If you are considering taking out a second mortgage on your home, you will need to meet the same requirements that you met for your first mortgage, such as satisfying a certain credit score. In addition, you will also need to be current on the payments on your first mortgage, and have enough equity in your home to meet your lender's loan-to-value requirements. Other considerations include having your home appraised to verify its value, the lender's required minimum loan amount, closing costs and more.
If you'd like to learn more about qualifying for an SCCU home equity loan with fixed monthly payments, contact us
for more information. We offer fast approvals, quick closings, and low rates, plus there is no intangible tax, origination fees, points or hidden fees.