10 Tips for Refinancing a 2nd Mortgage

If you are considering a refinance on your 2nd mortgage, there are many things you can do to make yourself a stronger and more appealing borrower.

1. Keep Your Credit Scores Above 720
2. Maintain Some Equity in Your Home
3. Keep your debt to income ratio below 40%
4. Make sure you can document your income
5. Clear up errors on your credit report
6. Write a letter of explanation for any late payments you have had in the le last 5 years
7. Find a loan that lowers your monthly payments without adding too many years to your loan.
8. Consolidate high rate credit cards into your 2nd mortgage
9. Compare quotes from reputable lenders online
10. Negotiate the closing costs as many lenders will reduce or eliminate fees in an effort to earn your business.

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