One of the questions circulation right now is this: Will I be able to get a mortgage loan?

Well, if you have good credit (and it should be close to 680 for many lenders) and a good debt to income ratio, you will probably be able to swing it. However, it is nearly impossible to get a mortgage loan right now if you have poor credit, and are trying for what is known as an Alt-A loan. Other subprime mortgage loans are also hard to come by.

Refinancing with a second mortgage is even more difficult. You may find that some lenders won’t take less than a 700 credit score right now. And, with home values slipping in some real estate markets, it is difficult to refinance because the mortgage loan is more than the home is worth.

So, carefully evaluate your situation. If you can keep up with your mortgage loan payments, you might not need refinancing with a second mortgage. And, if you have good credit and low debt, you should still be able to get a mortgage loan. You just may need extra documentation.