A Second Mortgage Loan is a secured loan subordinate to the first mortgage based upon the same property. The Second Mortgage Loan usually allows the borrower a much larger loan because you are borrowing against a home.
Second mortgages also allow for bigger loans because the lender considers a loan against the home to be much safer. These loans offer the borrower the ability to receive extra money for home improvement, debt consolidation, or various other reasons without disturbing their first mortgage. Sometimes, borrowers will take a Second Mortgage Loan to avoid Private Mortgage Insurance (PMI).
It is usually convenient to take a second mortgage when there is a low interest rate on your first mortgage, because the interest rate on the second mortgage will most likely be higher. Contact us today and we will work out a loan that will best suit your lifestyle!