Second Mortgages
Mortgage Funding That Works For you!
Second Mortgage Solutions.
A second mortgage is an additional mortgage that is placed on a property that already has a 'first mortgage'. Second mortgages, also referred to as '2nd mortgages', are considered somewhat riskier than first mortgages since if the property goes into default, the first mortgage holder must be paid first. Due to this increased risk, interest rates on second mortgages are typically higher than on first mortgages.
If you own at least 20% of your home's equity, you will likely be approved for a second mortgage. A second mortgage is ideal when you need money to renovate your home, free up cash for your business, consolidate debt, make investments, repair credit or for any other reason.
