A second mortgage is a lending arrangement where you leverage the equity in your home as collateral to secure an additional loan. This loan can be employed for a variety of purposes, providing homeowners with financial flexibility. Here's a concise introduction:
Key Features: Loan Purpose: Second mortgages can be utilized for a wide range of purposes, including home improvements, consolidating existing debts, covering education expenses, or any other financial need you deem fit.
Debt-to-Income Ratio (DTI): Second mortgage programs often accommodate borrowers with a debt-to-income ratio (DTI) of up to 50%. This allows individuals with moderate debt levels to access this form of financing.
Property Types: Second mortgages can typically be applied to various property types, including:
Foreign National-Owned Properties
In essence, a second mortgage offers homeowners a means to tap into the equity they've built in their homes, enabling them to pursue a range of financial goals while using their property as collateral for the loan. This financing option provides a valuable resource for those looking to access funds for various needs.Loan amounts up to $500,000
Loan Amount: Up to $500,000
Loan Term: 30-year fixed terms available