Second mortgages are loans that a lender will use your home as the collateral asset as for the security until the loan is repaid. Second mortgages are in 2nd position behind your first mortgage loan. 2nd mortgages are also called home equity loans because the loan factors are determined by the amount of equity that you have in your home. Second loans become very popular with homebuyers when mortgage rates start to trend upward. Another common purpose for second mortgages is the flexibility that the loans allow for combining high interest debts, in order to lessen monthly payments.
Many people fall victim to credit card game of balance transfers. If you find yourself getting a little “transfer happy”, and your debt is never really being paid down, then now is the time to let A Second Mortgage connect you to a lender that can offer you some debt relief. A fixed rate second mortgage will offer you a responsible payment schedule, and you can make steps towards financial freedom.
It might be the right time to use the equity in your home for financing debt consolidation or home construction. You can save money by converting high interest rates and daily compounded interest on credit cards into a low rate second mortgage loan, which also has simple annual interest. In addition to the lower rate, get rid of the compounding interest will save you cash. These fixed rate second loans enable some qualified borrowers to save every month by taking out a home equity loan. (Depending on the balance of your debt.) Of course we advise you to look and compare quotes from a few brokers, so that you know that you are getting the best loan.
Need Help Financing a House? The team at BDNationwide continues to connect 1st time home buyers with lenders for new home purchase loans. House prices have fallen and rates remain favorable.
Can Non Homeowners or People that Don't Own a House Qualify for a 2nd mortgage? No, not at this time. 2nd mortgages are loans that are secured to real property. We suggest an unsecured loan or credit line if you do not own real estate in the U.S.
A Second Mortgage will match you with 3-4 of the best lenders online. Just take a few minutes and complete this easy form online. Click Here Loan Application and Online Lender Request. Sit back and finish your coffee, and let us do the work finding the right lender in your area.