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adamwhatley · Joined: 02 Nov 2009 Posts: 1 1.38 Dollars($)

Hello, I have a question about 2nd mortgage or refinance on my existing home. My home is worth $123,000 dollars in which I owe $100,000. How much money can I borrow with a 2nd Mortgage or get out with a refinacnce? I am planing to pay off credit card debit with this money. I am needing about $20,000.00 to do this. Any help with this would be great. Thanks

Adam Whatley

eric1 · Posted: Tue Nov 03, 2009 10:02 pm Post subject:

Adam, you are not going to be able to cash out that $20k. That would put you at essentially 100% LTV

smithsussane · Posted: Tue Nov 03, 2009 11:54 pm Post subject:

Hi adamwhatley!

Welcome to forums!

As you've equity in the property, you will be able to refinance the loan. In my opinion, refinance is a better option compared to a second mortgage because after refinancing, you would be liable for only one mortgage. If you take a second mortgage, you will have to pay off two loans. You can contact a lender and he would help you in knowing how much amount you would get after a refinance.

Feel free to ask if you've further queries.

Sussane

Guest

Ok what about the refinace option? My current interest rate is 6.5 %. If I would or could refinace what are some current rates that are being offered? Myself & wife have good credit never missed a payment on anything or had to pay a late charge. The only thing is our debt to income ratio is high due to the credit card debit & other loans. Is this even possiable to do with this things in place?

jveenstra · Posted: Wed Nov 04, 2009 9:55 am Post subject: Refinance

Based on the numbers you have provided, there is not enough equity to do any refinance or first second mortgage.

The best you might hope for is an 85% of value FHA cash out refinance. That would be a mortgage amount of $104,500 and probably does not cover closing costs and leaves no money for consolidating debts.

In this market mortgages have become much stricter in their gudielines and what you are looking for is not available these days.

gmakerley · Posted: Wed Nov 04, 2009 1:16 pm Post subject:

agreed, john, though it might be worth checking out a local credit union or two that has liberal (HAH) ideas. there may just be someone who'll lend up to 100% of value. it's worth a shot anyway.

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