Refinance
Can I get a second morgage on a home that I have never had a first morgage on? The property has been deeded to me by my father and is free and clear. 
Can I get a second morgage on a home that I have never had a first morgage on? The property has been deeded to me by my father and is free and clear.
Sure. Just call a local bank or mortgage co. that you like and see if you qualify.
It won't be a 'second' mortgage. I think you'll probably want a home equity loan.
They will loan you up to a certain %age of the value of the home.
Good luck
Ronnie
[addsig]
I'm not sure how much cash you are looking for, but you should also take a look at the Home Equity Line of Credit (HELOC). The costs are usually much less, but there is usually no rate lock.
Definately something to look at to see if it fits your needs.
thanks. I'll look into both of these options- I have sub 600 FICO. Do you think that it will be difficult to get a HELOC?
I am trying to sell the home in two-three years, but need to tap the equity in it to pay off some debt, get my monthly payments down, and possibly use the remainder as a downpayment on a new home. I know that it is ideal to stay in the home until I sell it; however, my family is growing - we have a 2 year-old and another on the way. This home has been my primary residence for three years, but I have just recently acquired the deed to the property. I am looking to avoid the capitol gains taxes by owning it for two years before I sell it.
How about taking out a second mortgage and tieing up five properties? Man if I were in your position I wouldn't be able to sleep at night. I still would be riding around looking for deals.
Every local paper, every fsbo site, junkers reo's, divorces, etc wow. I don't know maybe some one can clarify this but maybe you should have your recent credit report with you when you shop for a loan.
Maybe this will keep you beacon score stablized.
Dave.
what do you mean by taking out a 2nd morgage and tying up five properties? I don't understand?
Ok Jonathan. Send me an email or a private message and I will bless you in abundance.
Dave <IMG SRC="images/forum/smilies/icon_biggrin.gif"> [ Edited by Homemagnet on Date 09/15/2003 ]