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Confidence Mortgage’s second mortgage programs are designed to fit your specific lending needs. Learn more about second mortgage terms, rates and expenses before you apply by reviewing the second mortgage information below.
Home Equity Credit Line
Using a credit line to borrow against the equity in your home has become a popular source of consumer credit due to its tax advantages and the home owners’ ability to acquire large amounts of cash at relatively low interest rates. The funds that you receive from a home equity credit line can be used to fund anything from home improvements to a child's school tuition.
Second Mortgage Terms
Second mortgage repayment terms vary depending on the homeowners’ circumstances and the amount of time required prior to repayment. Loan terms may vary between 5 & 30 years. Many times home equity lines of credit have an initial interest-only term.
The Expense of a Second Mortgage
When taking out a home equity line of credit or a fixed rate 2nd mortgage, the fees for such a loan will vary depending on each scenario. Many times, there are no fee options available. In addition to upfront closing costs, some lenders require you to pay an annual membership or participation fee.
Second Mortgage Rates
There are adjustable rates and fixed rates. Adjustable rates may offer lower monthly payments at first, but during the rest of the repayment period the payments may change and possibly increase. On the other hand, fixed rates offer slightly higher initial rates and stable monthly payments over the life of the loan.
Determine Your Monthly Payment
With loan terms that vary the monthly payments also vary depending on the loan term & the rate. Unlike 1st mortgages, rates & payments on 2nd mortgages vary a lot depending on credit scores, combined loan amounts, and the equity in your home. Home Equity Lines of Credit also offer an interest-only term.
Contact Confidence Mortgage to discuss your best second mortgage loan options by calling 888-246-8555. |
