How to Qualify for a Second Mortgage
Getting approved for a 2nd mortgage requires the borrower to demonstrate their ability to make the monthly payments for the lender to take a risk and extend funds for a home equity loan. Most lenders will require a good credit score, above 700 to meet the 2nd mortgage qualification criteria. Since the default ratio is higher on 2nd loans, loan companies will require high credit scores. Borrowers will also need mortgage insurance if they are unable to get a purchase money 2nd mortgage.
- Should I refinance a 2nd mortgage?
- How to qualify for a second mortgage?
- When to consolidate a 1st and 2nd mortgage into one loan
- 10 tips for refinancing a 2nd mortgage
- Can I get a second mortgage behind a FHA lien?
- Loan to value requirements for a 2nd mortgage
- Debt to income ratio criteria for second mortgages
Learn Even More About 2nd Mortgages: