SECOND MORTGAGE...
HELOC AND HELOAN
SECOND MORTGAGE...
HELOC AND HELOAN
Is a second mortgage right for you? To find out let's briefly cover what a second mortgage is and why you might want one.
A second mortgage allows you to keep your primary mortgage in place at what is likely a low interest-rate, and still pull cash out of your home.
Example: You have a 3% Conventional loan on your home, but you need $60K for renovations or to pay off high-interest-rate credit cards. Instead of refinancing your first mortgage and losing that 3% rate, add on a 2nd mortgage and pull out that $60K!
Is a second mortgage right for you? To find out let's briefly cover what a second mortgage is and why you might want one.
A second mortgage allows you to keep your primary mortgage in place at what is likely a low interest-rate, and still pull cash out of your home.
Example: You have a 3% Conventional loan on your home, but you need $60K for renovations or to pay off high-interest-rate credit cards. Instead of refinancing your first mortgage and losing that 3% rate, add on a 2nd mortgage and pull out that $60K!
HELOC vs. HELOAN
What is the difference between a HELOC and a HELOAN? Well both are second mortgages, i.e. they are both put in 2nd lien position behind your primary mortgage.
A HELOAN (Home Equity Loan) is a one-time transaction that pulls equity out of your home in a one-time chunk, very much like a personal loan.
A HELOC (Home Equity Line of Credit) is a revolving line of credit, much like a credit card... meaning it's there when you need it, and you can charge it or pay it off as you please. You won't be charged interest on funds you are not using.
Click APPLY NOW to fill out a short form and get started. We'll get in touch with you and help you determine what will be best to suit your needs.
WHEN CAN YOU USE A SECOND MORTGAGE?
A second mortgage becomes an option when you have sufficient equity in your home. Let's say your home is worth $1M and you owe $600K on your mortgage. That means you have $400K of equity to access. Use that equity to pay off high-interest-rate credit cards, send your kids to college, or make renovations on your home.
SIDE NOTE: Don't have much equity but still want to perform construction or renovation on your home? You can use a construction loan that is based off the future constructed value of your home.
HOW TO QUALIFY FOR A HELOC OR HELOAN
You will qualify for a HELOC or HELOAN much like any other first mortgage. Depending on your situation it can be based on your credit, income, equity, and other factors. Fill out the application below to get started!
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