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Mortgage Professor about existing mortgage: 
Refinancing With Two Mortgages
September 4, 2000 "I have an 8.75% first mortgage with a balance of $151,000, and a 12% second mortgage with a balance of $37,300.  The second mortgage brought our total mortgage debt above the value of the property at that time, which is why the rate is so high. Our ... more...

Pros and Cons of Debt Consolidation
May 6, 2002 "I have two mortgages plus a lot of short-term debt with high interest rates. Because my house has appreciated substantially in recent years, I?m sure I can save money by consolidating the short-term debt into one of my mortgages, but which one?" I ... more...

existing mortgage related definitions

Sheriff Sale
Sheriff Sale The sheriff's sale is a public auction held at the courthouse door, and anyone can bid on the property. The property is sold to the highest bidder and the proceeds are used to pay for the costs of the sale and to pay off the mortgage. A deed given at the ... more...

Assumption
Assumption The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money since this is an existing mortgage debt, unlike a new ... more...

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Get instant on-line mortgage rate quote and closing cost estimate. Only put your loan numbers. No contact info required. Compare offers from top mortgage lenders... more...

Remortgage to Restart the Mortgage Cycle on Fresh Terms
Remortgage or refinance is a right that lenders of the yesteryear were afraid to offer to borrowers. In fact, remortgage was severely prohibited through clauses such as early repayment penalty. The logic was that by refinancing the borrowers were actually paying off the mortgage earlier. In this ... more...

When is the Right Time to Refinance Your Mortgage?
You've heard that interest rates are down and you think it could be time to refinance your existing mortgage, but the entire loan application process was so exhausting during the initial loan that you aren't sure it's worth the hassle. You could very well be right, but there are some things you can ... more...

Refinance Benefits - Refinancing Could Save You Money
The most common reason most people refinance is to save money, but many people refinance for various other reasons.1. Refinancing to Lower Your Monthly Payment for an Existing Loan.You can refinance your existing loan at a lower interest rate thus reducing your monthly loan payments. With interest ... more...

Benefits of a Bridging Loan
A bridging loan has many benefits, some of which are listed below.A bridging loan can be used to cover the financial gap when buying one property before the existing one is sold. They are looked on as short term lending to cover a specific short term need.A bridging loan as the name implies is a ... more...

What is a Bridging Loan?
A bridging loan as the name implies is a loan used to bridge the financial gap between monies required for your new property completion prior to your existing property having been sold.A bridging loan is in simple terms a short-term mortgage that is secured against the property that you are selling ... more...

10 Steps To Successful Debt Consolidation
If you are having trouble balancing your income and expenditure because of large debts then read on and discover your options in credit card debt consolidation.Debt consolidation can be an excellent option when you find your finances getting out of control but before you go out and sign up for a ... more...

A Quick Guide to Remortgage
Remortgaging means that we are taking a new mortgage to repay an existing one.As time passes, the appreciation in property rates raises the home equity available at the disposal of the homeowner. Remortgaging utilizes this increase in property valuation to get a better deal on debt, or some extra ... more...

Why Choose a Remortgage?
A remortgage can be used for the purpose of gaining lower interest rates on your mortgage or raising finance through releasing equity.The term Remortgage is used to explain the process of moving your mortgage to a new lender. A different lender may offer a significantly better deal than your ... more...

Remortgages Guide
Outlined below is a useful remortgages guide. Remortgaging has become increasingly popular due to the relatively simple and flexible process.A remortgage is exactly as the name suggests, taking out a new mortgage and repaying your existing one in order to realise equity and sometimes to reduce ... more...

Remortgage to Save Your Hard-Earned Money
You had mortgaged your home and now you need money. What will you do now? Take another loan or borrow some money from your friend and increase your credit burden. I have a better option for you, you can go for Remortgaging.Remortgaging means replacing your existing mortgage for a new mortgage with ... more...

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