Posted on: 22nd Sep, 2009 02:54 pm
I owe 20,000 on my mortgage with 8 years left to pay. I would like to get another mortgage for 50,000 to buy a manufactured home, i have a excellent credit rating is there any way to do this?
Sure, just as long as you can qualify for the other mortgage. There is no way of knowing based upon the limited info that you provided. Speak with a qualified loan officer on this site to get pre-approved.
given the sums of money involved, if you have a stable income it shouldn't be too much of a problem. You don't have some terrible credit skeletons hiding in a closet some where do you?
yes i have a stable income been at the same job for 25 years, my credit score is 802. My first mortgage is for a 1973 mobile home on 2 acres, i owe 20,000 on it with 8 years left to pay. I would like to remove the mobile and get a loan for about 50,000 for a modular home. Would i have to get a new mortgage or could i combine the first mortgage into the new one and make one payment? How would I get started to see if this is possible?
hi guest,
your credit score is excellent and you have a stable employment history. the outstanding balance amount on the current loan is not too high. do you have any other large debts? if you don't, then your dti ratio should also not be a problem. you do have a good chance to qualify for a new loan.
you can look to get a loan that will cover $50k plus the remaining balance of the loan. this will help you combine the remaining balance of the current mortgage with the new one. however, if this cannot be done, you can look for a second mortgage and pay off the existing loan.
you can go for a no-obligation free mortgage consultation with the lenders in this community. they will assess your credit score, your financial situation and will let you know if you qualify for a loan. in case you do qualify for a new loan, they should be able to tell you what type of loan will best serve your purpose.
your credit score is excellent and you have a stable employment history. the outstanding balance amount on the current loan is not too high. do you have any other large debts? if you don't, then your dti ratio should also not be a problem. you do have a good chance to qualify for a new loan.
you can look to get a loan that will cover $50k plus the remaining balance of the loan. this will help you combine the remaining balance of the current mortgage with the new one. however, if this cannot be done, you can look for a second mortgage and pay off the existing loan.
you can go for a no-obligation free mortgage consultation with the lenders in this community. they will assess your credit score, your financial situation and will let you know if you qualify for a loan. in case you do qualify for a new loan, they should be able to tell you what type of loan will best serve your purpose.
can you specify your credit score?
if only....
anny, please read again...he stated his score as 802.
anny, please read again...he stated his score as 802.
