Retaining a Current 1st Mortgage While Adding a New 2nd Mortgage

After you have entered all current mortgage information on the Assumptions tab for Product 1, you can go to the Monthly Costs tab and click Add another product.

At the top of the Product 2 tab, click Copy From Another Product button, and select the current mortgage in the dropdown menu. This will copy all the information that was entered on the Assumptions tab for the Current mortgage.

Then move on to the Monthly Costs tab and scroll down to the bottom. You will see the box Does This Product Have A 2nd Lien? Click that box and then fill out the page that displays for the 2nd lien data.

Note: Be sure that you have the Is this a Refi? marked as YES to the 2nd lien ONLY.   

Then you will have successfully added a new 2nd lien while keeping the current Mortgage. 

This video tutorial will show you how to enter this type of product scenario within Mortgage Coach:  

Watch the video