Wisconsin
Second Mortgage Information
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Helpful Second Mortgage Information
Wisconsin residents considering a second mortgage loan should carefully select a reputable loan company to advise them and help them complete the papers necessary to secure them a loan.
In making a wise financial decision it is important to gather as much information as possible on your current financial status. Once you have collected this information you will be more prepared to answer any questions that a representative from a company helping you may have. Having the statements from your current lenders is beneficial as it will have all the important payoff information as well as account numbers, contact numbers and such.
Most lenders will ask for the same documentation to facilitate your loan request and approve your loan. You will need to complete a 1003 loan application provided by the lender along with a few other mandatory disclosure documents (like in Truth in Lending Disclosure and an authorization to release information to obtain your credit report), some documents you will need to have available for review are the copy of the note on your first mortgage this document is usually in with your escrow papers you have filed from the time you closed your first mortgage ( It is generally titled Note, or Fixed Rate Note or Variable rate Note). Other documents include current paycheck stubs, your W-2 forms for the last 2 years from your employer if your self employed you will have to supply your complete tax returns for the last 2 years including a profit and loss statement. Some lenders offer no documentation or easy qualifier programs in which they do not require the above documents but most all lender will require a current appraisal of your home though some do not.
Generally Title Insurance is ordered as well as an escrow opened this is usually done by the lender you are working with.
We suggest that not only you contact prospective second mortgage loan companies online but it is also good to contact them via telephone that way you can better judge the professionalism of each company.
Once you have started the process with a company you can always call another one for a second opinion or even a third opinion for that matter. And you can always call your State's Better Business Bureau to see if a prospective company has had any complaints against it. Checking first can help you make an intelligent decision. The Better Business Bureau's nationwide directory online is located at BBB.org
In conclusion preparing your documents first, shopping around, asking questions and investigating companies upfront will help you make a wise second mortgage loan decision.
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