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 thepottorffs
Joined: 05 Apr 2008
Posts: 1
1.32 Dollars($)
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 Posted: Sat Apr 05, 2008 12:11 am Post subject: How hard is it to get a 2nd mortgage? |
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| With the economy in MIchigan, I don't even know if there is any equity because the houses values have fallen |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Sat Apr 05, 2008 12:20 am Post subject: |
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Hi,
Welcome to the forum.
You can check it by asking your lender whether you have equity or not. BTW, how long have you taken the mortgage?
You can get approved for second mortgage if you have fair amount of equity. You can ask you lender and see if he can approve you for second mortgage.
To know more about second mortgage check out this article at http://www.mortgagefit.com/second-mortgage.html
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Sat Apr 05, 2008 4:35 am Post subject: |
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Welcome thepottorffs,
Talk to your lender regarding this and see if he can offer you affordable rate and terms.
By the way the rates of second mortgage are usually higher than first mortgage
Let me know if you have any more queries.
_________________
Good is the Enemy of Great. |
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jbarto65
Joined: 04 Nov 2007
Posts: 623
-0.20 Dollars($)
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| Posted: Sun Apr 06, 2008 6:32 pm Post subject: |
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| I can go onto my mortgage web page and sign in to find out what equity is left in my home. You can get all this information from your lender as mentioned above. Goodluck, hope you find what you need. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.58 Dollars($)
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| Posted: Mon Apr 07, 2008 6:00 am Post subject: RE: how hard is it to get second mortge |
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Hi thepottorffs,
If the home prices are falling behind, then chances of getting a second mortgage are less especially if you have bad credit, because in case you default, it will not be easy to recover the combined balance by selling off your home.
However, if you have good credit, there's still some hope. By the way, may I know what's your primary purpose behind going for a second mtge? I'm asking this because if I know the purpose, may be I shall be able to suggest an alternative which may be easier to get considering the market situation.
Good luck
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Mortgage Shopping made easy with booklet |
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