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Unlock Your Home’s Potential With Second Mortgage Loans
The ability to borrow money against your property is one of the biggest advantages of homeownership. As an experienced second home mortgage lender, we offer second mortgage loans that allow you to do just that — tap into the power of your home’s equity to fund major expenses, consolidate debt, or seize investment opportunities.
By definition, a second mortgage is any loan that involves a second lien on the property. You have two options when it comes to second mortgage loans: A Home Equity Loan or a Home Equity Line of Credit (HELOC).
What Is A Home Equity Loan?
With a home equity loan, you can borrow a lump sum of money to be paid back monthly over a set time frame, similar to your first mortgage. These loans are often used by those seeking money for a one-time event or who prefer interest rate stability.
- Secured by the equity in your home
- Closing costs are usually lower
- Interest rate may be higher, but interest paid is tax deductible
- Does not allow for additional draws
- Payments are principal and interest for a fixed period of time
- Your credit must be in good standing in order to qualify
- An appraisal is required to determine your home’s market value
What Is A Home Equity Line of Credit (HELOC)?
A home equity line of credit (HELOC) is a form of revolving credit secured by the equity in your home. This is an open-ended loan that can be paid down or charged up for the term of the loan, much like a credit card. Once your loan term is up, you are required to pay off the loan, making monthly payments on the principal and interest. This type of loan is commonly used by those seeking access to a reserve of cash over a period of time.
- A flexible line of credit with a variable interest rate
- Secured by the equity in your home
- Your lender will approve you for a credit limit – the maximum amount you may borrow at any one time under the plan
- Draw cash as you need it up to your maximum limit
- An appraisal is required to determine your home’s market value
- Interest rates can fluctuate month to month
What Are The Benefits of A Second Mortgage?
A second mortgage offers a variety of benefits. Our clients use this specialty loan to meet a variety of needs:
- Home Improvements: Renovate a kitchen, finish a basement, or add an income suite
- Debt Consolidation: Combine high-interest debts into one lower monthly payment
- Education: Finance tuition, room, and board for yourself or your children
- Major Purchases: Buy a vacation property, invest in a business venture, or purchase other significant assets
Tapping your home’s equity is a major financial decision. As an experienced second home mortgage lender, we’ll ensure you understand all the details, from qualification criteria to tax implications.
Together, we’ll harness the power of your investment wisely, using a second mortgage loan to propel you toward your goals while protecting your long-term net worth.
Ready? Let’s get started.
Get in touch with our team of second mortgage loan experts to learn more about the loan option that’s best for you.
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