Home Equity Loans & Second Mortgage Rates
ByIn this current credit crisis, it become imperative to have high credit scores, at least if you want to qualify for a home equity loan. In addition, most home equity lenders will require that you still have a minimum of 25% home equity left in your home after adding the new second mortgage to calculate the combined loan to value (CLTV). It doesn’t stop there, because the lender will need to verify your income documentation so they feel comfortable that your income and liabilities are not too high of a risk for loan default or foreclosure.
Watch Home Equity Loan Video
Take advantage of record low home equity rates and consider an equity line of credit that lets you access cash as you need to. If you do not have emnough equity in your home, consider a FHA loan, because they still allow cash out refinancing to 95% LTV.
1 Comments
August 3rd, 2009 at 7:04 pm
I need a second mortgage or equity loan to pay off credit card bills and cars. I am looking for a lower payment for debt consolidation. Is this type of home equity financing available anymore? -Lee