Question:

I need a stated income fixed rate 2nd mortgage – can I find one?

Answer:

Taking a limited documentation 2nd mortgage loan may not be possible with all lenders. Moreover, right now, second mortgages and home equity lines are a little stranded by lenders. Certain limitations apply to many mortgage products on the market.

However, should you need a second mortgage you can get one for sure - especially if you have good credit. If your credit score is below 650 a SIVA (stated income verified assets) fixed rate second mortgage loan should be possible. Have in mind, though, that there will be lenders refusing to go No doc with fixed or adjustable rate 2nd mortgage.

Why take a fixed rate 2nd mortgage?

A fixed rate 2nd mortgage note is commonly signed to tap existing equity or to avoid private mortgage insurance. Debt consolidation is also a good reason to get a fixed rate 2nd mortgage loan.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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