How to Get a Second Mortgage with Bad Credit?
Refinancing home loan when you have 2nd mortgage in the form of a home equity loan or home equity line of credit can be difficult as the process is complicated.
This is on account of the fact that second mortgage lender is slated to assume the role of primary mortgage dealers once you refinance the first mortgage and must be ready to surrender that position to the new refinance lender.
If such a proposition, known as re-subordination, is not possible, you could have 3 options:
Why Borrowers Need To Refinance A Second Mortgage?
Most of the homeowners consider refinancing second mortgages because of a variety of reasons some of which include the following