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There is no equity required for a new second mortgage. You can get a loan up
to 125% of the value of your home. Pay off your bills, make home improvements,
buy home furnishings, finance a car, or get cash out to use for any purpose.
The main advantages of a second mortgage are the low rates relative to other
financing, and your tax savings.
The most common type of mortgage is a fixed rate, simple interest loan, which is what a second mortgage provides, and does not change the terms of your current first mortgage.
Pay off your bills and reduce your payments by hundreds of dollars every month. It’s estimated that you can pay three times more on credit cards with compound interest, than a fixed rate, simple interest second mortgage.
Flexible guidelines allow a second mortgage to be used according to what you want to do. You have the option of using all of the loan for paying off debts, or just for making home improvements, or you can choose a combination purpose including personal cash out.
No matter what the purpose of the loan is, the interest portion of a second mortgage can be tax deductible. The tax savings can be substantial compared to high interest non-deductible debts.