Question about refinancing my second home...
I am looking to refinance my second home (inherited property) to reduce payments and borrow enough to pay off some other debt ( I actually just have a signature loan with the property as collateral not an actual mortage). I owe 136,000.00 and the property appraised for $249,000.00 in July of last year. My credit score is around 640 and I am looking to borrow around 170,000.00. Income may be some issue due to debt ratio. I have no late payments or collections, etc. on my credit. Will it be possible to qualify especially being a second home and not my primary residence and would I possibly have to put any money down? Thank you! by pammygirl99 from Portland, Oregon. Dec 11th 2009
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
Based on the info supplied you may be eligible for a conventional loan of somewhere in the range of $199,000 assuming you can qualify with the payments for both you primary residence and the new mortgage on the second home. You say down payment but on a re-finance there is no money down required. Closing costs of approximately 5% would be rolled into the new loan amount. Other possible problems are the new appraisal which may or may not come in at the value you received last year. You need to find a local mortgage specialist and discuss this in more detail to see if you can qualify.
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