Finding a Second Loan
Posted on | September 11, 2009 | No Comments
Needless to say, if you have been shopping for a purchase second, they are hard to find. Just a couple of years ago banks and mortgage companies were competing like it was the Olympics for second mortgage business. Now you can’t hardly find anyone that will do a second over 80% and no one over 85% unless you have a relationship and a lot, and I mean a lot, of money deposited in that bank!
That is not to say that seconds don’t come in handy and can’t be used to make a deal work for the borrower. It does mean that you do need to have a mortgage guy that can be creative and work the numbers until they can get the best deal for you. I also would tell you to look around at who you know. Do you have a relationship with a banker, a military bank or credit union where you might be able to get a second? If so, call and find out what your options are and communicate that with your loan officer. Who knows, you may just help orchestrate a great deal for yourself!
Comments
Leave a Reply