Posted on: 23rd Sep, 2009 06:20 pm
our house is under my husbands name, which was built 2 years ago. i believe our house is worth 350000 or more and our monthly payments are 2500 a month....can we take out a a second mortgage or what would be the easiest way to get a loan for 10000?
Hi niseni!
Welcome to forums!
You will first have to check out whether or not your property has equity in it. If the property has equity, then you can apply for a second mortgage. You can take the second mortgage from your current lender or speak to other lenders about it. If you meet their requirements, you would get a second loan from them as well.
You may even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will give you a fair idea whether or not you would get a loan. Also, you would come to know about the rates and terms of the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will first have to check out whether or not your property has equity in it. If the property has equity, then you can apply for a second mortgage. You can take the second mortgage from your current lender or speak to other lenders about it. If you meet their requirements, you would get a second loan from them as well.
You may even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will give you a fair idea whether or not you would get a loan. Also, you would come to know about the rates and terms of the loan.
Feel free to ask if you've further queries.
Sussane
you didn't tell us how large your existing mortgage is. as sussane noted, equity is key.
the amount you're seeking isn't substantial, so that may make it quite a bit easier for you to obtain a home equity loan. you'll find that most primary mortgage lenders are not involved in home equity lending anymore. but you'll find that those with banking presence in the various communities likely offer them, and at attractive rates.
the amount you're seeking isn't substantial, so that may make it quite a bit easier for you to obtain a home equity loan. you'll find that most primary mortgage lenders are not involved in home equity lending anymore. but you'll find that those with banking presence in the various communities likely offer them, and at attractive rates.
check with some of the lenders on this forum
they may be able to help
they may be able to help