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Second Mortgages
There are many different types of second mortgages available:
- A home equity loan allows you to borrow money based on the amount of equity,
or value, you own in your home. This amount is determined by taking the market
value of your house and subtracting the amount of your first mortgage. If
you own a home that is worth $150,000 and have a mortgage $100,000, $50,000
is the amount of your equity. Most lenders will allow you to borrow any where
from 85% to 100% of this amount.
- A home equity line of credit is also based on your equity. However, instead
of one large advance of cash, a line of credit is opened for you in the amount
of a loan. This amount can be drawn from usually for a period of five to ten
years conveniently using credit cards or checks. Through out this draw period
interest builds only on the amount you have withdrawn. This type of loan is
good for people with irregular expenses since it allows them to draw what
they want when they need it.
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Bad Credit Refinance
Debt consolidation can help you get from under the stress and pressure of collections calls and the mountain of bills that come to you each month in the mail. Refinancing all of your small loans into one larger one will allow you to have one monthly payment. This will help you pay off your debt more easily, generally with a lower interest rate and often lower monthly payments. Also, lenders understand that applicants looking for to refinance in order to consolidate debt usually have damaged credit and so the requirements for this type of refinancing would be more lenient.
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Home Equity
A home equity line of credit is like a home equity loan in that the house is used as collateral. However, home equity lines of credit allow borrowers to set up a credit line that can be used much like a credit card. During a period of time, usually five to ten years, the homeowner is able to take large or small amounts from the account until the drawing period ends or the amount of the loan is exhausted. This type of loan is an adjustable rate mortgage, which varies with the market.
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Land Loan
Usually, the homebuyer places a down payment on the lot and uses a line of credit to finance the construction of the home. As construction moves along, the buyer borrows from the line of credit to finance the building. Once the construction is finished, the land loan and the line of credit are rolled into a single mortgage to be paid by the homeowner.
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Mortgage Calculation
Buying a new home can be one of the most exhilarating experiences of your life. However, paying for your new home is far from exciting. Taking on a new mortgage does not have to be a stressful situation. Planning and preparation can help you find the loan that will fit your finances. Mortgage calculation can show you which loans are affordable and which will break the bank. Use our mortgage calculator to get a better idea of your kind of mortgage or fill out our free short form to contact up to four lenders.
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Mortgages Online
These days mortgages are as diverse as the people seeking them. There are loans for people with good credit or bad credit, and loans specifically geared for those trying to consolidate debt, for families wanting to build their new homes, for Veterans, even for explicitly for police officers and teachers. Finding the right mortgage has never been easier. Fill out our free short form to contact a mortgage expert.
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Reverse Mortgage
Like FHA loans, there is a federally insured reverse mortgage. The Home Equity Conversion Mortgage, also known as HECM. To qualify for a federally insure reverse mortgage, a borrower must own a single-family unit, a 2-4 unit building or another federally approved unit.
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