Second Mortgage Financing
Planning for a Second Mortgage?
Traditionally, second mortgage loans are offered with a fixed loan amount and a predetermined repayment schedule. Some lenders now offer lines of credit that allow you to obtain cash advances with a credit card or to write checks up to a certain credit limit.
Below you will find some of the top lenders
Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. You will need to discuss the repayment terms with the individual mortgage company and select one that offers terms that best suit your needs.
Here are some benefits of Second Mortgages:
- The mortgage insurance premium (if any) on a second mortgage is low.
- The rate and points on a second mortgage are low.
- The term on a second mortgage is short.
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