|
Consolidate debt, get cash, or just
lower the payment on your second
mortgage — it's easy.
(updated 7-18-2010)
We offer two types of 2nd mortgages on California properties with substantial equity:
Traditional (bank) 2nd mortgages, including Loans and Lines of credit, or;
Hard money (private equity) 2nd mortgages, including Loans and Lines of Credit
Traditional 2nd Mortgages / Lines of Credit (bank loans)
- 2nd Loans or Lines of Credit to 80% (combined lien amount) of the value of your home
- Interest rates starting at Prime + 0.75% for equity lines of credit
- Minimum $75,000 loan / line amount
Maximum $1,000,000 loan / line limit
- Minimum 650+ qualifying credit score
- Full income documentation to $1million, or
"Stated Income" second mortgages to max $500,000 (conditions apply to stated income)
- Primary residence or second / vacation home only (No investment property 2nds for bank loans)
Hard Money 2nd Mortgages / Lines of Credit (privately funded loans, not from banks)
- Primary residences, second homes, vacation property, investment property, commercial property. Some restrictions apply.
- 2nd Loans or Lines of Credit up to 65% (combined lien amount) of appraised value. The maximum loan-to-value varies based on the location of the property and other considerations
- Minimum $75,000 loan / line amount
Maximum $1,000,000 loan / line limit
- The second mortgage must be no less than 30% of the balance owing on the 1st loan. As an example, if the 1st mortgage is $250,000 the minimum allowable 2nd mortgage is 30% of $250,000, or $75,000.
- Note rates range from 10.50% - 15.00%
- No minimum qualifying credit score
|
Second mortgages on CA homes make it easy to consolidate debt, pay for an investment, provide educational or business funds and much more.
You'll need sufficient equity in the subject property to qualify for a second mortgage.
Call today for a no-obligation quote.
1-800-644-8829 |
