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Second Mortgages
There are many different types of second mortgages available:
- A reverse mortgage is a line of credit available for homeowners of 62 years
and older. This type of loan allows you to draw money as you need or receive
monthly payments for the rest of your life or until you move, even if the
amount of your loan exceeds the value of your house (usually because the home
did not rise in value as expected or the homeowner lived longer than was expected).
This loan, like the home equity line of credit, has an adjustable rate, but
this rate is based on a different index, the Prime Rate which can often be
more reliable than other indexes.
- If you have little or no equity in your home, many lenders will still allow
you to obtain a second mortgage, but it can be risky to secure a loan with
your home if there is not enough equity accrued.
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Bad Credit Refinance
There are many reasons to look into refinancing, especially if you have bad
credit or if you are currently being harassed by creditors. If you:
- Are in need of debt consolidation
- Have a high interest loan
- Have an adjustable rate mortgage
- Would like to invest in home improvement or repair
- Need to pay for college tuition
- Have significantly repaired your credit report and would like to pay off
an old bad credit loan.
- Want to make a major purchase but do not have the funds
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Home Equity
The reverse mortgage is also an adjustable rate mortgage, but is unique because the homeowner (who must be 62 years or older) is at no time obligated to make monthly payments on the loan. The amount of the equity on the home is made available to the owner in full, in monthly advances or as a line of credit, only to be repaid after the life of the owner through the sale of the home or by the family if they would like to keep the home.
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Land Loan
It is not uncommon for land loans to carry an interest rate that is a few points higher because of the added risk. For this reason it is sensible to make a sizable down payment on the land loan because it will be rolled into a single mortgage with your construction loan once the property is finished. Because land is often snatched up quickly once it becomes available it pays to talk to a lender before beginning your hunt to discuss your finance options so you can move quickly when land becomes available.
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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
Points equal up to 1% of your loan and are paid at the beginning of your loan. The more points paid, generally the lower the interest rate.
Find out more about the mortgage that would be perfect for you and your home. Apply online to contact up to four lenders.
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Reverse Mortgage
Once the borrowing period has ended, which does not occur during the life of the homeowner unless he or she decides to sell, the home does not necessarily have to be sold. The homeowner’s heirs can take out a regular mortgage in order to keep the home. Also, if the house is sold and the selling price does not cover the amount of the loan, the loss is covered by insurance, and not through the borrower’s estate.
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