Question re. a second mortgage?

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Also, try to work out a budget that includes some money set aside for emergencies so that you won't need to use credit in the future. Getting new credit accounts can sometimes lower your credit score (which can make it harder to qualify for a good interest rate) and also it is good not to be in debt.

Question re. a second mortgage?

A second would be a band aid effect on your current financial situation and may even worsen it. It could make it harder because now your debt ratio is higher due to the personal loan and second mortgage. Why don't you talk with a several local lenders about FHA fixed. It sounds like the Fed's may lower interest rates here in the next few weeks, so it would be worth it to at least talk to a few. Maybe you can refinance and have enough equity to pay that debt and take care of the personal loan.

Wishes for the Best!

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Question re. a second mortgage?

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