2007-03-25 05:40:28 · 11 answers · asked by hucky 1 in Business & Finance ➔ Personal Finance
No i dont think so... Ive never heard of it anyway.. technically your house belongs to them til you've paid of the mortgage. I dont think you will find any lender who will take joint ownership.x
2007-03-25 05:45:20 · answer #1 · answered by JustJem 6 · 0⤊ 1⤋
This is very common. Usually if you buy a home with 100% financing. You will have your first mortgage be 80% and your second 20%. They are usually from different lenders.
You can refinance later to combine both mortgages into 1 mortgage.
Your first lender has the right to take your house back if you default before your 2nd lender does.
2007-03-25 05:49:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sure, that's what they call a second mortgage. You can get a second mortgage by taking out an equity loan against your property. Equity loans are typically lent in amounts up to 80% of the value of your property minus the amount of the first mortgage. Let's say you owe $100,000 on your first mortgage and your property is appraised at $250,000. You might get an equity loan or second mortgage at 80% of the $150,000 or a second mortgage of $120,000. You now owe a total of $220,000 to two different lenders. You can do whatever you want with the $120,000 and the interest you pay is tax deductable as mortgage interest when you file your taxes.
2007-03-25 05:50:22 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Yes you can. Its called a second mortgage. However, you will pay a much higher interest rate on the 'second' mortgage. This is because its a greater risk to the second mortgagee (the lender).
2007-03-26 00:22:26 · answer #4 · answered by matt g 2 · 0⤊ 1⤋
yes you can but you need to have both lenders permission. one lender (usually the major one) will have a first charge on your property whilst the second will have a second charge.
2007-03-25 05:47:06 · answer #5 · answered by mdw 2 · 0⤊ 0⤋
Sure you can, but the total owed will not exceed the full value. The 2nd mortgage is against the equity.
2007-03-25 05:47:11 · answer #6 · answered by rowlfe 7 · 0⤊ 0⤋
Why wouyld you want one. I consolidated 2 mortgages with a great product from Citi company Primerica. go tp primericafna.com it will explain a great solution.
2007-03-25 06:03:36 · answer #7 · answered by Dazedandconfused 2 · 0⤊ 0⤋
No. You can change lenders but this usually carries a penalty.xx
2007-03-25 05:50:21 · answer #8 · answered by skens girl 4 · 0⤊ 1⤋
I wouldnt think so unless you can prove you can afford them both, but then if you could why on earth would you want two mortgages???
2007-03-25 06:25:30 · answer #9 · answered by RED 3 · 0⤊ 0⤋
agree with MDW that answers it for me .
2007-03-25 05:49:35 · answer #10 · answered by dick19532003 5 · 0⤊ 0⤋