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Second Mortgage - Your Second Chance

A Second Mortgage is a loan taken against your home on which there already exists a primary or first mortgage. The home equity is used as collateral for this second loan.

For the past several years and up until the “financial crisis” a Second Mortgage has been popular with homeowners as a way to access the equity in their homes. Today lenders are more restrictive but second mortgages are still available depending on the equity value in the home and the credit of the homeowner. A Second Mortgage on your home is a financing alternative that the mortgage professionals at The Loans Store can help you with.

Find the best home mortgage refinance loan, search and compare the best lowest refinance rate mortgage loans in your area. Cash Out Refinance is something you should explore. You can also visit our bad credit refinance loan section if you have bad credit or poor credit. Our professionals work on loans for all credit ratings.

2nd Mortgage Interest Rates

Second Mortgage interest rates are higher than first mortgage rates. The exact rate depends on the amount of the loan compared to the value of the equity in the home and the credit of the homeowner. In most cases Second Mortgage loans carry an interest rate about 2 points about the primary or first mortgage. Also the term of a 2nd mortgage is generally not as long as the first mortgage. Payment periods of 5 years up to 12 or 15 years are typical. So why wait? Apply as soon as possible!

Why Choose The Loans Store?

The Loans Store has a large network of mortgage professionals who can work with you to determine if a Second Mortgage works for you. They can show you all your financing alternatives and work closely with you to get the one that fits your circumstances, financial situation and is available in today’s market. A second mortgage through The Loans Store is just one of several options that we can show you to achieve your financial objectives. Don't miss your second chance; 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

Portability:

It means transferring the balance of your current mortgage at the existing rates and with the existing terms and conditions, to your new home.

Expandability:

If you need additional funds down the road, your mortgage terms can allow you to increase the principal amount by expanding it.

How is 2nd Mortgage better than 1st Mortgage

A Second 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 are arranged for various purposes, such as financing home improvements, college tuition fees, debt consolidation or other emergency expenses. If you have gathered enough equity, another option is to refinance your home and borrow funds in excess of your current loan balance. Usually, a second mortgage carries a higher rate of interest than a first mortgage. So if interest rates are low or start decreasing, refinancing becomes a more appropriate option. Since underwriting guidelines are less strict for second mortgages, it usually takes less time and effort to get a second mortgage than to refinance a loan. Also, a second mortgage may have low transaction costs, so despite higher interest rates on second mortgages, in the long run they may turn out to be less expensive than refinancing.

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