Best Variable – Fixed Mortgage Rates Toronto, Home Mortgage, Northwood Mortgage, 2nd mortgage rates.#2nd #mortgage


Our Best Home Mortgage Rates Toronto – Fixed Variable

Our lowest mortgage rates change frequently as we often receive short-term rate promotions daily. These promotions are never posted online. Meet with one of our Mortgage Agents to get the best mortgage solution for you!

Specials

  • 10 Year Fixed Rate Special 3.94% Your last mortgage ever
  • 5 Year Variable rate mortgage Insured at Prime .95% (2.25%)
  • Open line of Credit at Prime + .50% (3.70) some conditions apply

Many of our rates can be guaranteed for up to 4 months! This means if you secure a mortgage in April, the rate is guaranteed until August

If you are buying a home (in Canada) now, or switching from a current lender, you can secure these rates NOW by contacting us today.

Rates subject to change without notice and OAC Some Conditions Apply

Mortgage Rates

When mortgage rates change, it can happen quite quickly. So when it comes to mortgage, timing is everything. Be sure to secure your loan while rates are favourable in order to get the best deal possible. Also, if you are looking to buy a home or you are thinking about changing from your current lender, you ll want to do your research before you make any final decisions.

Remember, all mortgages aren t created equal, so it s important to compare mortgage rates and to go with a company that you trust. The terms and conditions of mortgages vary, as do the interest rates. A mortgage should be set up to fit your needs as much as possible. We want to equip you with the knowledge you need to make the best decision.

What is an open mortgage?

An open-term mortgage is an appealing option to those who plan on paying off their mortgage sooner rather than later. This type of mortgage can be repaid fully or partially at anytime without prepayment interest fees. If you want to convert them to another term, you are able to do so at anytime again without prepayment interest fees. The interest rates for open mortgages tend to be higher than those of closed mortgages because they have such flexibility.

What is a closed mortgage?

A closed-term mortgage is the common choice for people who aren t planning to pay off their mortgage in the near future. The interest rates for closed term mortgages tend to be lower than that of open mortgages. With closed term mortgages, you re able to save on interest costs and hopefully this will help you to pay your mortgage back quicker. Fixed or variable options are available for closed term mortgages but there s a restriction on the principal amount that you can pay towards our mortgage each year.

If you want to renegotiate your rate, you will need to pay a prepayment charge. In addition, you will need to pay this prepayment charge, if you want to pay off the balance of your mortgage before the end of the term or if you want to prepay more money than your mortgage will allow you to.

Prepayment Charges

With prepayment charges you have the flexibility to increase your monthly payments or to pay the whole thing off. Contact our team of experts to find out more about prepayment options.

Comparison: Variable vs. Fixed Mortgage Rates

Fixed Mortgage Rates

More than 50% of Canadians have fixed mortgage rates, which means the monthly payment stays the same over the full term. You are protected against fluctuating interest rates, so it can set up and you don t have to worry about it. If you want stability this is the best option for you.

Variable Mortgage Rates

With a variable mortgage, your rates are typically lower but they will vary over the term. Your payments will be based on market behaviour and this will have an affect on how much you are paying. The amount that you are paying will change over time.

What We Offer:

At Northwood Mortgage, our dedicated and knowledgeable staff are able to provide you with our best mortgage rates.

Call us today at 1-888-492-3690 for more details.


Today s Mortgage Rates in New Jersey by, 2nd mortgage rates.#2nd #mortgage #rates


New Jersey Mortgage Rates and Refinance Rates: HSH Lender Showcase

2nd mortgage rates

  • More than 150,000 loans closed for Veterans and service members nationwide
  • Specialize in VA Loans to offer a streamlined process
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Mortgage Refinance rates in New Jersey

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$1,669 / month (est)

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  • Get an approval to buy a home or refinance your mortgage in minutes.
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$1,748 / month (est)

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  • Refinance to a get a lower payment, cash back or a faster payoff.
  • Rates are still low, but they may rise. Lock your rate today.
  • We have the right loans for first-time and experienced home buyers.

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  • Compare rates from up to 5 lenders
  • Select the personalized loan program that suits you best

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  • $42,000 In VA Housing Benefits That 89% Haven’t Redeemed
  • Don’t Make Another House Payment Until You Take This Survey!
  • Veterans Hit The Jackpot In 2017!
  • Tip To Vets: Get $53,000 Before It’s Too Late

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  • Check your 2017 VA Home Loan Eligibility Here!
  • VA Loans = No Mortgage Insurance
  • Finance 100% of Your Home!
  • Active Duty and Family VA Programs Available

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The mortgage products on HSH.com are from companies from which QuinStreet may receive compensation. Compensation may impact where products appear on HSH.com (including the order in which they appear). QuinStreet does not include all mortgage companies or all types of products available in the marketplace.

Specializing in Jumbo Mortgage.

2nd mortgage rates

The mortgage products on HSH.com are from companies from which QuinStreet may receive compensation. Compensation may impact where products appear on HSH.com (including the order in which they appear). QuinStreet does not include all mortgage companies or all types of products available in the marketplace.

  • To become one of our featured providers, contact [email protected]
  • To participate in the Lender Showcase, use our secure form

The Lender Showcase & trade; is an advertising feature presented by HSH & reg; Associates. All information is provided by the lenders and is believed to be accurate and current as of the posted date. HSH Associates assumes no liability for typographical or other errors and/or omissions, or for unauthorized alterations made to any pages.

New Jersey Mortgages

Whether mortgage interest rates are low or high, homeowners often want to refinance in order to reorganize their finances. Compare New Jersey mortgage rates from various lenders to see if there is a mortgage program that meets your needs.

If you want to pay off your loan faster, you may want to look for a 15-year fixed-rate loan or even a 10-year fixed-rate loan. If you would rather lower your monthly payments, check NJ mortgage rates to see if interest rates have dropped. Putting these figures through a mortgage calculator–or asking a qualified lender–will help you determine which home loan suits your needs.

Compare current NJ mortgage rates and then use resources at HSH.com to narrow down your mortgage choices for a purchase, refinance, or home equity loan.

New Jersey conventional mortgage

A conventional loan is traditionally defined as a fixed-rate mortgage with equal monthly payments, a 15-year or 30-year term, and a fixed interest rate established when the mortgage is created.

For New Jersey, 9 counties have a conventional loan limit at $417,000 and 12 counties at $625,500.


Second Mortgage Rates ~ Refinance With a Low Interest 2nd Mortgage, 2nd mortgage.#2nd #mortgage


Second Mortgage Home Loans – Lenders Rate Information

A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

Obtaining Financing

Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

Second Mortgage Rates

There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

  1. When the interest rate can change
  2. How frequently the rate can change
  3. How high the rate can rise
  4. What the rate change is based on

It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

2nd mortgageCompare your options: calculate PMI vs a second mortgage. 2nd mortgage

Term Lengths

Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

Where to Find a Second Mortgage

There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

The Best Time to Obtain Financing

Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

Benefits of a Second Mortgage

Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

There are a number of situations where a second mortgage may be beneficial. These include:

  1. Bypassing property mortgage insurance (PMI) requirements
  2. Debt consolidation
  3. Home Improvements
  4. Purchasing a new home
  5. Creating home equity

Hidden Costs

In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

Associated Risks

2nd mortgage

The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.


Mortgages – GIC Wealth Management, 2nd mortgages.#2nd #mortgages


Mortgages

Residential Mortgage | Just bought your dream home? We can help you find a an affordable mortgage that will help you sleep at night.

Self-Employed Mortgage | If you are self-employed, you may have found it a struggle to obtain a mortgage. Let us take away the worry and stress.

First time buyer | Buying a property is a big and sometimes overwhelming decision. We can help you chose a mortgage suitable for your financial situation.

Mortgage Renewal | If your mortgage is up for renewal, let us do the shopping and get you the best rates.

Refinance | Access a high percentage of your property’s current value.

Personal Line of Credit | A personal cash reserve to ensure that money is available if and/or when you need it. Advantages of a Personal Line of Credit are: they have lower interest rates then credit cards, they offer repayment flexibility, they provide easy access to funds and they can serve as protection against mortgage fraud.

Debt Consolidation | Let us review your financial situation and help find a way to manage your monthly payments.

New to Canada | It is possible for individuals new to Canada to purchase a home, with as little as 5% down.

2nd and 3rd Mortgage | If you are in need of funds, but aren’t ready to break the term of your 1st mortgage, taking out a 2nd or 3rd mortgage can supply you with the needed amount quickly.

Commercial Projects | If you are interested in investing in a commercial property or project, we can assist you in getting the most out of your investment.

Equity Take-Out | Turn your home equity in to a source of income.

Draw Mortgage | Take advantage of insured progress advances while your property is being built.

Mortgage Investments

Syndicate Mortgages | Great option for people who don’t want to invest in the equity markets, want security, and are looking for higher returns than GICs.

Private Mortgages | A private mortgage is an investment by a private investor (lender) funding a real estate transaction instead of an institution like a bank or trust company. Like a bank, the investors receive a mortgage from the borrower as security for their investment. The borrower’s property is used as collateral for the loan.

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Craig Nickerson, Mortgage Broker @ Canadian Mortgages Inc, 2nd mortgages.#2nd #mortgages


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Thanks so much! You have been a godsend for us. You have walked us through a very busy and challenging stage of life. Hope I haven’t drive you too crazy LOL. Appreciated more than you know

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Second Mortgage Rates ~ Refinance With a Low Interest 2nd Mortgage, 2nd mortgage calculator.#2nd #mortgage


Second Mortgage Home Loans – Lenders Rate Information

A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

Obtaining Financing

Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

Second Mortgage Rates

There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

  1. When the interest rate can change
  2. How frequently the rate can change
  3. How high the rate can rise
  4. What the rate change is based on

It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

2nd mortgage calculatorCompare your options: calculate PMI vs a second mortgage. 2nd mortgage calculator

Term Lengths

Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

Where to Find a Second Mortgage

There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

The Best Time to Obtain Financing

Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

Benefits of a Second Mortgage

Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

There are a number of situations where a second mortgage may be beneficial. These include:

  1. Bypassing property mortgage insurance (PMI) requirements
  2. Debt consolidation
  3. Home Improvements
  4. Purchasing a new home
  5. Creating home equity

Hidden Costs

In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

Associated Risks

2nd mortgage calculator

The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.


Today – s Pennsylvania Mortgage Rates, 2nd mortgage rates.#2nd #mortgage #rates


Pennsylvania Mortgage Rates and Refinance Rates: HSH Lender Showcase

Choose from Refinance lenders in Pennsylvania for 30-year Fixed mortgage rates

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2nd mortgage rates

2nd mortgage rates

2nd mortgage rates

2nd mortgage rates

2nd mortgage rates

2nd mortgage rates

2nd mortgage rates

Mortgage rates from lenders in your area

Mortgage rates from other popular lenders

The mortgage products on HSH.com are from companies from which QuinStreet may receive compensation. Compensation may impact where products appear on HSH.com (including the order in which they appear). QuinStreet does not include all mortgage companies or all types of products available in the marketplace.

  • To become one of our featured providers, contact [email protected]
  • To participate in the Lender Showcase, use our secure form

The Lender Showcase is an advertising feature presented by HSH Associates. All information is provided by the lenders and is believed to be accurate and current as of the posted date. HSH Associates assumes no liability for typographical or other errors and/or omissions, or for unauthorized alterations made to any pages.

Pennsylvania Mortgages

Are you planning on buying or refinancing a home in Pennsylvania, or perhaps taking out a home equity loan?

If so, HSH.com has information on current PA mortgage rates and other resources to help you

Pennsylvania conventional mortgage

A conventional loan is traditionally defined as a fixed-rate mortgage with equal monthly payments, a 15-year or 30-year term, and a fixed interest rate established when the mortgage is created.

For Pennsylvania, 66 counties have a conventional loan limit at $417,000 and 1 county (Pike) is at $625,500.


Residential Stamp Duty Calculator, Mortgages for Business, 2nd mortgage calculator.#2nd #mortgage #calculator


2nd mortgage calculator

Stamp Duty Calculator for Residential Property

This residential stamp duty calculator can be used to work out how much stamp duty is due on purchases of residential property. It calculates how much is owed on first home purchases, second home purchases and buy to let property.

Stamp Duty Calculator

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Stamp Duty Land Tax (SDLT) Rates

Stamp Duty is applicable in England, Wales Northern Ireland. Scotland imposes a Land and Buildings Transactions Tax (LBTT) – scroll down for further information.

Stamp duty on residential property is calculated on a progressive sliding scale, with the tax being determined by reference to the SDLT rate for each relevant band – or “slice” – of chargeable consideration:

On a property priced at £200,000, stamp duty would be payable on:

2% of £75,000 (the amount above £125,000) = £1,500

3% SDLT Surcharge on Buy to Let and Second Home Purchases

With effect from 1st April 2016, a surcharge of 3% of the total purchase price will apply on purchases of additional residential properties, such as buy to let properties and second homes.

On a buy to let (or second home) property priced at £200,000 stamp duty would be payable on:

£75,000 (the amount above £125,000) = £1,500

Plus 3% of £200,000 = £6,000

Land Buildings Transaction Tax (LBTT) Rates

Applicable in Scotland since it replaced the UK stamp duty on 1st April 2015.

LBTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired.

The structure of LBTT is designed so that the charge is more proportionate to the actual price of the property. Like Stamp Duty, the percentage rate for each band in LBTT is applied only to the part of the price over the relevant threshold and up to the next threshold.

For residential transactions the rates are:

For non-residential transactions the rates are:

3% LBTT Surcharge on Buy to Let and Second Home Purchases

Like Stamp Duty, from 1st April a 3% surcharge on top of the existing LBTT rate will apply to those purchasing additional homes (second homes and buy to let properties) for £40,000 or more.

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Mortgages for Business Ltd is registered in England and Wales No. 2502713. Registered office: 17 Kings Hill Avenue, Kings Hill, West Malling, ME19 4UA. © Copyright 2014. All rights reserved.

Mortgages for Business Ltd is authorised and regulated by the Finance Conduct Authority (No. 313537) to transact regulated mortgages. The FCA does not regulate some investment mortgage contracts.

Mortgages for Business Ltd is a founding member of the National Association of Commercial Finance Brokers, the body that promotes best practice within the commercial finance industry.

Telephone calls may be monitored or recorded for training purposes.

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Second Mortgages: Basics, Pros, and Cons, 2nd mortgage.#2nd #mortgage


Second Mortgages – Advantages and Disadvantages

2nd mortgage

A second mortgage is a loan that lets you borrow against the value of your home. Your home is an asset, and over time, that asset can gain value. Second mortgages, also known as home equity lines of credit (HELOCs) are a way to put that asset towards other projects and goals.

What is a Second Mortgage?

A second mortgage is a loan that uses your home as collateral – similar to a loan you might have used to purchase your home.

The loan is known as a “second” mortgage because your purchase loan is often the first loan that is secured by a lien on your home.

Second mortgages tap into the equity in your home, which you might have built up with monthly payments or through market value increases.

Loans can come in several different forms.

Lump sum: a standard second mortgage is a one-time loan that provides a lump sum of money you can use for whatever you want. With that type of loan, you’ll repay the loan gradually over time, often with fixed monthly payments. With each payment, you pay a portion of the interest costs and a portion of your loan balance (this process is called amortization).

Line of credit: it’s also possible to borrow using a line of credit, or a pool of money that you can draw from. With that type of loan, you don’t ever have to take any money – but you have the option to do so if you want to. You’ll get a maximum borrowing limit, and you can continue borrowing (multiple times) until you reach that maximum limit.

Like a credit card, you can even repay and then borrow again.

Rate choices: depending on the type of loan you use (and your preferences), your loan might come with a fixed interest rate that helps you plan your payments for years to come. Variable rate loans are also available and are the norm for lines of credit.

Advantages of Second Mortgages

Loan amount: second mortgages allow you to borrow a large amount. Because the loan is secured against your home (which is generally worth a lot of money), you have access to more than you could get without using your home as collateral. How much can you borrow? It depends on your lender, but you might expect to borrow (counting all of your loans – first and second mortgages) up to 80% of your home’s value.

Interest rates: second mortgages often have lower interest rates than other types of debt. Again, securing the loan with your home helps you because it reduces the risk for your lender. Unlike unsecured personal loans like credit cards, second mortgage interest rates are commonly in the single digits.

Tax benefits: in some cases, you’ll get a deduction for interest paid on a second mortgage. There are numerous technicalities to be aware of, so ask your tax preparer before you start taking deductions. For more information, learn about the mortgage interest deduction.

Disadvantages of Second Mortgages

Of course, life is full of tradeoffs. Be aware of the pitfalls of using a second mortgage. The costs and risks mean that these loans should be used wisely.

Risk of foreclosure: one of the biggest problems with a second mortgage is that you have to put your home on the line.

If you stop making payments, your lender will be able to take your home through foreclosure, which can cause serious problems for you and your family. For that reason, it rarely makes sense to use a second mortgage for “current consumption” costs such as entertainment and regular living expenses – it’s just not sustainable or worth the risk.

Cost: second mortgages, like your purchase loan, can be expensive. You’ll need to pay numerous costs for things like credit checks, appraisals, origination fees, and more. Even if you’re promised a “no closing cost” loan, you’re still paying – you just won’t see those costs transparently.

Interest costs: any time you borrow, you’re paying interest. Second mortgage rates are typically lower than credit card interest rates, but they’re often slightly higher than your first loan’s rate.

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Second mortgage lenders take more risk than the lender who made your first loan. If you stop making payments, the second mortgage lender won’t get paid unless and until the first lender gets all of their money back.

Common Uses of Second Mortgages

Choose wisely how you use funds from your loan. It’s best to put that money towards something that will improve your net worth (or your home’s value) in the future – because you need to repay that loan.

  • Home improvements are a common choice because the assumption is that you’ll repay the loan when you sell your home with a higher sales price
  • Avoiding private mortgage insurance (PMI) might be possible with a combination of loans – just make sure it makes sense compared to paying – and then canceling – PMI
  • Debt consolidation: you can often get a lower rate, but you might be switching from unsecured loans to a loan that could cost you your house
  • Education: as with other situations, you’re creating a situation where you could face foreclosure. See if standard student loans are a better option

Tips for Getting a Second Mortgage

Shop around and get quotes from at least three different sources. Be sure to include the following in your search:

Get prepared for the process by getting money into the right places and getting your documents ready. This will make the process much easier and less stressful.

Beware of dangerous loan features. Most conventional loans do not have these problems, but it’s worth keeping an eye out for them:


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Second Mortgage Home Loans – Lenders Rate Information

A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

Obtaining Financing

Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

Second Mortgage Rates

There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

  1. When the interest rate can change
  2. How frequently the rate can change
  3. How high the rate can rise
  4. What the rate change is based on

It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

2nd mortgageCompare your options: calculate PMI vs a second mortgage. 2nd mortgage

Term Lengths

Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

Where to Find a Second Mortgage

There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

The Best Time to Obtain Financing

Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

Benefits of a Second Mortgage

Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

There are a number of situations where a second mortgage may be beneficial. These include:

  1. Bypassing property mortgage insurance (PMI) requirements
  2. Debt consolidation
  3. Home Improvements
  4. Purchasing a new home
  5. Creating home equity

Hidden Costs

In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

Associated Risks

2nd mortgage

The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.