is it difficult to obtain a second mortgage loan?
i currently have a mortgage, but now want to relocate to another state. I don't really want to rent an apartment or house when i do relocate. I'm interested in a cheap condo or townhouse under $80,000. Is it hard trying to get a second home loan for another house. Would be easier if i have a cosigner on second loan, will my credit score have to be really high in the 700s or something?
- Beverly SLv 75 months ago
You will have to qualify based on having 2 house payments, and yes you need good credit.
- MaxiLv 76 months ago
Not if you have the earning power to cover a second mortgage and of course a cash deposit
- Anonymous6 months ago
it totally depends upon YOUR INCOME. can u afford to pay the first house loan and insurance and taxes and then get another home and pay all of that for the second home? if u have a high salary u can easily afford it. credit score has not much to add if u have low salary
- StephenWeinsteinLv 76 months ago
That's not what a second mortgage. A "second mortgage" is when there are two mortgages on the same home.
You can get a loan for another home, but don't cal it a "second mortgage", because they'll think you're looking for something else and waste a lot of time having you do the wrong paperwork.
Also, if you are keeping the home that you have now, keep in mind that the insurance on that home will cost more when you're no longer living there. (Insurance typically costs more for vacant homes and rental properties than for owner-occupied homes.)
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- D.E.B.S.Lv 76 months ago
Just like when you bought your first home, your income, credit score, and down payment are the main drivers. There will be stricter requirements on a 2nd home for income and down payment. A higher credit score helps but also drives the rate you can get.
PS: "700s" is not a "really high" credit score. Low 700s are just good. High 700s are very good. 800+ are excellent (or 'really high').
- A HunchLv 76 months ago
It's going to be dependent on your income.
Can you afford two loans?