Refinance second home mortgage rates

Now there are fears that

Refinance Your Vacation Home, Investment Property, or Second Home

You probably won't be surprised to learn that as mortgage lending guidelines have become stricter, it has also become more difficult to refinance a second home, vacation home, or investment property. Despite this, it is well worth looking into taking advantage of today's low mortgage rates as you may be missing out on significant savings.

Most lenders consider loans on secondary properties riskier than those on owner-occupied homes because in the event of financial difficulty, the borrower is much less likely to default on the home in which they live.

If you want to refinance your second property be prepared for:

  • Higher interest rates
  • Lower loan-to-value ratio requirments
  • Higher minimum credit scores
  • Additional income verification/documentation

The requirements for refinancing will vary greatly depending upon the lender, the investor, property usage (e.g., vacation, investment, rental), and a variety of other factors.


The mortgage interest deduction

2005-10-13 19:50:10 by storeez

Not sure who all this proposal is going to affect in here, but Bush's advisors have suggested that the current 1 million dollar ceiling be dropped to about $350,000.
What this effectively means is that if your mortgage is $350,000, you still get all your deductions. But if it is 600,000, you get to deduct only the interest paid on the first $300,000. This means an increase in tax liability of major proportions for those who have large mortgages.
On the west coast here, in the Bay Area, the average home price for a place most would feel OK living in is over $600,000. Now. If this proposal goes through, even with fairly low interest rates, the people who otherwise could afford to buy no longer can do so

Can you find another 10% investment?

2013-05-18 14:31:38 by bobrogve

I'd like to get in on it.
What's the home price to median income ratio in your area?
One caveat is that the Fed is now making noises about ending QE. I don't know how much longer they'll keep interest rates low after that. They have promised not to raise rates until unemployment improves, but Bernanke will be gone next year. The new chair may be a dove too, but it's a risk nonetheless.
Interest rate hikes will depress home (and bond) prices, all else being equal

Here's better reason & does anyone long for JFK

2008-03-17 12:55:14 by LivaLittle

And the way reporters ignored his affairs? Ditto FDR and Dwight Eisenhower. Today's tabloid-ish snoopery into one's sex life needs a return to the days and ways of old.
Now, actual reasons Spitzer was outted so thoroughly:
Since Bush came to power, a new species of loan became the norm, the ‘sub-prime’ mortgage and its variants including loans with teeny “introductory” interest rates. From out of nowhere, a company called ‘Countrywide’ became America’s top mortgage lender, accounting for one in five home loans, a large chunk of these ‘sub-prime

You might also like:

home mortgage refinance rates …
home mortgage refinance rates …

6 Of The Worst Media Scandals Of 2013  — Media Matters for America
In late October the top-rated news program ran a report rehashing old myths about Benghazi, and featuring the supposed "eyewitness" account of the attacks from British security contractor Dylan Davies, who appeared on the show under the pseudonym ..

S&A's 2013 List Of 10 Filmmakers Of The African Diaspora You May Not Know ..  — Indie Wire
The South African Film Board eventually did reverse their decision and gave the film the US equivalent of an R-rating. Qubeka's homage to ..

For Dummies Mortgages For Dummies
eBooks (For Dummies)

Related posts:

  • Avatar Nick What arand e some reputable reverse mortgage companies?
    Jul 21, 2007 by Nick | Posted in Personal Finance

    My great grandmother is 80 and has quite a bit of credit card and medical debt but not much income. She owns her house outright, and compared to other options, a reverse mortgage seems to be the best option. It would make her life a lot less stressful. She realizes that if it isn t paid back, her children won t inherit the house. Anyways, what are some reputable reverse mortgage companies ? How long should it take to process loan requests? How long (from the time of the intitial request) does it take to sign on the dotted line and get the money? She gets tired of creditors calling all the …

    • Nick, As long as your great grandmother can access enough equity, not only will she be able to payoff her debts, but she also may be able to set up a monthly income stream for the rest of her life, and /or a line of credit that will have a growth factor that she could access at anytime for any need. As far as paying back the Reverse Mortgage, there are no monthly payments, and the Reverse Mortgage becomes due when one of the following happens, 1, she sells the house, 2, the home is no longer is her primary residence, meaning that if she were to be out of the house for a consecutive 365 days(1 …