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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