Missouri Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
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FAQ
Over time, as the homeowner makes good on their monthly payments, the home also tends to appreciate in value. Second mortgages are often riskier because the primary mortgage has priority and is paid first in the event of default.
? You'll need a higher credit score than first mortgage programs. A 620 credit score is the minimum for many second mortgage lenders, while others set the bar as high as 680. ? You must qualify with two mortgage payments. A second mortgage means you'll make two house payments.
A second mortgage is a second loan that you take on your home. You can borrow up to 80% of the appraised value of your home, minus the balance on your first mortgage. The loan is secured against your home equity. While you pay off your second mortgage, you also need continue to pay off your first mortgage.
You could lose your home if you don't pay back a second mortgage. Interest rates can be higher than refinancing. You might not qualify if you don't have enough equity or appraisal value. Second mortgages can be costly with appraisal fees, credit checks and closing costs.
Second mortgages are often used for items such as home improvement or debt consolidation. Advantages of second mortgages include higher loan amounts, lower interest rates, and potential tax benefits. Disadvantages of second mortgages include the risk of foreclosure, loan costs, and interest costs.
To be approved for a second mortgage, you'll likely need a credit score of at least 620, though individual lender requirements may be higher. Plus, remember that higher scores correlate with better rates. You'll also probably need to have a debt-to-income ratio (DTI) that's lower than 43%.
Second mortgages are called that because they are secondary to the main, primary mortgage used for the home purchase. In the event of a foreclosure, the primary mortgage gets fully paid off before any second mortgages get a dime. They are second liens, behind the first lien of the primary mortgage.
You might also need to get an appraisal to confirm the current value of your home. Equity requirements vary, but many lenders prefer that you have at least 15 percent to 20 percent equity in your home. You can typically borrow up to 85 percent of your home's value, minus your current mortgage debts.
