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Second Mortgages
There are two types of second mortgages: a fixed
rate loan, or an adjustable rate line of credit.
The fixed rate home equity loan is attractive when you
need the money immediately. This type of loan gives
you protection against rising interest rates. They
typically take the form of a fifteen year fixed rate, or a
thirty year amortization with any outstanding balance
due after fifteen years.
A home equity line of credit, on the other hand, is
attractive if you do not need the money right away. You
only pay interest on the amount outstanding.
Therefore, if there is no balance, there are no
payments. When there is a balance, the lender typically
requires that you only pay the interest due. The lenders
typically let you draw on the line for up to ten years,
and then requires you to pay back principal after the
draw period has expired.
We offer second mortgages up to $1,000,000, and
possibly more by exception
There are two types of second mortgages: a fixed
rate loan, or an adjustable rate line of credit.
The fixed rate home equity loan is attractive when you
need the money immediately. This type of loan gives
you protection against rising interest rates. They
typically take the form of a fifteen year fixed rate, or a
thirty year amortization with any outstanding balance
due after fifteen years.
A home equity line of credit, on the other hand, is
attractive if you do not need the money right away. You
only pay interest on the amount outstanding.
Therefore, if there is no balance, there are no
payments. When there is a balance, the lender typically
requires that you only pay the interest due. The lenders
typically let you draw on the line for up to ten years,
and then requires you to pay back principal after the
draw period has expired.
We offer second mortgages up to $1,000,000, and
possibly more by exception
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