hi trueenergy,
welcome to this forum.
your client has good fico score. so he should be approved for the second mortgage. this community has more than 500 registered lenders. you can contact them. some will surely help you to get the mortgage.
thanks,
larry
welcome to this forum.
your client has good fico score. so he should be approved for the second mortgage. this community has more than 500 registered lenders. you can contact them. some will surely help you to get the mortgage.
thanks,
larry
With 790 fico score, it should not be a problem for him to get a second mortgage.
2nd mortgage rates are usually higher than 1st mortgage rates, it would be wise to compare what they could obtain on a 1st mortgage refinance vs. the blended rate on a 1st/2nd mortgage combo.
I agree with Shane. Without knowing what the rate is on the existing 1st, you might be better off with a new Jumbo. Critical factor as you know is whether you can go full doc. At $350K, you're still below 70% LTV. Have you looked at Chase for the 2nd? Need full doc but a variety of programs that might work for you. Good luck.
Yeah depends on the program type documentation type and few other things also not alot of lenders like to give out cashout over 150k on seconds. In any case most big conforming lenders will be able to accommodate you. Whats the problem?
Great points! What is the rate on the first? That is very impotant before looking into a 2nd.
Hi Trueenergy,
Welcome to forums.
You have a good score indeed. With such a score, it isn't that tough to do a refinance on the second mortgage. But whether you'll be able to get $300-4400K is something that I can't predict. You need to talk to lenders for that.
But there's one thing that Shane mentioned. You can even try for a first mortgage refinance and then it will be perhaps easier for you to manage the two loans. But why do you want a refinance of the second? Is it to pull out some extra cash?
Thanks
Welcome to forums.
You have a good score indeed. With such a score, it isn't that tough to do a refinance on the second mortgage. But whether you'll be able to get $300-4400K is something that I can't predict. You need to talk to lenders for that.
But there's one thing that Shane mentioned. You can even try for a first mortgage refinance and then it will be perhaps easier for you to manage the two loans. But why do you want a refinance of the second? Is it to pull out some extra cash?
Thanks
Compare will be the keyword...compare how you can have 2nd mortgage and think about the outcome...
Hello Candid,
Welcome to the forums.
Yes, even I think one should compare the different loan programs as well as the rates offered to him in order to avail the best program.
I think you are new to this forum. Hope you will make many friends here and enjoy visiting the forums.
Merry Christmas :)
Welcome to the forums.
Yes, even I think one should compare the different loan programs as well as the rates offered to him in order to avail the best program.
I think you are new to this forum. Hope you will make many friends here and enjoy visiting the forums.
Merry Christmas :)
That shouldn't be any problem at all. Your client may want to look at combining the first and second mortgage since rates are pretty low right now.