Get a fixed or adjustable rate 2nd mortgage on your home for debt consolidation or cash-out.
In today's real estate market, a second mortgage program could be the financial vehicle of choice over a cash-out refinance of a 1st mortgage. We have a blended mortgage rate calculator perfect for reviewing the cost of borrowing using a 2nd mortgage product to help you compare it to a stand alone cash-out refinance. We feel our options are second to none in the mortgage industry with up to 125% LTV! **Please keep in mind that 2nd mortgage loan-to-values are subject to market availability and will vary based upon what is being purchased in the secondary market. This means higher LTVs may not be available at the time of application due to depreciating real estate values or other factors outside our control**. To see what second mortgage options are available in today's mortgage market, just use our quick quote to find out more!
A 2nd mortgage can also be known as a home equity loan. The amount that you can borrow on a second mortgage can be customized, depending on your home's equity. We can help you secure a second mortgage on the equity of your property so that you can have funds for doing the things that are important to you.
Of course, if you prefer a home equity line of credit, we we can help with that as well. HELOCs can offer an interest only period, which may be more desirable in some circumstances.
Here are just some of reasons why taking out a second mortgage can make so much sense:
- Pay your child's school fee or college tuition fee
- Pay for a beautiful wedding
- Go off on a cool vacation to lively Bahamas or gorgeous Switzerland
- Get some major dental work done
- Pay for your medical expenses associated with an illness
- Renovate your house the way you always wanted too
- Indulge in a new home spa, a sparkling new swimming pool, or a Jacuzzi in the bathroom
- Get some major repairs done to your garage or add an extra bedroom or family room without having to take out a construction loan
You can also use a 2nd mortgage for consolidating and paying off your debts. Some of the debt consolidation options include:
- Paying off credit card bills
- Paying off monthly installment loans (such as that SUV you purchased with those payments are now breaking your back!)
Why wait until later, or after it's financially too late, to tap the asset value of your home to meet the financial requirements you have today? Moreover, a second mortgage allows you to avoid paying significantly higher interest rates on debts such as credit cards, etc. Use our quick quote to learn more about how we can help you.
Typically, a second mortgage means that you have readily available funds to be used as you want. Moreover, it's usually easier to obtain than many other loan types since it's a loan secured by your home; however, in depreciating markets for home values, the secondary market may limit the LTVs available for borrowing. Another interesting fact about a second mortgage is that you could also receive tax benefits on the interest you pay towards the loan (be sure to speak with a tax professional before making a mortgage decision based upon tax benefits). This can be a super benefit that is not available on many other types of loans -- plus, it's an easy thing to do as well!
Take action now while rates are low! Contact a professional loan officer today about a second mortgage loan and put yourself on the road to financial freedom, lifting financial burdens, and creating the solutions your family wants and deserves. Use our easy quick quote to get started right away!