SECOND MORTGAGES

Our second mortgage programs can be tailored to your specific needs.
Below is some information to help get you started.

HOME EQUITY CREDIT LINE

There are many options for home owners who wish to meet growing financial demands; one way to improve your financial situation is to borrow money through a home equity line of credit. This source of credit can provide certain tax advantages and generally allows you to borrow large sums of money at affordable rates. This line of credit uses your house as collateral though, which means such a credit line can be risky if you default on the monthly mortgage payments. The funds that you receive from a home equity credit line can be used to fund anything from home improvements to a child's school tuition.

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SECOND MORTGAGE TERMS

Mortgage lenders offer several different terms for second mortgages. The repayment terms for your second mortgage will depend on your individual circumstances and will depend on the amount of time you will require prior to repayment. It is often difficult for borrowers to repay a large loan in a short period of time. For this reason it is best to choose a second mortgage on your home that does not require repayment after only couple of years.

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THE EXPENSE OF A SECOND MORTGAGE

Borrowing money for a second mortgage can be costly because the price of a loan is, in most cases, equal to a percentage of the loan amount. Most mortgage lenders charge a fee for lending money and this fee is based on a point system. One point is equal to one percent of the loan amount. Laws in some states place a cap on the amount of money that can be charged for a second mortgage and this will help keep the cost of your second mortgage down.

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SECOND MORTGAGE RATES

The two most common types of interest rates that can be linked to your second mortgage are adjustable rates and fixed rates. Adjustable rate mortgages allow the interest rate to fluctuate during the life of the home loan. Fixed rate mortgages, on the other hand, maintain the same interest rate for the life of the loan. Both fixed and adjustable rate mortgages have their strengths and weaknesses. In today's unstable economy, adjustable rate mortgages can be risky for the homeowner because the rate can increase with little notice. On the other hand, this type of mortgage may allow you to purchase a more expensive home.

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DETERMINE YOUR MONTHLY PAYMENT

As a home owner it is important to determine what your monthly payment will be when you take out a second mortgage or home equity line of credit. When the monthly payments are calculated you will have a better idea of your ability to pay for the loan. Mortgage lenders are not required to determine your precise monthly payment on a home equity credit line because it will vary month to month but will instruct you about how the payments are calculated on a monthly basis.

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