Second mortgage loans differ from first mortgages in that, legally, they are in second position to a first mortgage. This means that if you wanted to sell your house, the first mortgage company would be paid off before the second mortgage company. In a situation where there is not enough money to pay out both the first and the second mortgage on a home sale, the second mortgage company would be at a loss. Therefore second mortgages are usually considered to be a higher risk form of lending.
A second mortgage can come in the form of a low rate home equity line of credit from one of the Big Banks, but are most often provided by a private or alternative mortgage lender for individuals who are experiencing bad credit. WE focuses on providing private second mortgages, as discussed below.
A private second mortgage is a good idea in many situations:
- Consolidate high 19%+ credit card interest.
- Cash needed fast for an emergency.
- You have a low rate first mortgage that you do not want to break.
- Creditors are threatening with collections or worse…
- To pay income tax or city tax arrears.
Second Mortgage Loan Rates
The Rates can differ widely on a second mortgage depending on your situation. As mortgage brokers, WE shops the market to ensure you are getting the absolute best deal on rate.
How to be Approved for a Second Mortgage?
Second mortgage loans can be approved very quickly and easily. The main thing WE looks for in order of importance is:
- Home Equity Available: Minimum 10% equity should be available, in other words up to 90% of the current value of your house can be mortgaged. Home value can be verified with an appraisal.
- Credit Score: Depending on where your credit score is at, and what credit activities are on it, the second mortgage rate will be priced accordingly. WE can tell you your credit score with an application.
- Income: As long as the second mortgage can be afforded, then lending will happen. WE accepts any type of income proof available.
The WE Second Mortgage Guarantee
When you close a second mortgage loan with US, we partner with you to ensure that the second mortgage can be paid out as quickly as possible. This usually involves consolidating the second mortgage with a ‘lowest rate’ First Mortgage. To do this, WE offers these FREE complimentary services:
- Credit Coaching: To get your credit score higher, in the fastest possible ways.
- Credit Monitoring: We stay in touch track your credit improvement.
- Financial Coaching: Get free 1 on 1 coaching with a Certified Financial Planner to help ensure you remain financially comfortable, and work towards your goals.
- A dedicated financial partner for life: WE wants to see you move on to the next steps comfortably. Most often, in the midst of a storm there lies opportunity. WE can help you map towards that opportunity.
No other Second Mortgage Loan provider offers this much.
Call or Apply Now