how can i get a new mortgage when the house has one already?

Question

want to get a new mortgage big enough to pay the first mortgage of $46,000.00 off, do repairs and debt consolidate my bills. I need to get a new mortgage of about $125,000.00, but my house is only accest at $38,000.00. help are is there any help for me.

Answer 1

You will only be able to borrow up to 125% of the value of your home. Typically that is a bad idea incase you have to move and end up having to pay money to sell your own house. Good luck

Answer 2

I have never heard of a "house" assessing for that kind of money. Are we talking about a mobile home? Mortgage loans only go to 125% of the value of the home and that would be with the best credit and where the house is certain to appreciate. If you have a 46k loan on a house appraised at 38k I would say there was some serious depreciation going on. I think that what this adds up to from my perspective is you are so upside down you are going to crash and burn. You can stay where you are and pay your bills, and keep sinking. Or you can find a buyer that will get you out of the place and you can move to where real estate investments are safer.

Answer 3

First: Contact your bank and see if you qualify for a line of credit - For the available equity you have in your home... You did not mention what your current payment - interest rate - and term (as in years) you have had your mortgage. If you refinance, and if you have good credit - than the rate will be better - but if you have poor credit, than your payment will be higher - since rates are going up - Good credit rates are 6.5 (roughly) and if bad credit 8.99 (par) Big difference. A par rate is what a lender will give you thru a Broker, (for instance I underwrite for over 150 companys). If you go with one lender they pull your credit, than if they can not do it, you go somewhere else, and they pull your credit. You need to see a Broker, where he/she pulls your credit one time, and the lenders will use HI/HER credit to qualify you....But write down your totla monthly debit (payments), and amount owned, Cost of repairs needed. say you have a repairs of 15,000 and your debit is 20,000 and you are paying a monthly paymenst of 240.00 (just an estimate - OK) Your current mortgage is 300.00 So if you refiance at 125,000 at 6.5 percent your Principle and interest will be 790.09 not including taxes and insurance....the same loan amount at 8.99 rate is 1,004.88 This just gives you an Idea - Brokers will charge a broker fee - upfront and it is rolled into your loan. Or they can give you a higher rate, and make it on the back end - When a Broker takes an application, (that is called the 1003), you will get a Good Fait Estimate and Truth in Lending from them with in 3 business days, that is the RESPA law (at least it is here in Indiana)...The GFE (Good Fair Estimate) will tell you your fees etc.....I have see rates higher than 8.99 for poor credit - if you need 100 percent at a fixed rate (it would be 9.50 or highter) this just gives you an Idea......If you need help, check out my web site, and Good Luck to you - A Broker, who cares, will go over it all with you and be in contact with you daily. The one on one customer service is important, to you, the client, to let you know the whole loan process.

Answer 4

Your tax assessment is not the market value of your home. An appraisal is required to determine the home's value as the basis of mortgage loan refinance.

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Answer 5

sounds like you want to refinance...refinancing is pulling equity out your home by getting a new mortgage....in your situation you may not be able to get a new mortgage that high considering the equity is lower than that but you can possibly pay of your debts in settlements instead of paying them off in full with the money you get from your refinance....the debts will be considered paid but wont be as impressive on your credit report as an account paid in full but its better to settle on a loan account then to have a continuing delinquent account...