I have been talking to the two banks I generally use, and NO one is getting back to me, or they are out of the office for weeks. Local CU, and USBank.
I want to get a second mortgage, rent our condo, and move into a house. Houses are cheap, we can make the payments on both if need be, so we want to snag a good rate now. Who else is pretty good right now?
I wouldn't talk directly to US Bank, let a mortgage broker do that because they will probably get a better rate. I like PenFed a lot, but they may not always be the best deal.
posted: Feb. 8, 2013 @ 10:10a
Find a good mortgage broker and let them shop the loan for you. Also, stop using terms like "second home" and "second mortgage." If you are looking for a new home and seeking financing for it, just tell the mortgage broker/lender that you want to seek financing for an upcoming purchase. Let them ask you what you plan on doing with the condo and the existing mortgage on it. If you can cash flow both, no problem.
posted: Feb. 8, 2013 @ 4:24p
Thanks dcwilbur, I have been looking for the right term, but second mortgage does not mean what it explicitly means apparently. So I will just say that.
Any broker/lender preferences? Outside of penfed, which I will contact?
Get postin moar dealzzzzz!
posted: Feb. 8, 2013 @ 4:28p
Penfed was hell but I got through it without closing cost. I actually had to repair part of a roof and paint the siding since the arshole appraiser wrote a conditional appraisal. Pretty much a scam to get them another $100 fee or so to come out to clear the conditions. Was strange fixing it on someone else place but what the hey at least pen fed paid for the second visit and not me. A good appraiser would have just said $500 to cure or whatever, was a joke.
posted: Feb. 8, 2013 @ 4:32p
Anonymous quote through Zillow; I've used it twice with great results.
posted: Feb. 8, 2013 @ 5:23p
The term 'second mortgage' is usually used to refer to having 2 mortgages on one property with the first /primary mortgage and then an additional 2nd mortgage.
If you want to keep your current property and rent it out and then buy a second property the lenders will generally require you to qualify to carry (afford) both mortgages with your regular income. If the first house is not rented out yet then they generally won't let you count the rent as income.
posted: Feb. 8, 2013 @ 6:03p
Who has the best DGI too? PENFED is 45%.
Or a lender who will do a lower % downpayment? like 5%?
Rewdog said: Anonymous quote through Zillow; I've used it twice with great results.
Really, what lender ended up taking it?
posted: Feb. 8, 2013 @ 7:27p
First time Suntrust with a local agent. Second time a broker sold it to US Bank after a month. Broker came to my house for closing.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.