Puerto Rico Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
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For example, if you obtain a mortgage to buy a home or property and that property is then destroyed in a hurricane, the mortgagee clause would ensure that the loss would be payable to your lender even though it's part of your standard insurance or hurricane insurance policy.
Key Takeaways. A first mortgage is a primary lien on the property that secures the mortgage. The second mortgage is money borrowed against home equity to fund other projects and expenditures.
So what is the difference between the two? A first mortgage is the primary loan that you take out to purchase a home. A second mortgage is a loan that you take out in addition to your first mortgage. It is usually used to finance home improvements or to cover other costs associated with buying a home.
Requirements for applying for a second mortgage At least 15 percent to 20 percent equity in your home. Remaining mortgage has to be less than 85 percent of the home's value. A credit score of 600 or higher (recommended)
The mortgagor is required to make monthly payments of principal and interest in order to keep the loan in good standing with the mortgagee. Mortgage loan contracts also include provisions for title ownership and a lien on the real estate property as collateral.
A second mortgage is a loan made in addition to the homeowner's primary mortgage. Home equity lines of credit (HELOCs) are often used as second mortgages. Homeowners might use a second mortgage to finance large purchases like college, a new vehicle, or even a down payment on a second home.
Over time, as the homeowner makes good on their monthly payments, the home also tends to appreciate in value. Second mortgages are often riskier because the primary mortgage has priority and is paid first in the event of default.
The term ?second? means that if you can no longer pay your mortgages and your home is sold to pay off the debts, this loan is paid off second. If there is not enough equity to pay off both loans completely, your second mortgage loan lender may not get the full amount it is owed.