Second mortgages are loans secured by a home that has already been mortgaged.
The advantages of a home equity loan include:
They allow you to take out equity from your home.
A second mortgage is an alternative to refinancing your first mortgage.
Second mortgages can be used for:
Pay off outstanding debts, like credit cards, lines of credit, car loans
Increase your cash flow
Home improvements and renovations, like a new kitchen, bathroom, windows, roof, or flooring
Purchasing a second home or property
Putting a stop to a power of sale
Starting a small business
Going back to school
Plus a lot more!
What is the maximum amount you can borrow on a Second Mortgage?
The maximum amount you can borrow depends on how much equity you have in your home up to 85% In other words, the difference between what your home is worth and the amount you own on your first mortgage.
How easy is it to get a Second Mortgage?
Getting approved for a second mortgage is straightforward; most lenders look at your home equity. The more equity your home has available, the higher your chances are of qualifying for a second mortgage. We have a wide range of second mortgage options available from a variety of lenders who do not demand income or credit qualifications.
What are the rates and terms of a Second Mortgage?
The rates and terms of a second mortgage, will vary depending on the lender. We work with a variety of lenders who can approve your application quickly at amazing rates.
Is it better to get a Second Mortgage or Refinance your existing mortgage?
We will review the terms of your existing mortgage (interest rate and penalties), your current income/credit score situation, and current interest rates. Based on that review we’ll determine the most effective way for you to take out equity from your home.
Bottom line is we’ll find the best solution for your unique situation, which could be:
• A Second Mortgage
• Refinancing your Current Mortgage
• A Home Equity Loan
• A Home Equity Line of Credit
We have a range of alternatives for all of your second mortgage needs!
We've seen it all in our years of experience, so we're used to tailoring our services to specific budgetary requirements. We recognize that for the majority of individuals, their home is the most valuable possession they will ever own, thus it's critical that they receive the service they require.
Creditlinx is committed to providing 5 star customer service. Contact us and a lending professional will assist you in scheduling a free personal consultation. We'll assist you in evaluating your mortgage alternatives and determining the best option for you!