Second mortgages

If you qualify, we have a "No Closing Cost" option up to 100% of your home's value for your second mortgage! 

By definition, a second mortgage is any loan that involves a second lien on the property. There are two different second mortgage options; 1) a "Home Equity Loan" (HE Loan) 2) or a "Home Equity Line of Credit" (HELOC).  Keep in mind that a HELOC may have a lower interest rate; however it is tied to the "Fed-Fund Rate".  Therefore, each time the "FEDS" conduct their monthly meetings to determine inflation and other economic data, the "Fed-Fund Rate" could increase; causing "HELOC" rates to also increase.  Both options combine your first and second loan amounts together to calculate the "Combined Loan-to-Value" (CLTV).  Therefore, if you obtain an 80% 1st mortgage and want to obtain a 20% 2nd mortgage to purchase a home, your "CLTV" would equate to 100%.

Today, the ability to borrow money against your property is considered one of the biggest advantages of owning a home.  The interest associated with a home loan could be "Tax Deductible (check with your CPA).  A second mortgage is essentially a loan secured by your home or another piece of property with a first mortgage. The second mortgage allows you access the accumulated equity to pay for a new car, college tuition, essential home improvements, pay off credit card balances or other pressing financial needs without compromising your low 1st rate mortgage.

Because there is more risk involved with a second mortgage, conditions can be more complex and sometimes more stringent.   Terms can range from 10 years out to 30 years. The interest rate on a second mortgage is higher than an interest rate for a first mortgage. In the event of default, the holder of the second mortgage is subordinate to the first.

To qualify for a second mortgage, your credit must be in good standing.  We have loans where you verify your income and loans where you "State" your income.  An appraisal isn't always required!  We can order an "Automated Valuation Model" (AVM) and as long as the "Estimated" value is the "Actual" value needed, then an appraisal will not have to be ordered!  This translates into lower closing cost if you do not choose the "No Closing Cost Option" (since the appraisal fee is included in the total closing cost). 

When deciding what type of loan is best for you, it is important to consider how you will use the money and how you intend to pay it off. Do you need money in one lump sum or intermittent over several months or years? Do you want a fixed interest rate so you can repay your loan in precise monthly installments or would you rather have the flexibility to make any size payment above the interest-only minimum? In today’s competitive market, there are many options available. We will help you find the right mortgage product for your lifestyle and financial needs.  Call or email our mortgage loan specialist today!