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Consolidate Your Debt With a Second Mortgage Loan

A Second Mortgage Loan is a secured loan that is subordinate to your first mortgage against the same property. Second mortgages are commonly used to consolidate debt, create a home equity line of credit, or purchasing another home.

Why A 2nd Mortgage:
2nd Mortgage Benefits

  • Home equity loans
  • Able to get fixed rate
  • Lower credit rating requirements

 

rate-chart2 (1)2nd Considerations

Second mortgages are secured by your home, so there is a risk of losing your home after lack of payments. There are also usually second mortgage fees, and higher interest rates.

 

Steps to a 2nd Mortgage

Before you start the Second mortgage process, be prepared to provide some information to one of our loan officers.

  • Social Security numbers
  • Address
  • Gross monthly salary
  • Banking and financial information
  • Tax returns