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Our new home was appraised in 7-09 for $750,000 (4500 sq ft home with pole barn and land). We are in need of an extra $60,000 to finish basement and put a cement floor in pole barn. We are trying to find someone who will refinance our 2nd to a 90 ltv loan to get the cash or a 125 ltv loan to pay off all our bills and use savings to pay off 1st and 2nd in less than 18 yrs. Is there a lender who can assist us with this - we are located in IL.

adonis · Posted: Thu Sep 16, 2010 1:28 am Post subject:

Welcome Guest,

Unless you've equity in your property, you won't be able to qualify for a second mortgage. Moreover, there are hardly any lenders who can give you a mortgage of 125% LTV. Nevertheless, you can contact your present lender and check out if he can help you in getting a second loan.

This community has a large number of lenders. You can seek a no obligation free mortgage quote from them in order to know what type of rates and terms you will get if you apply for a loan.

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The 125ltv loan is appealing to pay off all debt and use the extra savings to pay off loan in 15 yrs or less. Are there lenders who still offer this?

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