Welcome to refinance second mortgages

A refinancing for a second mortgage is basically, an extra mortgage. It is a type of loan that is against the equity in your home. Usually, the lending institutions will let you borrow up to 80 percent of the appraised value of your home, minus the balance on your original mortgage. For example, if your home is valued at $100,000 and your present mortgage balance is $70,000, you may be granted to borrow $10,000 as a second mortgage. You may also acquire all the fees generally associated with a mortgage, such as closing costs, processing fees and title insurance.

We can refinance second mortgages! Let our refinance second mortgage specialist help you to obtain the best deal!

Types of Second Mortgages:

• Traditional second mortgage
• Home equity loan
• Home equity line of credit

Second mortgages have become a good way for homeowners to access the equity in their primary residence. A federal law now offers consumers more protection and information, when they enter a home equity line of credit transaction. Creditors must allow certain information to be open during the application process. The law also restricts the creditor's ability to change the conditions of the loan. Most importantly, this type of consumer credit transaction, involving a consumer's principal residence, can be rescinded (or canceled) within three business days. This protection does NOT apply to first mortgages in which the credit is used to buy the residence (or any extension or renegotiation of the mortgage). The rescission remedy only applies to second mortgages, home improvement loans, and home equity loans or lines of credit.

Until recently, lenders and banks had reduced the amount and limited the conditions that allowed you to obtain second mortgages. In fact, a second mortgage was support that you may be going through a financial struggle. That situation no longer exists and there is now a wide range of loans offered to fit your financial needs. Now it's much simpler to get a second mortgage on your home.

We can refinance second mortgages! Let our refinance second mortgage specialist help you to obtain the best deal!