Second Mortgage Loans
A second mortgage loan is a mortgage that is secured against your property in addition to the first lender. Because a second mortgage is a type of loan that is considered more risky because of the prority it’s registered in, there is usually a higher interest rate attached to it. The interest rate will depend on a few factors.
In order to be able to qualify for a second mortgage, you have to have excellent credit history and “qualifiable” income like salaried, guaranteed hourly or sufficient claimed self employment income.
If you have bruised credit, you can still get a second mortgage with an alternative lender or with a private lender. Usually, a second mortgage with these types of mortgage lenders can be offered to up to 75-80 percent of the value of your home.
Usually borrowers take out second mortgages to make lump sum payments towards debt (such as credit card debt), fund some type of home improvement and avoid paying a pre-payment penalty in the event their penalty is too costly. A second mortgage can be an excellent short-term option to accomplish your goals in real estate.
We will work with you and on your behalf to obtain the most competitive interest rates so you can maintain a low monthly payment. Contact us today and we would happy to run through the process with you.
In order to be able to qualify for a second mortgage, you have to have excellent credit history and “qualifiable” income like salaried, guaranteed hourly or sufficient claimed self employment income.
If you have bruised credit, you can still get a second mortgage with an alternative lender or with a private lender. Usually, a second mortgage with these types of mortgage lenders can be offered to up to 75-80 percent of the value of your home.
Usually borrowers take out second mortgages to make lump sum payments towards debt (such as credit card debt), fund some type of home improvement and avoid paying a pre-payment penalty in the event their penalty is too costly. A second mortgage can be an excellent short-term option to accomplish your goals in real estate.
We will work with you and on your behalf to obtain the most competitive interest rates so you can maintain a low monthly payment. Contact us today and we would happy to run through the process with you.
