100% second on primary - Posted by Jay

Posted by James Strange on July 26, 2004 at 16:31:05:

A local bank will be your best bet.

100% second on primary - Posted by Jay

Posted by Jay on July 26, 2004 at 13:40:08:

Hello,

I purchased my primary residence 9/23/03 (less than one year).

I would like to refi the second/get cash out using a 100% interest only HELOC. I have credit scores around 710.

If you can help, please EMAIL me.

Thanks,
Jay

Re: 100% second on primary - Posted by Joey

Posted by Joey on July 30, 2004 at 19:33:43:

Jay, what state do you live in?

Re: 100% second on primary - Posted by Brian (WA)

Posted by Brian (WA) on July 27, 2004 at 13:06:05:

Jay,

Seasoning would not be an issue, you can get 100% of current appraised value. Prepayment penalty on your existing second would be a concern, do you have one and if so will it still make sense for you to do this? Where do you live I might be able to help you out.

Brian

Re: 100% second on primary - Posted by jeff nix

Posted by jeff nix on July 26, 2004 at 20:49:21:

I would first ask to see if there are any prepayment penalties and see what the seasoning requirements are! You might get smacked with a lot of fees if the mortgage isn’t seasoned! If all goes well in that department, go with a smaller bank or through a broker.