01-17-2009 07:52 AM
I am looking for a bank that will do a 90% LTV (both loans combined). Either the same lender for both or a lender who will do a 2nd home equity loan up to 90% Loan to value.
My 1st mtg. is about 65-70% LTV right now.
Any recommendations or suggestions? I am in the northeast.
01-17-2009 07:57 AM
90% isn't difficult.
01-18-2009 10:06 AM
Debt ratio not an issue, below 25%
Credit scores - lowest 680, middle is 690-700, probably closer to 700.
My issue is going to be with the appraisal. I am definitely not upside down, but not sure if all appraisals will come in at 10% higher than the amount of my existing loans.....I would estimate that the 90 LTV will probably be the answer, but could be 95%........
Options? Ideally, I would just refi the 2nd and leave the 1st (30 year fixed at 5.0%) alone.
01-18-2009 10:19 AM
01-18-2009 11:00 AM
most banks. check with a credit union too. internet lenders are probably going to be a dead end.
almost no broker will touch a second lien.... except there is a guy here who says his broker does loans down to $25K.