Posted on: 05th Apr, 2008 12:11 am
With the economy in MIchigan, I don't even know if there is any equity because the houses values have fallen
hi,
welcome to the forum.
you can check it by asking your lender whether you have equity or not. btw, how long have you taken the mortgage?
you can get approved for second mortgage if you have fair amount of equity. you can ask you lender and see if he can approve you for second mortgage.
to know more about second mortgage check out this article at http://www.mortgagefit.com/second-mortgage.html
feel free to ask if you have any further questions.
best of luck,
larry
welcome to the forum.
you can check it by asking your lender whether you have equity or not. btw, how long have you taken the mortgage?
you can get approved for second mortgage if you have fair amount of equity. you can ask you lender and see if he can approve you for second mortgage.
to know more about second mortgage check out this article at http://www.mortgagefit.com/second-mortgage.html
feel free to ask if you have any further questions.
best of luck,
larry
Welcome thepottorffs,
Talk to your lender regarding this and see if he can offer you affordable rate and terms.
By the way the rates of second mortgage are usually higher than first mortgage
Let me know if you have any more queries.
Talk to your lender regarding this and see if he can offer you affordable rate and terms.
By the way the rates of second mortgage are usually higher than first mortgage
Let me know if you have any more queries.
I can go onto my mortgage web page and sign in to find out what equity is left in my home. You can get all this information from your lender as mentioned above. Goodluck, hope you find what you need.
Hi thepottorffs,
If the home prices are falling behind, then chances of getting a second mortgage are less especially if you have bad credit, because in case you default, it will not be easy to recover the combined balance by selling off your home.
However, if you have good credit, there's still some hope. By the way, may I know what's your primary purpose behind going for a second mtge? I'm asking this because if I know the purpose, may be I shall be able to suggest an alternative which may be easier to get considering the market situation.
Good luck
If the home prices are falling behind, then chances of getting a second mortgage are less especially if you have bad credit, because in case you default, it will not be easy to recover the combined balance by selling off your home.
However, if you have good credit, there's still some hope. By the way, may I know what's your primary purpose behind going for a second mtge? I'm asking this because if I know the purpose, may be I shall be able to suggest an alternative which may be easier to get considering the market situation.
Good luck