With the recent credit crunch, second mortgages have become more difficult to qualify for than previous years. Like most home loans, credit, income, and equity are the three most important factors for getting approved for a second mortgage.
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When mortgage lenders tighten their guidelines it means that excellent credit with high credit scores over 700 are preferred with most home equity products today.
Income is critical as well, because most lenders want to make sure that you can afford another loan. Full documentation is also required with most 2nd programs.
Find out how second mortgage loans work from the Home Equity Loan Specialists.
