Second Mortgage
You have built up some home equity in your home and now you would like to pay off some debt, make home improvements, pay off high interest credit cards or maybe to start a business. Maybe you have a fixed rate mortgage, with a rate higher than the current going mortgage rates and you will pay a hefty penalty to break your mortgage. Why not get a second mortgage?
A second mortgage is a lien out against your property that already has a mortgage (lien) on it. You are not limited to what you can do with the proceeds of a second mortgage, but there is a limit to the percentage of mortgage you can place on your home, usually 80%, some second mortgage lenders will go as high as 90% of the value of your home.
Second mortgage rates are usually higher than the rates for first mortgage but could still save you money if you have high credit card debt and provide quick access to cash without refinancing you mortgage and paying a hefty penalty for refinancing your mortgage early.
Give me a Call or Contact me and after getting some information for you I will be able to provide you with some numbers for you to decide on which option would be best for you.