Posted on: 09th Jun, 2010 08:24 am
We just refinaced our home the beginning of this year and wasn't able to take equity out at the time because house refinanced in spouse name and name was not on title year prior. Now looking for 2nd mtg no equity lender. Is there such a thing? House appraised at 185,000 new loan 173,000. 30yr fixed FHA @ 5.25%
hi ynotsrm,
if you have equity in your property, then you would be able to get a second mortgage depending upon that equity. apart from the equity, the lender will also check your credit score, debt to income ratio and your financial situation before originating the loan. btw, i did not understand what you wanted to mean by "no equity lenders". can you please explain it?
if you have equity in your property, then you would be able to get a second mortgage depending upon that equity. apart from the equity, the lender will also check your credit score, debt to income ratio and your financial situation before originating the loan. btw, i did not understand what you wanted to mean by "no equity lenders". can you please explain it?
The amount we need is roughly about 40,000 dollars. We don't have that in equity. I found info on the internet about a no equity loan, also coined as a 125% second mortgage. All of the information was there on different sites, but listed no lender for these types loan. Also called locally where I live and no lenders as of yet.