A frequent question we get from homeowners is “When is the best time to take out a second mortgage?” Obviously we respond to that question by asking more questions like, What do you need the money for? Cash out? Debt Consolidation? Home improvements? What would your home be appraised at? What is the outstanding mortgage amount on your existing home loan? How is your credit? How long do you plan to live in your home? Depending on how the loan applicant answers those questions will dictate how we advise them.
For example, If you have bad credit and no equity, the likelihood of qualifying for a home equity loan or equity line of credit is very minimal. Typically to get approved for a bad credit second mortgage, the borrower will need to have 25% -30% home equity available to satify the lender’s underwriter. Read the complete article > When is the Time Right for a Second Mortgage?
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Pingback by » Home Loan Wholesale » Best Time for a Second Mortgage? | Mortgage … » Second Mortgage Calculator — December 19, 2008 @ 9:41 pm
KMG is currently producing a loan modification commercial set to air in late January. the loss mitigation process can help homeowners with lower mortgage payments from a loan workout. The most common loan modifications are listed below:
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Comment by foreclosure lawyers — December 20, 2008 @ 6:30 pm