Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Compare Refinance Mortgage Quotes

I am looking for a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] to make some home improvements. I have talked to some of my friends who had it previously. They are telling that it is difficult to get a good rate for a second mortgage with a poor credit that I am having. Any suggestions?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I utilize the money to pay off my first mortgage?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fred,

What your friends have informed is true to not only second mortgage but to any conventional mortgage with bad credit. But believe me, toady it is not also so difficult to afford.

With the globalization in economics the interest rates have been lower than before. Today it has become affordable to many and the number of application for second mortgage bad credit has increased considerably.

Compared to first mortgage, the rate in second mortgage is going to be a little higher and even more with bad credit. Normally second mortgages are available today at rates as low as 5%.

There are sub prime lenders offering second mortgage for people with bad credit. You may get a second mortgage even with a rate just 0.5% higher than the traditional loans. Since, offering second mortgage is risky to the lenders so, they offer the mortgage with some higher rates.

You will be able to find lenders offering second mortgages to people with scores of 649 and less. Depending on the scores and the risk level the rate may vary from 5% to 12 %.

It is always better to shop around a lot to look for the best offers and the lowest possible rate before you apply. You should look around for the rates that you may get stating your income, home's value and credit and then decide.

It is advisable not to take a second mortgage to pay off the first as the rates on second mortgages are always higher than a first mortgage.

Hope this information will help you. You can get more ideas on second mortgage here.

Regards,
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fred,

Blue has provided some good information but you should also keep in mind that getting the lowest rate doesn't mean always that you are getting the cheapest loan.

You need to analyze your financial condition and the time period within which you want to repay also counts.

Angel

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Back with some more information.

From January next year, the loan limit for second mortgage will probably be $208,500.

Today internet is the best way to search for lenders offering second mortgage bad credit.

Angel

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

creditandmortgageindex's picture
creditandmortga... | Joined: February 1, 2006 01:27 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Fannie Mae announced 6 months back that it will apply new conforming loan limits, as determined by the office of federal housing enterprise oversight based on federal data on mean (average) home prices, to increase its single-family mortgage loan limit to $417,000 for 2006.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yeah that's true. Thanks creditmortgageindex, for the information. :)

I want to add that as per Fannie Mae the limits for two-family loans $533,850, three-family loans $645,300, and four-family loans $801,950. What Angel has said is also true that the loan limit for second mortgages in 2006 will be $208,500.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have bad credit with 5 cards and around $27000 in balances at rates ranging from 11% to 20%. I consulted a friend and he suggested taking a second mortgage. So I approached a lender and he said I would be able to qualify for a $35,000 second mortgage even with bad credit. I would be offered the loan at a rate of 15%. I am of the impression that it will help me consolidate the debts and reduce my monthly payments. Am I going the right way?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Macayle.

I don't think you are going the right way, because the interest rate on some of your credit cards is about 11% or slightly higher than that. Now, would you like to replace a 11% or 12% loan with a 15% second loan? I feel if you consolidate your debt, first consider the high interest debts leaving aside the lower-interest ones. However, if the introductory rate on a credit card is 11%, it may go up to above 15% any time. So, in that case, taking out the second loan will help.

Since you have bad credit, here's a word of advice – pay off the bills and then think about what went wrong with the credit card debt payments and why you were not able to pay it off with your finances.

Try to analyze your financial situation, what went wrong with your budget and if you were into overspending which is why you couldn't make up for the cc debt payments. This will help you to avoid falling into such a large debt in future.

Thanks.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

willis.addo's picture
willis.addo | Joined: October 10, 2006 10:18 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello everyone,
I'd like to start by saying you've all offered some great points. But, I'd like to offer some insights to what lenders such as myself would consider when we offer a mortgage. We would start by finding out what your actual current credit score are. We will than look at mortgage history, debt to income ratio etc.. Finding this out would help us determine what credit grade( Interest rate) you'll fall into. Your interest rate is primarily
based on this information.

Currently the interest rate offered to borrowers with less than perfect credit on a second mortgage can range from 11%-13%. Sometimes it would be advantagous to just get one loan that would allow you to consolidate your credit cards and also get some money back at closing for the home improvements. You would need to have a lender run some scenarios for you on both options. This should help you to identify a program that would give you a feasible monthly payment. Which of course, is the most important thing of all.

Another important thing would also be to find out how much equity you currently have to work with. Without any equity, you don't have a loan.

I hope I was able to shed some light on how the mortgage process works.

From your friend,

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Wills,

Is it possible to get second mortgage at higher debt to income ratio?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes. You can have a max DTI of 50%

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Macayle,

If you go for a second mortgage, the time period over which you need to pay for private mortgage insurance (PMI) may be extended. Usually lenders cancel the PMI policy when the outstanding loan balance is less than 75%-80% of the home value. But since you have taken out a second loan, the lender may not be willing to cancel the PMI.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

HUH........guys I'm not sure where you are getting this info but there is no such thing as a fannie mae second mortgage loan limit.......you can't get a second mortgage for a million dollars if you have the equity......and yes I whave written one that big.....DTI can be higher than 50% it depends on the lender

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I don't know but it seems there are fanniemae loan limits on 2nd mortgages, its $208,500 and in Alaska, Hawaii, Guam & the US Virgin Islands its $312,750, I found it at:http://www.fanniemae.com/aboutfm/loanlimits.jhtml

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

There are other options than fannie mae........the majority of second mortgages are done by investment banks.......with no limits

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

sagar.thakar's picture
sagar.thakar | Joined: May 15, 2007 08:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The best way : Visit Option One Mortgage website they have ample of Second Lien products available with them and also lend for poor credit history.

Speak with a rep of Option One and ask for Double Decker Feature, your query might get solved

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what is the maximum fannie mae loan limit that is allowed for second mortgages this year for a 3 unit property?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bphensel,

Welcome to Mortgagefit discussion board.

The maximum Fannie Mae loan limit for second mortgages this year is at $322,650 and it is $483,975 for Alaska, Guam, Hawaii and U.S. Virgin Islands.

But let me also tell you that the sum of original loan amounts for the 1st & 2nd mortgage cannot be more than the maximum loan limit fixed for 1st mortgage by Fannie Mae.

Do let me know if you have any other questions.

Thanks
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

terry16844's picture
terry16844 | Joined: July 11, 2007 10:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

For information on bad credit mortgage loans go to "http://freecreditinfo.biz"

[color=Red:61651ee108][[size=9:61651ee108]Link Deactivated - As per Forum Rules[/size:61651ee108]][/color:61651ee108]

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Im looking for a second mortgage of $100000. with the first 3 years interest only, I have medium credit and plenty of equity! But I work for myself and I have no way to prove income!

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome steven.

So you want to have [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url]... right. Your credit is medium and also you are self employed. So the rate of interest is going to higher comparatively. By the way you can request for no-obligation free mortgage quote to the community lenders. You just need to give minimum details.

Hope it helps. Let me know if you have any further queries.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just moved into a home and would like to finish my basement and consolidate bills. Is there a way that I could get another loan on my home? My credit is good but I'm not sure what is available for people that just moved in and want to finish their house off. Does anyone have any suggestions? Places I could visit?? Thanks for your help

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kuddle!

If you want to consolidate your credit card debts, then you can either look for a debt consolidation or a debt settlement. In debt settlement, your outstanding balance will be reduced by 40%-60%. In case of debt consolidation, the interest rates are reduced. As far as finishing the basement is concerned, you should check out with the lenders whether you can get a home improvement loan or not.

Thanks.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

cupovic_kristina's picture
cupovic_kristina | Joined: January 28, 2009 11:57 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm in a situation where I recently bought a house for $280.000 and because of a bad credit history we were asked to put down $72 000. I'm having dificulty getting all the money, so I was wondering if I could apply for a secon mortgage to cover the cost of downpayment. It's our first time buying a house, and I don't know much about it.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cupovic_kristina,

I do not think taking a second mortgage will be a good option. You may try to go for a private mortgage insurance if you are unable to pay the down-payment required by the lender.

Thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I retired in 2007, and at that time had good credit but a life event happen which took all my savings, I feel behind on my mortgage and credit cards, My credit score now is at the bottom. I have 2 jobs but still lag behind and my home needs repairs. I have 43000.00 left to pay on my home and it has been appraised for 77000.00. What are my best options.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dandea,

Your query has been answered in the given link:
http://www.mortgagefit.com/second/behind-loan.html

Take a look at it. I hope it'll help you.

Thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

lx2702's picture
lx2702 | Joined: September 5, 2009 12:29 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you are considering investing in real estate or plan to buy a home and need a mortgage to finance it then you should be ready to do some research. There are many options to choose from when it comes to selecting a real estate mortgage lender. Each lender varies in the loan products they offer and you will also want to shop around to get the best real estate mortgage rate. Then I would recommend considering royalcrownrealestate.com, you will get more ideas residential real estate. Those interested in residential real estate in California will find many types and styles of home.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

love.greg.77's picture
love.greg.77 | Joined: September 3, 2009 07:29 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dandea,

you have already paid good amount of your mortgage. you try to reduce your monthly payout. discuss with your lender for [url=http://www.mortgagefit.com/refinance.html]refinance[/url].

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is it possible to do a second mortgage when you are behind in your house payments already?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It would be difficult for you get a second mortgage with a bad credit. Lenders would require you to have at least a credit score of 720-740 in order to approve a loan. Moreover, you should have equity in the property in order to get a second mortgage.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own my condo outright .It is worth 30,000.
I am on unemployment and having trouble making condo payments . My credit score is about 560-590 . I have 2 cc both total less than 1,000 ... But they are at their limit ... What can I do to get some money to help out short of selling condo?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

You will not be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] right now as you're unemployed. Lenders won't be ready to give you a loan. You can contact your lender and check out if he will help you with the option of forbearance.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can you get a 2nd mortgage if your house is paid for?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mandi,

If the property is free and clear, then you don't need to go for a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url]. You can take out a normal first mortgage on the property.

Thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

amyk's picture
amyk | Joined: December 10, 2012 04:18 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes you can but you will have a hard time finding a lender that will offer you a bad credit loan with a good rate. Different lenders have different specifications and preferences, thus, I would suggest that you take your time to look around for lenders who can offer the best plans and lowest rates possible. Once you find one, make sure that you take into consideration your income and your credit before you finally decide to apply. Since you already have bad credit, it would be wise to put off applying for a second mortgage and pay off the first mortgage first.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

kayleemegn1's picture
kayleemegn1 | Joined: July 7, 2012 01:22 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes but it would be extremely difficult. Look around for as many lenders as you can as I assure you that you will have a hard time finding a lender that would offer you affordable rates. Moreover, keep in mind that you should have equity in your property to be approved of a second mortgage. If not, it would be best to try your best in keeping up with your monthly payments to raise your credit score.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

reversemortgagesss1's picture
reversemortgagesss1 | Joined: April 15, 2013 06:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Getting a [url=http://www.mortgagefit.com/second-mortgage.html]Second Mortgage[/url] with bad credit score will be more difficult and challenging,but it's possible.Take the help of a reverse mortgage expert in your area.He will suggest you the right path of obtaining the loan.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

reversemortgagesss1's picture
reversemortgagesss1 | Joined: April 15, 2013 06:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Before applying for a second mortgage loan with bad credit.It is important improve your credit score.Take the help of a mortgage expert in your area,he will suggest you the right options for improving your credit score.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fred,
Getting a second mortgage with bad credit can also result in an improvement in your credit score. It is not easy to get mortgage with bad credit, but it is possible. You need to make your application very strong by improving your credit score if it is possible and then you have to shop for the best interest rate and terms you can get.
Second mortgage loans with bad credit are available from lenders who are specialized in offering [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] services to homeowners with low FICO scores.
Hope this information will help you.
Regards,
John Dzialo.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:56 | Post subject:

Page loaded in 0.156 seconds.