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No, the second mortgage would be called a home equity loan and usually interset rates are higher. If a second loan (mortgage) is needed, it may be better to add it to the first and refinance, assuming you have equity in the home to do so

Q: Can you have 2 first mortgages on 1 property?

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The answer is the commutative property of addition.

The commutative property of addition. a + b = b + a

1 + 2 = 2 + 1

2 is the multiplicative inverse of 1/2 Therefore 2*1/2 = 1

It means that if you add three numbers, it makes no difference whether you add the two left numbers first, or the two right numbers first. For example: 1 + 2 + 3 = (1 + 2) + 3 = 1 + (2 + 3) where the parentheses indicate what operation is to be done first.

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My First Sale - 2010 My Childhood Home or Two Mortgages 1-2 was released on: USA: 1 April 2010

The Complaint 1. Deed or other document granting you the property from whomever you purchased it; 2. All recorded documents thereafter, including: a. Mortgages b. Assignments of Mortgages c. Trust Deeds d. Substitution of Trustees

Yes you may, as long as it does not exceed the value of the property. You can not obviously finance 200% of the value of your property with 2 separate loans but you can apply for a first lien mortage and a second lien mortgage, it's done very frequently with purchases to avoid PMI by splitting a 100% LTV loan into an 80% 1st loan and a 20% second mortgage.

No, they can be 2x times a month, 1 in 2 months and adjustable.

Yes, If the house was given to you in the divorcee. You will also need to have a quick claim deed done and he will need to sign it. Both mortgages will have to be included in the refi, because they are both tied to the property.

A mortgage is a promise that you make to the lending company. You promise them that if you don't pay back the loan, then they can have your house. It's no different for the second mortgage except that if you fail to pay either bank, and they both want your house, then the first mortgage holder always wins. If you default on your second mortgage..then they have the right to foreclose and sell your property BUT they have to pay the balance on your first off. If you defalut on your first mortgage then they will give notice to your second mortgage company and give them the option to "accelerate " the mortgage and they can foreclose..but if the second does not then the first mortgage can foreclose and sell your property and only pay the second off if there is enough money from the sale. It really doesn't matter if the mortgage balance is the "smaller" it is who is recorded in first & second lien position.

The answer is the commutative property of addition.

The commutative property of addition. a + b = b + a

You can have as many mortgages as you want as long as you have sufficient assets to cover them (i.e. can't really have two mortgages on one property), sufficient money for the deposits and sufficeint income to cover the mortgages - the bank will usually lend you 4 - 5 times your annual income over all your mortgages Yes you can have 2 - 3 or more mortgages. Now you didn't say what kind of mortgage. So here are some examples: Investment Mortgage on a rental property. Since your child will be living there this may be the lesser of the types to get. You can do a "second home" type loan..rate can be better than rental but it has to be in a "second home" type area and you have to agree to occupy the property at least 14 days in 1 year. Since you will be a non-occuping buyer your rate will be higher..if your son has good credit then he may want to sign as an occupying buyer..even if he doesn't have any income. Check with your Local lenders. FHA may still allow this kind of loan..the rate would be better and down payment very little.

1 + 2 = 2 + 1

Properties of Matter: 1. Physical property 2. Chemical Property

1. Commercial Property 2. Residential Property