There are many factors complex with getting stylish for a second mortgage loan along with being at the same home for many years, being at the same job for many years, as well has having low debt to revenue ratio, high liquid reserves or requisite residual revenue and a high reputation score. Your revenue are also considered.
While your earnings, long-term job stability, length of time at your home and liquid assets are strong points, the strongest are a high reputation score and low loan to value (Ltv)--up to 65%--on your home. With these, a conforming second mortgage loan can pass an automatic underwriting law and be stylish without any other documentation (besides the appraisal, Fico reputation scores and reputation reports). Although, huge liquid reserves could also help get some lenders to waive some underwriting guidelines.
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A reputation score of over 620 can get you a decent interest rate, but the rates are more prime with scores over 680 and great still with scores over 700. Scores over 740 basically put you in the driver's seat. So, a good reputation score allows the lender to offer a higher loan amount and great interest rates.
