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Fri 2 Dec, 2005 07:50 am
I need some help. I am trying to get a home equity loan but someone told me i could not because I already have a second mortgage. First mortgage is around 100k while the 2nd is only 8k. Anyone know of ways to still get a Home equity loan with this situation?
Banks aren't that picky. As long as you have equity, a decent credit score and the ability to pay they will be happy to give you a loan.
You might consider rolling your loans into one.
as long as when you add up both and you add in how much you want to take out and you still have at least a 80%ltv (loan to value which is all of these loans added up and then divded by how much your house is worth) you might have a chance
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