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
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
- Gross monthly salary
- Banking and financial information
- Tax returns