. To someone feeling desperate, it might look like a lifeline, but much like trying to put out a fire with gasoline, it often just leads to even deeper debt in the long run. You have to realize that in the world of banking, nobody is offering you a helping hand out of pure altruism; everything is driven by their own bottom line.
My advice would be a firm no. It’s better to weather the storm and deal with the current struggle than to drag more lenders or extra resources into the mix...!!!
What does everyone else think about this?
My advice would be a firm no. It’s better to weather the storm and deal with the current struggle than to drag more lenders or extra resources into the mix...!!!
What does everyone else think about this?
#118 ·
¨@fadedbear92 ... I moved my post over to this thread, but I honestly can't tell if you're talking about a mortgage here => so please, just clarify—are we discussing a specific home loan or just a general-purpose personal loan?
#119 ·
Larry Long3 said:I'm not entirely certain I grasp the exact nuance of what you're aiming for here, but while it is technically possible to use one mortgage to pay off another, it’s generally a losing game from a financial standpoint. To someone feeling desperate, it might look like a lifeline, but much like trying to put out a fire with gasoline, it often just leads to even deeper debt in the long run. You have to realize that in the world of banking, nobody is offering you a helping hand out of pure altruism; everything is driven by their own bottom line.
My advice would be a firm no. It’s better to weather the storm and deal with the current struggle than to drag more lenders or extra resources into the mix...!!!
What does everyone else think about this?
So, basically, we want to take out a second mortgage against our current one to cover all our debts and just deal with one larger monthly payment—something like $4,000 over 20 years. What really worries me is this finance agency. When I asked my husband why he wouldn't just go through Bank of America directly, he said the guys at the agency offer much better terms and more cash upfront. Thanks again!>
#120 ·
We've already taken out our first mortgage through Bank of America—so, I'm wondering if there's any way to pull a second mortgage against the house, or if we'd even have enough equity left to make it worth it. When we originally signed for this one, the terms were pretty brutal—between the appraisal and the interest rates, it was a headache.
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