A second mortgage can be a better option than other types of loans if you have enough equity in your home. Compared to many other loans, it is easier to obtain, has a faster processing time and is not affected by a bad credit score. Although the interest rate is higher than that of your first mortgage, it is usually lower than that of some of the other types of loans.
The equity in your home is the current value of your home less the unpaid balance of your first mortgage. If your home is valued at $430,000 and you still owe your creditor $150,000 on your first mortgage, then your home equity is $280,000. You can get a second mortgage of up to 80% of this equity from most lenders.
Second mortgages are a popular tool for solving financial problems. You can use a second mortgage to consolidate or pay off your debts, make improvements to your home, pay your children’s college fees, buy a new home, make purchases, invest in stocks or start a small business. However, finding the lowest interest rate and a suitable term is not easy. You will need to consult a mortgage broker such as the Mortgage Emporium.
Our team of highly experienced mortgage experts will study your requirements, find the second mortgage with the lowest interest rate and the most suitable terms of payment, and help you with the application process.
Simply fill out our online form below to have one of our expert mortgage brokers contact you to get started on your second mortgage application.