Forgotten Your Password?

Need to Register?

Question Icon

I need a loan and my scores are not good. Can I get a second mortgage?

by Nancy Johnson from Seminole, Oklahoma. Oct 30th 2015 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 589 contributions

Not enough info but generally speaking if you have weak scores securing a 2nd mortgage most likely is not possible.

Oct 30th 2015
1
0
Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

With not so good scores you probably won't qualify for a second mortgage.

Oct 30th 2015
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,944 contributions

Realistically, if your middle credit score is low, getting a second mortgage is even harder that getting a first mortgage. You'll probably need to work on improving your scores before trying to get a loan.

Oct 30th 2015
1
0
Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

A second mortgage usually requires better credit scores as the second mortgage is most at risk.

Oct 30th 2015
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Much more is needed.. the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 30th 2015
1
0
Subscribe to our news feed.