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Hello everyone I live in the state of Florida and have a couple of questions if anyone more knowledgeable in this area can help, it's appreciated. *FL isn't a trust deed state btw My understanding is that by refinancing your home, you end up opening up a 2nd mortgage therefore putting another lien on your home to satisfy the first debt (ie: 1st mortgage/acquired maintenance fees? [plumbing, renovations, etc.) and(or) high costs of that first mortgage. Which in turn will now lower your monthly payments while simultaneously, increasing the interest rate you'll accumulate because you are now taking longer to finish paying off the house (which by the time you finish paying it off wont be worth what monies you've put into it) It is also my understanding that refinancing is a bad idea and should only be a last resort if you cant afford to pay your current 1st mortgage. So Is it possible to reverse this once you're say, making more money like a new job etc. ? Also, If a 2nd mortgage is opened, who then is considered the 2nd mortgage holder? You or the bank ? I assume it's the bank since they'd most likely be the one giving you the loan in minnesota because I "know" (think) they're the mortgage beneficiary/lender/2nd Name on the title. Please correct me if im wrong and if there's anything else I should know & I hope I made my question easy enough to understand.. Thanks!
@Thunder.Overhead good answer! so what is a typical amount the second bank would give someone to refinance the first mortgage ? Are you saying that they'll give you 180k to pay off the first bank and have you now owing them -WHILE now maintaining a lower interest rate ? That would seem like a huge risk for them because what if you cant pay them off? Do they do it because they'd now be first in line to repo your house and foreclose it? Im confused! help me understand im new to this -.-
Refinancing refers to taking out a new mortgage with new terms and paying off the first mortgage with the proceeds from the refinance. * You may be thinking of an equity line of credit, which leaves your original mortgage in place. If you can't pay your first mortgage you're unlikely to qualify for a line of credit. Refinancing is a good idea if you can get better terms, a bad idea if you're increasing your debt just to get your hands on fun money. Don't use your home as a piggy bank. The mortgage holder is always the bank or institution that loaned you the money. In legal terms a mortgage is a deed that allows the bank to take the property if you don't pay off the loan, but most people think of a mortgage as the money they get. It's not. * Example: You owe $180,000 on your current mortgage, have 28 years of payments ahead of you, and you're paying 5% interest. If you can get a deal at a lower interest rate, borrow what you owe on the first mortgage plus whatever you need for closing costs and use the money the second bank gives you to pay off the first bank. Your payments will be lower. If you need to borrow money to make some expensive repairs you may need to take out a second mortgage in addition to the first. What you can get is determined by the equity available in the house and your ability to repay two loans. " typical amount the second bank would give someone to refinance the first mortgage" would be whatever you owe on the first mortgage. If you have a lot of equity in the house and are able to keep up payments, they'll give you more than what you owe. A friend of mine got enough money to completely remodel her kitchen while keeping her payments the same when she refinanced at a lower rate. "Are you saying that they'll give you 180k to pay off the first bank and have you now owing them" Yes, that's what refinancing means. "That would seem like a huge risk for them because what if you cant pay them off?" No more of a risk than the first bank took. "Do they do it because they'd now be first in line to repo your house and foreclose it?" Yes, if you default they can take your house. If you owe less than what they could sell the house for, it's not that big a risk.
Wrong section, but when I refi'd my mortgage, the refinanced version took the place of the original mortgage. So it's not like you're getting a second one on top of the first. I did it because the interest rate was lower than when I originally set up the mortgage, so I would be able to pay it off sooner, by several years. Disclaimer: I do not live in Florida.
Is this considered to be a religious or spiritual question in florida?