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Mortgage Loan Types:

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Second Mortgages

There are many different types of second mortgages available:

  • A reverse mortgage is a line of credit available for homeowners of 62 years and older. This type of loan allows you to draw money as you need or receive monthly payments for the rest of your life or until you move, even if the amount of your loan exceeds the value of your house (usually because the home did not rise in value as expected or the homeowner lived longer than was expected). This loan, like the home equity line of credit, has an adjustable rate, but this rate is based on a different index, the Prime Rate which can often be more reliable than other indexes.
  • If you have little or no equity in your home, many lenders will still allow you to obtain a second mortgage, but it can be risky to secure a loan with your home if there is not enough equity accrued.

A second mortgage is a tax deductible, low interest way to fund home improvement, investments, or large purchases. Turn your equity into money to purchase the car you always wanted or to buy a vacation home. Fill out our free short form to contact an expert about your second mortgage.

There are many different types of second mortgages available:

  • A home equity loan allows you to borrow money based on the amount of equity, or value, you own in your home. This amount is determined by taking the market value of your house and subtracting the amount of your first mortgage. If you own a home that is worth $150,000 and have a mortgage $100,000, $50,000 is the amount of your equity. Most lenders will allow you to borrow any where from 85% to 100% of this amount.
  • A home equity line of credit is also based on your equity. However, instead of one large advance of cash, a line of credit is opened for you in the amount of a loan. This amount can be drawn from usually for a period of five to ten years conveniently using credit cards or checks. Through out this draw period interest builds only on the amount you have withdrawn. This type of loan is good for people with irregular expenses since it allows them to draw what they want when they need it.

A second mortgage is desirable because lenders generally apply low interest rates since the loan is secured by your home. Also, payments on the interest of a second mortgage are tax deductible, allowing you to save money each year. If you need to borrow money a second mortgage may be the best option for you.

 


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Second mortgages are secured by your first mortgage and this often times allows you to get a considerably better rate. If you have paid off your first mortgage you can probably borrow up to 100% of the value of your home for you second mortgage… Let expo financial put you in contact with a mortgage professional that can help you finance your home improvement loan to add or remodel bedrooms. Upgrade your kitechen or living room and borrow at today’s amazingly low interest rates… Mortgage loan calculators are free tools provided on this web site to help you determine what loan best accomodates your needs for financing your future. After doing a few calculations feel free to fill out our short form to talk to a professional mortgage broker…
Mortgage interest rates are still at great lows. If you are worried that you have missed your prime opportunity to refinance you are mistaken. Now is the time to get locked in at a low fixed rate interest mortgage to save you money over the entire life of your loan… Mortgage lending is a process best done with the assitance of a mortgage broker. Mortgage brokers do lending services day in day out and have garnered experience few home buyers get from the few home purchases they make during their lives…

A mortgage calc is a great way to estimate your loan payments before you even apply. All you need to know is your loan amount, interest rate and how long you plan to have to repay the loan. Adjust your interest rate to see how your total amount paid monthly changes…

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