Posted on: 27th Dec, 2005 10:20 am
i am looking for a second mortgage 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?
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.
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?
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?
Can you get a 2nd mortgage if your house is paid for?
hi mandi,
if the property is free and clear, then you don't need to go for a second mortgage. you can take out a normal first mortgage on the property.
thanks
if the property is free and clear, then you don't need to go for a second mortgage. you can take out a normal first mortgage on the property.
thanks
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.
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.
getting a second mortgage 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.
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.
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 home equity loan services to homeowners with low fico scores.
hope this information will help you.
regards,
john dzialo.
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 home equity loan services to homeowners with low fico scores.
hope this information will help you.
regards,
john dzialo.
Post Your Comment