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.

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

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