Home Buying in Dublin>Question Details

Langstfam, Home Buyer in Dublin, CA

how hard is it to qualify for a second home mortgage?

Asked by Langstfam, Dublin, CA Fri Jun 4, 2010

We are looking to invest in a second property..what will make it easiest to do? We have a current mortgage in dublin and whish to invest in foothill porperty...aprx $100K with 33% down

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I work with some local lenders who can pre-qualify in a matter of minutes. Based upon the outcome, you can then make an educated decision on what is best for YOU! Let me know if you'd like a couple of local lenders direct phone numbers and email addresses.
Jill Denton
0 votes Thank Flag Link Fri Jun 4, 2010
The secondary market for 2nd mortgage loans has virtually dried up. The best place to look is your local credt union. I have over 5 referral elationships here in St. Louis which allows me to place a 2nd mortgage in just about any situation. Becuase they are owned by their membership and profits are not the goal, they offer attractive rates and very reasonable terms. Even more amazing is the fact that common sense underwiting still prevails!
0 votes Thank Flag Link Fri Jun 4, 2010
Based on my experience qualifying leads it is hard to get a second mortgage in today's financial climate.

Clients who were qualified, needed more money down, better credit and usually had a relationship with their lender.

Keep in mind that having cash does not necessarily mean that you will get the loan because your debt to income ratio is an important determinant. This means you cannot get a second mortgage on a house if your making payments on a first mortgage, three band new luxory cars, your kids go to private schools and your credit cards are to the limit, even if you have 40k to put down on a 200k house.
0 votes Thank Flag Link Fri Jun 4, 2010
You should call a local lender and have them run the numbers to see what you qualify for. Based on that info alone, no one can give you the answer. Good luck.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Fri Jun 4, 2010
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