Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.
Mortgage Community Forums | Looking for Mortgage again | can i qualify for a second mortgage loan i need 35000

can i qualify for a second mortgage loan i need 35000

Posted on: 02nd Aug, 2010 02:48 pm
current residence as of 3/ 2010 appraised 370000 curent loan is 280000. i need about 30000 or 35000 for taxes i will have to pay in 2011, can i qualify for a second mortgage and get 35000?
second mortgages to that loan to value can be a bit tough to find but perhaps try some local credit unions. another option is to do an fha cash out refinance to 85% of total appraised value. that would give you about 34k. rates are in the mid 4% range.
netherton
Posted on: 02nd Aug, 2010 02:55 pm
At a value of $370K, you can take up to 85% which would bring you to a new mortgage amount of $314,500. Remember there will be closing costs (Bank fees, UFMIP, Escrow, Title). Cash in hand will be around $25-28K.
tfaulhaber1
Posted on: 03rd Aug, 2010 07:45 am
Page loaded in 0.063 seconds.