Let's say I own a home. mortgage owing - $150,000.00
Actual property value $250,000.00.
A loan or mortgage of $40,000.00 needed to consildate debts and return to school for masters.
Oh yeah let's just say my credit rating is crap.
Any tips and advice to get the best rate and lowest monthly carrying costs?
What are the pros, and more importantly the cons of a second mortgage?
2007-02-16 03:13:46 · 1 answers · asked by quixmort 1 in Business & Finance ➔ Personal Finance
Your best bet is to talk to your bank. My husband and I tried to do that a few years ago but we didn’t have enough equity in our house.
The bank will send someone out to appraise your house and they will probably want you to maintain at least 20% equity.
So, you may want to finish up any home-improvement projects to improve the value of your house.
Shop around to different banks & credit unions for the best rate and be prepared to move all your banking over as they may request this to take on your debt.
2007-02-16 03:58:44 · answer #1 · answered by babypocket2005 4 · 0⤊ 0⤋