Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




Third Mortgage

Reply to topic
Money Talk > Credit & Loans

Author Thread
ralph
New Member


Cash: $ 0.70

Posts: 3
Joined: 03 Feb 2017

Third Mortgage  Reply with quote  

Hi,
I would like to know more about taking a third mortgage, because I am planning to take a 3rd mortgage. There are 2 pending home loans, but now, since I am in need of more funds for my daughter’s educational expenses. A third mortgage is an additional loan taken out on a property that already has two mortgages against it. I do have a good credit score. I got some info here, http://www.privatelend.com/private-mortgages/third-mortgage/ . I want to know, do taking third mortgage cancel out the first and second mortgage ? and, what else do I need to know about third mortgages?
Post Fri Feb 03, 2017 7:36 am
 View user's profile Send private message
oldguy
Senior Member


Cash: $ 722.20

Posts: 3513
Joined: 21 May 2006
Location: arizona
 Reply with quote  

quote:
do taking third mortgage cancel out the first and second mortgage


No, you will have all three loans.
If you use mortgages, the total amount is limited by the value of your house.

A couple other options -
1. Rather than a third loan, you could refi your second mortgage (just to kep things simple)
2. Rather than collateralizing more of you house, you could get a Student Loan.

Disclosure: I'm in the USA, don't know if it's the same in Canada.
Post Fri Feb 03, 2017 5:26 pm
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2016