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    wboyd72's Avatar
    wboyd72 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 16, 2009, 11:48 AM
    Second mortages
    I own a house and I am in good standings on my payments with a few bad investments my credit cards are almost maxed I was wondering if I would be able to do a dept consolidation loan/second mortgage with my credit being maxed I am current on all my payments
    Insane09's Avatar
    Insane09 Posts: 22, Reputation: 1
    New Member
    		  
    #2

    Apr 16, 2009, 11:58 AM
    If you have the equity in your home and income to support the new debit. Yes this is done all the time.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    Apr 16, 2009, 12:01 PM

    Being maxed out just lowers your debt availability but it does not give you a bad score. You can get a free credit scoreon line and then start looking around. I refinanced last month and got 4.5% at my local Chase bank. You might ask your bank about any advantgaes or disadvantages of a Home Equity Line of Credit over a second mortgage, there is more liquidity in how much you take and how much you must pay.
    Ibulo construct's Avatar
    Ibulo construct Posts: 1, Reputation: 1
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    #4

    Apr 16, 2009, 12:04 PM

    How to make a good businiss profile
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #5

    Apr 16, 2009, 12:08 PM

    We I would start by creating a new post on this unlrelated topic. Just click ASK at the top of the page.
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