Before you reach out to 2nd mortgage lenders, to talk about that secondary loan against your home, it’s nice to know what sort of criteria they use in order to qualify or disqualify potential borrowers. Knowing the metrics they will apply to your application for a 2nd mortgage means you can prepare yourself for the most important meeting of your financial life.
What mortgage companies like to see
As a lender of funds, mortgage brokers look for three vital factors when deciding whether to approve (or reject) your mortgage application:
Of course, there may be other criteria that go into the decision too. But these 3 factors form the basis of the decision-making process for most reputable mortgage companies.
Turn to the professionals
If you feel that you need help with your second mortgage application, or are wondering whether you will qualify for preferential rates, then you should speak to a mortgage adviser at Mortgage Genie. After reviewing your entire credit profile, they will be able to best advise you on the type of 2nd mortgage you should apply for. Preliminary consultations with a mortgage professional are usually FREE, and without any obligations. It’s worth an hour of your time!