What is a Second Mortgage?
A second mortgage is a mortgage loan that is also a lien against a real estate property; however, it is subordinate to the first mortgage. They are a great way to generate additional income when you need it for your home!
This means that in the event of a default, the first mortgage would receive all the proceeds from the sale of a property, until the loan is fully paid off. Only at that point, would the second mortgage position receive the remaining proceeds of the property sale, until their amount owed is fully paid off.
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A common reason for a homeowner to take a second mortgage is to finance a renovation or some type of construction on their property, to pay for a large purchase, such an automobile or perhaps even to fund the children’s college tuition. Often, a HELOC, a home equity letter of credit, are used as second mortgages.
If you are considering taking out a second mortgage, we can help you. We will work with you to determine how much you qualify for and what the best option is for your situation. We understand that each situation is unique and we will tailor our services to fit your needs.
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We take everything into account when finding you the perfect mortgage, and make sure you understand everything you need to know before signing. We analyze your LTV, interest, term length, payment amount and frequency, prepayments, appraisal, debt ratios, and more, all to pair you with the perfect mortgage.
