| |
Second Mortgages
|
Consolidate debt, get cash, or just
lower the payment on your second
mortgage — it's easy.
We offer two types of 2nd mortgages on California residential properties with substantial equity.
Traditional 2nd Mortgages / Lines of Credit (bank loans)
- 2nd Loans or Lines of Credit to 75% (combined lien amount) of the value of your home
- Interest rates starting at Prime + 0.00% for equity lines of credit
- Maximum $350,000 second mortgage (minimum $50,000 loan amount)
- Minimum 650+ qualifying credit score
- Full income documentation, proper debt-income ratios required
- Primary residence or second / vacation home only (No investment property 2nds for bank loans--see hard money)
Hard Money 2nd Mortgages / Lines of Credit (privately funded loans, not from banks)
- Not available for owner-occupied, primary residences -- second homes, vacation property, or investment property only. Some exceptions apply.
- 2nd Loans or Lines of Credit up to 65% (combined lien amount) of our appraised value. The maximum loan-to-value varies based on the location of the property and other considerations
- Loan approval subject to restrictions on senior lien amounts (difficult to secure a very small 2nd behind a very large 1st loan)
- Interest rates range from 10.50% - 14.00%
- Maximum $1 million 2nd loan amount (minimum $50,000 loan amount)
- No minimum qualifying credit score!
- Full income documentation required (no "stated" income loans)
|
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 35% or more equity in your current residence to qualify.
Call today for a no-obligation quote.
1-800-644-8829 |
Obtaining a second mortgage allows you to leave your larger home loan — your first mortgage, in place. If you have a good interest rate on your first mortgage, are happy with the term, or you've been paying on it for an extended period of time, it's sometimes better to add a second mortgage rather than refinance your existing first loan. |
Benefits of a Second Mortgage Loan
Use your second mortgage loan any way you like:
- Consolidate your high-interest credit cards or other debts into one lower monthly payment
- Cash for business purposes
- Get cash for home improvements, college tuition, investments medical expenses
- Refinance an existing second mortgage to lower your monthly payment
|
|
|
A free quote for your second mortgage loan with no obligation is available today — just call me, or inquire about a second mortgage loan online and I'll customize a second mortgage that meets your needs.
In limited cases, a hard money 2nd mortgage may be made on an owner-occupied, primary residence property for cash-out transactions only (no purchase rate/term refinance transactions). These are:
- Ownership: if title to the property has been vested in the name of a Corporation or LLC for more than 90 days prior to application, and/or;
- Use of Funds, self-employed: if the borrower is verifiably self-employed, and 51% or more of the total loan amount is stated in writing to be used for business purposes only, with the appropriate itemized applications, and/or;
- Use of Funds, legal "Bridge Loan": if the collateral property is listed for sale and another property is under contract for purchase, a bridge loan may be made of less than a 12-month term, and/or;
- Specific Structure: the loan is a non-evasive, open-end line of credit (not a fixed-rate loan)
- Specific Purpose, construction or renovation: with the appropriate documentation, renovation or construction-completion 2nds are allowed on primary residences
- Questions? Call me at 1-800-644-8829
Get your a personalized Mortgage Analysis Report — see & compare the benefits in writing
|
|
