Should I Refinance My 2nd Mortgage?

Many homeowners are not clear on whether or not they should be refinancing their existing second mortgage. It is important that homeowners realize that refinancing is an opportunity to renegotiate your mortgage. There is a couple of issues you must address before committing to a 2nd mortgage refinance.

Do You Qualify for Refinancing?

1. Do you qualify for refinancing? Most lenders will want an appraisal to document that your home as at least 20% equity left in your home after your new second mortgage. That means that when you add your 1st and 2nd loans together and divide that sum by the property value that you are at or below 80% loan to value.
2. Is your credit score high enough for a subordinate loan? Most 2nd mortgage lenders are looking for a 700 or 720 fico.
3. Do you have enough income monthly and can you document it with tax returns, W2's and pay-stubs. Most 2nd lenders are looking for a debt to income ratio below 40%.
4. How much money will you save with a 2nd mortgage refinance? Obviously there has to be a benefit for your time and to justify the cost of refinancing. If the new loan will save you hundreds or thousands of dollars a year, then it likely makes sense to refinance your 2nd mortgage.

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• How to get a 2nd mortgage modification
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