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Getting a Second Mortgage with Poor Credit in Texas
(presented by www.refinance-refinance.net - mortgage lenders)



By Jane Hale

Many people with poor credit are hesitant when it comes to applying for a second mortgage because they fear that their credit rating will prevent them from getting approved. Fortunately, this couldn’t be further from the truth. Lenders who offer second mortgage loans to Texas borrowers look at more than just credit rating. They also consider your earning power, your debt to income ratio, and the amount of equity that has built in your home.

Earning Power

When it comes to getting approved for a second mortgage loan with poor credit in Texas, your income or earning power is what is most important. Lenders need to know that you can afford to carry a second mortgage loan. Under Texas law, lenders are not allowed to approve you for a loan that you cannot afford to pay back.

Debt to Income Ratio

While the amount of money that you have coming in is important, so is the amount of money that you have going out. This is why lenders will take special care to examine your other consumer debts before approving you for a second mortgage loan in Texas. If you have a lot of debts, you could be considered a risky borrower. On the other hand, if your debt to income ratio is low, it will make your poor credit rating seem a lot less of a problem.

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Equity

When you get a second mortgage in Texas, you borrow from your equity. If you have a significant amount of equity in your home and can afford the monthly loan payments, your poor credit will not affect your approval in the least bit. In fact, you may even find that lenders will be willing to compete for your business.

Visit Texas Lending Hub to see our
Preferred Texas Second Mortgage Lenders Specializing in Poor Credit, whether you are looking for home purchase, refinance or a home eq!
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This entry was posted on Thursday, November 30th, 2006 at 3:31 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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