For Sale By Owners and Buyers Welcome !



  First and Second Mortgages

A "first mortgage" is the primary lien against a property. The term is usually coined "first mortgage" only when a "second mortgage" is obtained on a property. A "second mortgage" is a lien that is subordinate to the first mortgage. Usually, the interest rates on second mortgages are slightly higher than the interest rates on a first mortgage. The amount of a second mortgage you can take out will depend on the equity you have built up in your home, the appraised value of your property, your credit history, and any other liens you may have against your property, such as a home equity line of credit.

Borrowers will typically get a second mortgage to tap into the equity they've built in their home -- and use that for home improvements, debt consolidation, medical bills, or other purposes. You apply for a second mortgage with the same process you follow for a first mortgage. However, some of your closing costs may be less.

When you have a first and second mortgage, you theoretically have two loans, both requiring interest and principal payments.

 

[ Back To Real Estate Glossary ]

HOME
SCPalmettoGroup@gmail.com The Palmetto Group
Saint Matthews Real Estate and Homes For Sale on ViewMyListing.com
Ok let's face it, Gas prices are HIGH and Increasing ! So if you where thinking of buying or selling your Real Estate in the Orangeburg Lexington Columbia area, let's calculate some figures to make a better educated decision. Enjoy !
Current Cost of Fuel
$
Do You Plan to Buy or Rent?
Loan Amount of Home in Town A
$
Loan Amount of Home in Town B
$
Mortgage Interest Rate
%
Commuting Details (more info)
Add this calculator to your site. Download it here.
South Carolina real estate directory
palmetto

Click Here for your Realty Times News Letter.

Who links to my website?
SCIway – South Carolina's Information Highway
SCIway
MSN Search
palmetto
Ask.com
ABC Real Estate Directory
Saint Matthews Real Estate and Homes For Sale on ViewMyListing.com  Valuecom Real Estate Gold
Google
"Because of Heavy activity in our market, some of these listings may already be under contract. Please email or call us to find out the current status of any listing in which you are interested.
Thank You ! The Palmetto Group


Listings/Foreclosures | Orangeburg MLS | Columbia MLS | Commercial Listings | Freddie Mac Listings | Closed Listings | Lots & Land | Buyer/Seller Info | Market Analysis | Mortgage Rates | Dream Home Maker | Mortgage & Insurance | The Brer Pools | Colonial Structures | Photos & Developments | See Our Agents | Contact Us | Employment | Guest Book | Community Info | Schools | Weather Report | Local Phone Numbers | Helpful Things | Help in Relocating | Mortgage Calculator | Helpful Documents | Yahoo City Comparison | Link To Us | Real Estate Links | Home

Real Estate Websites by iHOUSEweb, Inc. ®

Site Admin Menu