How hard is it to get a second mortgage? or a new mortgage in this economy?
mizz_cassie_cass asked:
I have a mortgage on my home right now but we want to relocate and buy a home for the around the same price. We have had our home for 4 years and never had a late payment. We do have less then perfect credit. How do we go about this? Would it be better to rent? sell?? And how easy would it to be approved for a second mortgage or a new mortgage??
Jessie
I have a mortgage on my home right now but we want to relocate and buy a home for the around the same price. We have had our home for 4 years and never had a late payment. We do have less then perfect credit. How do we go about this? Would it be better to rent? sell?? And how easy would it to be approved for a second mortgage or a new mortgage??
Jessie
Tags: New Mortgage, Rent, Second Mortgage
July 30th, 2009 at 3:53 pm
Kim
Just ask. I just refinanced to knock more than 2% off my interest rate & got approval over the phone from my mortgage company.
August 2nd, 2009 at 12:56 pm
Gloria
It is harder to find a 2nd mortgage through a reputable company, one that is not going to have hidden fees and agendas. Investigate any thing promised to you carefully and remember that if it sounds too good to be true it probably is.
August 5th, 2009 at 10:43 pm
Crystal
Second mortgages are pretty much a thing of the past.
In a buyers market you really don’t want to sell unless you have no other choice. I would say rent out your home until the market rebounds and then look at selling. As far getting a new loan its not that hard. You will need at least 3.5% for a down payment and a 580+ mid score.
August 8th, 2009 at 8:26 pm
Karen
If your FICO score is under 680, I wouldn’t count on it. You’re not going to get good rates, or even a loan, without 20-40% equity. I always recommend renting for most people; owning a home is (in general) a bad investment, regardless of what realtors have bamboozled us into thinking.