When it comes to pulling equity from your property we offer a few second mortgage programs. We offer a HELOC which is an adjustable home equity line of credit and there’s also the fixed rate second mortgage also known as the Closed-End Second Mortgage, which doesn’t work as a line but rather a lump sum at closing is disbursed and a fixed payment is required until the entire balance is paid off. These unique mortgage products allow homeowners to access cash without altering the rate on their first lien mortgage.
Accessing Cash Without Altering Your First Lien Mortgage Rate
Homeowners often find themselves in need of additional funds, whether for home improvements, education expenses, or other financial priorities. In such cases, a Closed-End Second Mortgage offers an elegant solution. What sets this program apart is its ability to provide access to cash without affecting the interest rate on your first lien mortgage.
Unlike some refinancing options that may result in higher interest rates on your primary mortgage, our Closed-End Second Mortgages allow you to cash out while maintaining the favorable terms of your initial mortgage. This ensures that you can address your financial needs without putting your existing mortgage agreement at risk.
Program Overview:
- Loan Amount: $125K to $500K
- Transaction Type: Purchase and Cash Out
- 680 Min FICO Score
- Up to 85% Max LTV
- Occupancy Type: Primary and Second Homes
- Property Type: SFR, Attached, Detached Warrantable Condos
- Terms: 15-, 20-, 25- and 30-Year Fixed
- Non-Warrantable Condos (5% Reduction to LTV)
- Restrictions: TPO Must Be Approved to Deliver Second Liens
- Full Interior/Exterior Appraisal Required
- Rural Properties Not Permitted
Our commitment to innovation, customer-centric service, and financial flexibility sets us apart in the mortgage industry. Our Closed-End Second Mortgages are a testament to our dedication to empowering borrowers with financial flexibility and simplified solutions. If you need access to cash without altering your first lien mortgage rate, our innovative mortgage products are designed with your unique needs in mind.
