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Second Mortgages - Information and Advice
"Get rates on second mortgages and the best home
equity loans."
Second mortgages get your home equity working for you!
Second Mortgages - Also called home equity loans and lines of credit -
are commonly used for debt consolidation, educational expenses, home
improvements, vehicle purchases, and other gifts and purchases.
Use the second mortgages table below to pick the right loan for your needs.
To apply for your loan of choice, click the "apply now" button.
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| Line of Credit |
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| Fixed Loans |
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| 125% Loan |
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Key Benefit |
Borrow money as
you need it |
Fixed rate and
payments |
Borrow up to 125%
of the property value |
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Receiving Funds |
Receive the money
as you need it |
Receive the
entire amount borrowed up front |
Receive the
entire amount borrowed up front |
|
Payment Amount |
Interest only
(Minimum $100) |
Options available
to base payments on 15 or 30 year payback |
Based on 15 year
payback |
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Length of Loan |
10 Year |
15 Year |
15 Year |
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Interest Rate |
Fixed Margin,
varies with the Prime Rate |
Fixed Rate |
Fixed Rate |
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Combined Loan-to-Value |
1 unit
(i.e. single family home or condo/townhouse) and
2 unit complex up to 100%
3-4 unit complex up to 80% |
1 unit
(i.e. single family home or condo/townhouse) and
2 unit complex up to 100%
3-4 unit complex up to 80% |
1 unit
(i.e. single family home or condo/townhouse) and
2 unit complex up to 125%
3-4 unit complex up to 125% |
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Loan Amount |
$20,000 to
$250,000 |
$15,000 to
$250,000 |
up to $75,000
(cash out up to $30,000 and pay off current debts up to $45,000) |
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Disadvantages |
Adjustable
interest rate |
Can only draw
money once
(unlike a line of credit) |
Higher rates than
a loan or line that only goes up 100% of the property value |
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Potential Customer |
Bill and Judy
have kids heading to college and would like to make improvements to
their home. They will need cash on many occasions for both needs,
but are not sure when or how much. |
Tom and Kelly
want to make some home improvements and pay off some high interest
credit cards. They know how much they will need and do not want an
adjustable rate loan. |
John and Mary are
looking to pay off some high interest loans and credit cards and
lower their monthly payment, but have little equity in their home.
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| Line of Credit |
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| Fixed Loans |
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| 125% Loan |
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Second Mortgages - Related Pages
Home Equity
Loans - Are They For You? - Home equity loans versus mortgage
refinance - A home equity loan or line of credit has lower borrowing costs than
refinancing.
Home
Equity Loan Tax Advantages - Information about the tax advantages of
home equity loans versus refinancing your mortgage. Tips on home equity line of
credit borrowing.
Home Equity
Line Of Credit - Discover the best ways to save big with a home
equity line of credit, even with bad credit.
Home Improvement Loans
- Save big with home improvement loans that are tax deductible - Use a home
equity line of credit, home equity loan, or cash-out refinancing.
Home Loans In The News
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