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 kgore
Joined: 14 Oct 2008
Posts: 1
1.27 Dollars($)
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 Posted: Tue Oct 14, 2008 4:26 am Post subject: Can I get a second mortgage loan without having equity. |
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| Example: My mortgage balance is $207,000 and it was last appriased at $210, 000; can I get a 2nd mortgage to pay off student loans and do home improvements |
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ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 378
Location: Dallas
56.65 Dollars($)
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| Posted: Tue Oct 14, 2008 4:40 am Post subject: |
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There are no longer lenders who will write a second over 100%
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
888-383-9019
emails and PMs gladly answered
www.freedommortgagetexas.com
Freedom Mortgage
I live in TX but cover all 50 states |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 818
Location: OHIO
205.49 Dollars($)
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| Posted: Tue Oct 14, 2008 6:04 am Post subject: |
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Hi kgore,
I'd agree with Cedric. I'm afraid you can't get a second mortgage loan if you don't have equity. Considering the financial crisis that the markets have been going through, lenders aren't willing to offer second mortgage to those having no equity in their homes.
Regards,
Jessica
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http://jessica.mortgagefit.com/ |
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