Compare Mortgage Rates and Save:
Second Mortgage - Your Second Chance
A second mortgage is an additional loan over and above your existing home mortgage. In a typical process, a homeowner is required to pledge the equity built up in his home for getting a second mortgage loan.
2nd mortgage loans have been extremely popular among borrowers since they allow them to borrow urgent cash when needed most. However, with the onset of the current phase of economic downturn, second mortgage lenders have become a bit restrictive in offering these. Nevertheless, second mortgages could still be availed depending on the amount of home equity and credit rating that a borrower may have. Mortgage professionals at the LoansStore could actively assist you to get second mortgage home loan.
Find the best refinance second home mortgage loans by searching and comparing the lowest second mortgage rates in your area. And if you have poor credit, you could visit our second mortgage bad credit section. Our experts work on loans for all types of credit situations.
2nd Mortgage Interest Rates
Second mortgage interest rates are always higher than the first mortgage rates. Nevertheless, the exact interest rate, which is offered on 2nd mortgages, depends on the total amount of the loan approved as compared to the total value home equity and the current credit status of the homeowner. In most cases, second mortgage loans carry rates of interests that are about 2 points more than those offered on primary or first mortgages. Additionally, the term of a second mortgage home loan is generally not as long as the first mortgage. Loan repayment plans ranging from 5 years up to 12 or 15 years are typical. So why wait? Apply as soon as possible!
Why Choose The Loans Store?
LoansStore has a large network of mortgage specialists who can work with you to determine if a second mortgage financing works for you. They can help you explore various second mortgage loan alternatives and actively assist to choose a second mortgage quote that best fits your specific financial situation as well as monthly budget. A second mortgage home equity loan through the LoansStore is just one of several options that we have in our massive library of home loan products to enable you to achieve your financial objectives. Therefore, don't miss this opportunity; To get more second mortgage information, apply today!
Latest Features of Second Mortgages at LoansStore.com
With a pre-payment privilege, you have the right to make payments toward the principal portion of your mortgage over and above the monthly payments.
It means transferring the balance of your current mortgage at the existing rates and with the existing terms and conditions, to your all-new 2nd mortgage loan.
If you need any extra funds down the road, your mortgage terms could allow you to increase the principal amount by expanding it.
How is 2nd Mortgage better than 1st Mortgage
A second home mortgage is a loan taken after the first mortgage, and it is secured against the same assets as the first. It is based on the amount of equity or interest or ownership you have in that property thus based on the difference between the current value of the property and the amount you owe on it. Second mortgages could be used for various purposes, such as financing home improvements, college tuition fees, debt consolidation or other emergency expenses. If you have gathered enough equity in your home, another option is to refinance your home and borrow funds in excess of your current home loan balance. Usually, second mortgage rate is much higher as compared to first mortgage rate. Hence, if your current interest rates are low or start decreasing, refinancing becomes a more appropriate option. Besides, since underwriting guidelines are less strict for 2nd mortgages, it usually takes less time and effort to get a second mortgage loans than it takes to refinance an existing home loan. In addition, a second mortgage may have low transaction costs and thereby, despite the fact that second home mortgages have high interest rates, they may turn out to be less expensive than refinancing over the long run.