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Real Estate fi
Eileen M. Day REALTOR
SECOND MORTGAGE A second mortgage, which Is so-called because it is recorded behind a senior or first loan and has secondary priority, can be a very valuable tool for both buyers and sellers of homes. Buyers can sometimes afford more home through having the seller carry back a second mortgage. and thereby enabling the purchaser to have to qualify for and secure a smaller first mortgage, usually from an institutional lender.
Some mortgage companies and banks make second mortgages. both for purchases and for owners to tap some of their unused equity and get cash out
For a seller willing to carry back a second mortgage, it could mean getting a higher price and a quicker sale, since doing this will expand the available pool of buyers who may not have all the cash required 1 for a large downpayment. Sometimes the willingness to carry a second in Itself may bring a buyer who might have otherwise overlooked a particular piece of property.
It there is anything we can do to help you in the field of real 1 estate please stop in at EILEEN M. DAY. Realtor, the Clopton House. Washington. Va.. 22747. Phone 675-3033. We're here to help.
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