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Second Mortgages

Second mortgages provide homeowners with a tax deductible alternative to high interest consumer loans. If you are interested in buying a new car, home improvement, or financing college tuition, a second mortgage can help you find the money and save more money than many other loans. Apply online today to contact up to four lenders about your second mortgages choice.

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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.

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 Through out this draw period interest builds only on the amount you have withdrawn.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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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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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… Home equity allows you to take out a second loan at a lower interest rate than your home loan to finance other large purchases you would like to make such as a loan for home construction or the purchase of a second house… Amortization is the slow elimination of debt on your loan that occurs each month you make a payment. Every month a portion of your payment pays down the principal of your loan and another portion pays interest on your loan, these amounts change every month…
Our mortgage amortization calculator will provide you with a complete table detailing your monthly payments split up into interest and principal. Additionally, you can take into account extra monthly payments made once a year… An adjustable rate mortgage is available at historically low rates and can be more easily financed than a fixed rate mortgage. Get a ceiling interest rate to ensure that the market interest rates don’t come back to bite you later…

Bad credit mortgages are possible for a surprising number of Americans thanks to federally insured loans and today’s historically low interest rates. A mortgage broker specialized in bad credit lending can help you through the process of dealing with a bank to back your loan…

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