Soft Second Mortgage Vs 125 Second Mortgage [mortgageloan-processor.blogspot.com]
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I hear people all the time wondering about the difference between a 125 second mortgage and a soft second mortgage. These two second mortgage products are in reality two entirely different mortgage products that can do different things for each individual home buyer.
A soft second mortgage is essentially a kind of second mortgage that can be provided to people who may have had difficulty purchasing a home unless such financing were available to them. The soft second mortgage can provide the additional financing to cover the remaining costs of buying a home that may not be covered by the first mortgage. Soft second mortgages typically come with a lower interest rate than more conventional first and second mortgage loan products and for this reason many lower-income and borderline-income individuals do not hesitate to utilize a soft second mortgage when it is needed.
Many different banks participate in such programs that make available soft second mortgages so look around and you shouldn't have too much trouble finding a lender that can work with you.The 125 second mortgage is similar to the soft second mortgage in that it is a second mortgage product that can provide a home buyer additional financing for their home purchase. The similarities pretty much stop there though because a 125 second mortgage is pretty-much synonymous with a home equity loan or home equity line of credit that can allow a person to take out up 125 percent of their home's value via a second mortgage. This mortgage loan is not about the lender's income or difficulty in finding a home, and is rather based off of the equity that may be present in a particular piece of real estate.
You should be aware that these types of 125 second mortgages have become increasingly difficult to come by lately due to the housing crisis, the credit crisis, and the entire weakening economy. You still have a chance at getting such a loan if you have equity in your property so apply away and see what happens. Find More Soft Second Mortgage Vs 125 Second Mortgage ArticlesQuestion by tygger: Is this mortgage calculator accurate??? I found this mortgage calculator provided by a home builder. This one not only includes Principle and Interest, it also appears to include Taxes and Insurance (although, not sure how accurate). In the link, click up top on "How much can I afford" and select "Find out how much my monthly payment would be." And select your state. http://www.mihomes.com/ Please tell me if this is pretty accurate. It doesn't add in PMI, instead it breaks it out to two mortgages, 80/20 maybe? But it doesnt tell you what the rate is on the second mortgage. I'm just trying to figure some things out before I have my credit checked and speak to a loan officer. Thanks Best answer for Is this mortgage calculator accurate???:
Answer by V Theriault
Great question! 1. Defiantly take into account for Closing Costs. (If Purchasing: A Home) When making your contract with the seller or with a trusted Realtor; request a 6% seller concession, and that will assistance a huge part of your closing costs, if not all. Example: Home cost: 250K Seller pays 6% towards closing = $ 15,000 paid for by the seller at closing... 2. Yes, as far as the 80/20...Mortgage Calculators give you a somewhat fair idea of what the payment will be or an estimated average rate for a second mortgage. But it all depends on where you are with your credit rating, how much the second mortgage is, etc... 3. I would give the Mortgage Calculators a 6 out of a 10 on reliability...Definitely talk to a Loan Officer and get exact figures... Most banks and lenders give a Free Application. I hope this was helpful! Regards, FinanceYourWay.com
Answer by iceman
It seems about right. Always remember that those are just estimates, in the real world not everything is black and white. Sometimes you can get approved for alot more, sometimes alot less. It will vary from bank to bank and person to person.
Answer by pokerface00
That seems ballpark. Here is a more detailed one. http://www.freemortgagepro.com/tools/paymentcalculator.htm
Answer by Yanswersmonitorsarenazis
I just ran one, it added PMI. I just plugged in $ 200K in for purchase price, no down payment. It estimated 1% of purchase price for property taxes. That's a fair benchmark. Possibly 1.25% in some areas. Their estimating .25% of your purchase price for homeowner's insurance. I'd go with .35%. Not a huge difference, but some. I'm a little suspect of the rates shown though. I don't believe it's possible to get 100% in a single loan at 5.875% today, at least not without paying at least 2% origination/discount fees. Overall though, it's not bad. Perhaps slightly on the low side, but it's in range.
Answer by RealEsatePro
Seems a bit overkill, heres a basic one: http://www.bestnodocloans.com/calc_payment.asp
