Hi Marys, I'm fuzzy about mortgages (fuzzier than I should be for sure) but it seems there are a lot of fees, points and insurance fees involved. All such fees are for the myriad of legal processes and diligence required for that degree of risk on that size of a loan related to real property. If one had a pretty significant chunk of a down payment but was short say 50,000 on a 200,000 house - is there anyway to secure a "regular" loan? What do you mean by "regular"? If you mean NOT secured by real estate, the answer would be; Maybe... if you otherwise have a strong enough credit history. Possibly a truly stupid question i don't know. I know most loans require some sort of collateral whether a mortgage or a loan. Not at all... you can get cash-advances on your credit cards, and signature (personal) loans from your checking bank without any collateral at all. But if your buying a house with a down payment that results in significant instant equity, why can 't that be collateral for a loan? It can be, and is used to collateralize home loans all the time. Realize, however, that you are once again asking the bank to now link your real estate back into the transaction, which pulls back into play all the legal process & diligence once again, and all the related fees to pay for all the related service providers. Your cheapest borrowed money is the funds you pay "all those fees for" in relation to your mortgage... simply because the lender has the greatest and most secure collateral in place to guarantee their principal. Hope that helps in the clarification. Cheers, Dave Donhoff Strategic Equity & Mortgage Planner

dave_donhoff - I'm just brainstorming again! LOL We have a house with a 2nd mortgage. We bot in 2003, and the 2nd is at 8%. Orig (for 2nd) was about $26,800. 30yrs due in 15. Have paid on this for 7 yrs as of Sept 2010. We've been making pymts of about $240.00/mo, + we made 2 or 3 extra annual pymts. (Min Due = approx $196.00) So it should be paid off at the 15 yr mark. We owe just about (or 'just over') $10k. Will take another 8 yrs to pay off 2nd. I don't want to wait 8 more years. We cannot re-fi. Bought for $134,000 in Southern California, and NO equity (obviously). We owe about $108k btwn 1st & 2nd. Zillow shows valued at $105K this month, but has been down to $90K AND I KNOW that Zillow, Trulia, Cyberhomes are just guestimates. However, we have nothing fancy, and bought with none of those updates or remodeling. (we have green & blue sinks, toilets, tubs; tiled counters & orig cabinetry in kitchen & bathroons. Basically the same as was built in the '70's.) My mind is all over the place & I've been wondering about this for awhile now. Some days I say "NO WAY", other days I wonder. I want that 2nd paid off. Yet, I want to keep what little liquid assets I have. (AND, I DO understand that my 'Liquid Assets' would be tied up if I were to consider this type of loan until paid in full.) I am also getting close to receiving an inheritance by years' end. LOL, I know, don't count your chickens... Well, I'm gonna say I'll be LUCKY if I get 5k! Most likely more, but...one never knows. (I'm thinking about at least 10k, so settling for 5). HOWEVER, all this came about regardless of the stupid inheritance! I was just thinking / pondering. The rate of the 2nd on our home is 8%. We cannot re-fi. (negative equity, PLUS it 'costs' to re-fi) Balance due approx 10k (maybe a bit more, but not a problem) Dividend Rates on C.D.'s so low it's crazy - nothing to spit at nor blink twice about. I was just wondering: Open a 'share cert' for 10k for 60 months, borrow 100% against it, (still get the dividend paid on my cert???), pay the 10k 2nd mortgage off with the loan, and pay myself back??????? (and, if I default, I still have enough to cover...B-4 any inheritance) Does ANY of this make any sense? I'm tired. HOWEVER, I ALSO WAS WONDERING ABOUNT ANY NEGITIVES TO TAKING OUT SUCH SECURED LOAN...when I have a very long history of good credit.

Hi Carmen, I could go into detail to explain APR (as I know that is the face question,) however what you are really seeking is a way to simplify the complexity in comparing financial options. APR was initially designed to attempt to do exactly that; simplify the myriad complexities of financing into a single comparable/shoppable number. Unfortunately, it fails (quite miserably.) APR *could* theoretically be a shoppable number if; A) everyone calculated it the same way (they don't,) B) all shoppers knew how to only compare APRs of like loans (they don't,) C) the future effects of the programs compared didn't matter (unfortunately, they do...and APR is blind to the future financial effects of the loans compared.) SO... even though all financial providers are required by law to quote an 'APR' you are wisely advised to completely ignore it (especially because of #A, above.) INSTEAD; 1) Determine your most likely length of time desired for your loan life (until you pay off due to sale, or cash accumulation, or rebalancing of your balance sheet/portfolio.) 2) Minimize your forced amortization (i.e. get the longest loan period offered,) unless you are self-aware of a budgeting problem, and managing your own reserves is a bad idea. 3) determine breakeven periods (monthly cash savings divided into closing costs) for each potential loan structure, and make sure your breakeven is well short of your projected financing timespan. Lastly... my ancient rant; Choose your provider according to preliminary "quotes," And you've simply chosen the most successful 'Liar.'* *The 'REAL' best loan rates are only knowable after its too late to change providers... so the Quoters (who know better) are taught to simply say whatever they think you want to hear. INSTEAD... Choose according to character quality, competitiveness, honesty, and your personal assessment, And you will set yourself up for the better Experience AND the better ultimate financial results!© Cheers, Dave Donhoff Leverage Planner

Thanks, everyone! This is a small town, and the loan officer at the local credit union did seem to think that national banks might be more lenient? Of course, the credit union's fees are much lower than the banks I've tentatively looked at, and I had wanted to work with them because that's who I've gotten loans from in the past, always paid on time. :( Bill: The loan officer's fees were separate from the closing costs, in addition to them, and labeled as loan officer's fees. All the usual fees were also listed. The problem with living in a small town is there is not a lot of competition around, so fees are hiked up for EVERYTHING just because they can be. This county, incidentally, frequently has the highest price of gas in the continental U.S. It's just like that for everything - but it is a gorgeous place, very mild climate, surrounded on one side by the Pacific Ocean and pristine forests on the other, so people get really attached to this place despite the hassle. The credit history thing is really frustrating. I've even paid rent that was higher than the cost of this mortgage at the credit union (if I had qualified by being in business a few months longer). I have a phone appointment w/ Bank of America today - I'll see how that goes...(We don't even have a local loan officer for B of A, apparently)...