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Home Equity Loan (Second Mortgage)
Second mortgages are essentially the same as your primary mortgage . Your home is used as collateral to secure this loan. While most borrowers are better served by Cash Out Refinancing, the advantage of a second mortgage is that in some cases, you can get payment terms and rates that may not be available in other types of loans. Call 1-888-215-0080 and a Mortgage Consultant is ready to review your situation and determine the best option for you.
Home Equity Lines of Credit (HELOC)
A home equity line of credit works similar to a credit card or revolving line of credit. Your bank provides you with a checkbook that is used to draw against your line of credit. You can write checks for major purchases, such as a car or medical expenses, or just draw out some cash and go on vacation. Advantages of obtaining a home equity loan in this manner include: (1) the flexibility to borrow only as much money as you need at the time and (2) the potential to receive a lower interest rate* versus a second mortgage loan. Please consult your Mortgage Consultant for more detailed information.
* Home equity lines of credit typically involve variable rather than fixed interest rates. The variable rate is based on publicly available index (such as the prime rate or a U.S. Treasury bill rate). Thus, as the index changes, the interest rate you pay may increase or decrease. The effective rate of interest you pay over the course of this loan may be higher or lower if you had obtained a fixed rate second mortgage. Thus, you should carefully consider the risks and rewards of this type of loan.
Call 1-888-215-0080 to speak with an Expert Mortgage Consultant or start your application today using Apply Now