How can I defer the second loan until I pay off the first on an 80/20 loan?

0 ⤊

How can I defer the second loan until I pay off the first on an 80/20 loan?

2007-08-02 04:24:01 · 3 answers · asked by Alex M 1 in Business & Finance ➔ Renting & Real Estate

3 answers

You can't defer mortgage payments. It is not like a student loan.

2007-08-02 04:45:01 · answer #1 · answered by ? 4 · 0⤊ 0⤋

If the contract calls for regular payments, then there is no easy way to defer it.

Conventional wisdom is to pay off the higher rate loan first, and that is usually the 20 percent loan. You will certainly save interest in the long run if you pay that one off first.

2007-08-02 11:35:45 · answer #2 · answered by hottotrot1_usa 7 · 0⤊ 0⤋

No such thing. If you "defer" they will foreclose. Just make the payment, and pay extra when you can.

2007-08-02 14:46:35 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋