NorthCarolinaNow asked:


We bought a house last year with two mortgages. Because we only put down 10% for the loan, having the second mortgage of 10% of the loan, this way we don’t have to pay for the insurance. This second mortgage has an interest rate of 9.75% while our other mortgage is at 6%. We want to refinance this second mortgage to a lower rate. Can we do that? Is there anything that preventing us from refinance just this second mortgage? There is no early payment (repayment) penalty on both of our mortgages. Thank you very much for your help.

Mathew

sissy79 asked:


My husband and I are getting divorced. he left me with bills I can’t afford. I’m in danger of losing my home and I know I can afford to pay on the mortgage itself and the utilities with only my income but I couldn’t possibly afford a second mortgage payment too. I’ve been thinking of bankruptcy because he has everything behind and I am in debt I never knew existed. Is there any way for me to keep thje house without paying 2 mortgages? Any suggestions?

Angel

gentletobetamedfish asked:


When I was married my husband took a second mortage on the house. We are now divorced and I was awarded the house but with both mortgages. The bank holding the note for the second mortgage will not send me a payment book because my name is not on the loan. Any advice?
I should add that I have continued to make payments adding the account number to my checks.

Jay

Brian B asked:


I’ve thought about renting out my house and buying a second home.

Is it better to have 2 separated mortgages or consolidate them?

Ronnie

That’s what who said? asked:


I am buying a home. I will put down an offer for $65,000. I make $30,000 a year and have $19,000 saved up towards the home. I have a credit score of 725. I was planning on getting a 15 yr mortgage, and putting 20% down, basically because I want as little debt as possible. Today, I was talking with someone who recommended putting down as little as possible (FHA 3% even) and taking out a 30 year mortgage. He said I could use the money I would have otherwise spent on the 15yr, 20% down mortgage to invest, thus making more money than i will pay extra in interest. While his thinking made sense, I just can’t be comfortable with that much debt. I am familiar with other forms of investing. He also reminded me most 30yr mortgages let you pay more than your principle, and I would have more “cushion” this way. It just seems like a better idea to get the best interest rate possible (about 4.7% for a 15yr, as opposed to 5.1% for a 30 yr). With the 20% down I would also avoid mortgage insurance. I know i CAN afford the 15yr, 20% down payment, but should I go this route? Thank you!

Eric

Rachel P asked:


My partner and I are splitting up and she will be quit claiming the house to me. I would like to take her off the mortgage (there are 2 mortgages). Is re-financing my only option? What costs should I expect to pay for the quit claiming and the refinance (unless I can do this without refi)? I haven’t the first clue how to go about this.

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