Posted on: 13th Jun, 2008 10:32 pm
I need to do some renovation on the back yard *landscape*. I don't think I have equity yet on my house. But, will I still be able to get a 2nd mortage loan. I decided to try for $100,000. that would help get my debt paid off & renovation as well as pay off my truck so I can focus on paying off the 2nd mortage loan since I don't have a car pmt. I do have a system that this money will help me accumulate my finance when I'm on time of my debts. Would that be possible to borrow that much?
hello gtupulua.
if you don't have any equity then how can you get $100,000 as second mortgage. you can get the second mortgage on the amount of equity that you have acquired.
if you don't have any equity then how can you get $100,000 as second mortgage. you can get the second mortgage on the amount of equity that you have acquired.
Okay, so I'll just wait awhile to fix my back yard.
Thank you for your help.
Thank you for your help.
Welcome TUPULUA.
You do not have any equity but you may have paid down payment. So if you have paid 20% of your property value as down payment then you can get a second mortgage on that amount. But the interest rate will be higher compared to your first mortgage. By the way I would suggest you to wait a bit a gather some equity first.
By the way if you want to more about second mortgage you can refer to the article at http://www.mortgagefit.com/second-mortgage.html
Hope this helps.
Feel free to ask if you have any more queries.
You do not have any equity but you may have paid down payment. So if you have paid 20% of your property value as down payment then you can get a second mortgage on that amount. But the interest rate will be higher compared to your first mortgage. By the way I would suggest you to wait a bit a gather some equity first.
By the way if you want to more about second mortgage you can refer to the article at http://www.mortgagefit.com/second-mortgage.html
Hope this helps.
Feel free to ask if you have any more queries.
How much did you buy the house for?
How much is it worth?
How much money did you put down?
What are your credit scores?
Where is the home located?
How much is it worth?
How much money did you put down?
What are your credit scores?
Where is the home located?
