JUST BROUGHT A NEW HOUSE....

GTUPULUA · Joined: 13 Jun 2008 Posts: 2 1.69 Dollars($)

I need to do some renovation on the back yard *landscape*. I don't think I have equity yet on my house. But, will I still be able to get a 2nd mortage loan. I decided to try for $100,000. that would help get my debt paid off & renovation as well as pay off my truck so I can focus on paying off the 2nd mortage loan since I don't have a car pmt. I do have a system that this money will help me accumulate my finance when I'm on time of my debts. Would that be possible to borrow that much?

Guest 0.10 Dollars($)

Hello GTUPULUA.

If you don't have any equity then how can you get $100,000 as second mortgage. You can get the second mortgage on the amount of equity that you have acquired.

GTUPULUA · Joined: 13 Jun 2008 Posts: 2 1.69 Dollars($)

Okay, so I'll just wait awhile to fix my back yard.

Thank you for your help.

Niicss · Posted: Mon Jun 16, 2008 12:23 am Post subject:

Welcome TUPULUA.

You do not have any equity but you may have paid down payment. So if you have paid 20% of your property value as down payment then you can get a second mortgage on that amount. But the interest rate will be higher compared to your first mortgage. By the way I would suggest you to wait a bit a gather some equity first.

By the way if you want to more about second mortgage you can refer to the article at http://www.mortgagefit.com/second-mortgage.html

Hope this helps.

Feel free to ask if you have any more queries.

chrisburns · Posted: Mon Jun 16, 2008 12:19 pm Post subject:

How much did you buy the house for?
How much is it worth?
How much money did you put down?
What are your credit scores?
Where is the home located?

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