Third Mortgage
Hard Money Lines of Credit and Private Money Loans

A third mortgage is a loan that is subordinated to existing first and second mortgage liens. It is very rare to find home equity lenders that offer 3rd mortgages these days. They were much more common in to the seventies and eighties before the savings and loan scandals changed to course of home mortgage loans. Third mortgages are liens that are prioritized lower than first or second mortgage loans. It is possible to find properties still that have two, three mortgages or land contracts at the same time. Third mortgage programs are very difficult to find these days; however there are a few private money and hard money lenders that continue to offer this type of alternative financing.

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Third Mortgage Benefits

Hard Money Lines of Credit

Debt Consolidation Loans

3rd Mortgage Refinancing

Interest Only Payment Options

Third Mortgage Lines of Credit


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3rd Mortgages Online

Lien position is relevant because in a foreclosure proceeding, the legal entities would determine which mortgage lenders are paid first based on lien position on title. Discuss your goals with a loan officer that works for a lender like Nationwide that offers hard money equity loans.

Can I qualify for a 3rd mortgage if my combined loan to value is at 100%?
It is very difficult to find a lender who will allow lending for third mortgages beyond 90%. Programs come and go, so occasionally you will find a third mortgage up to 100%, but there are typically loan amount restrictions that hinder the appeal. The other important factor is credit. Credit scores will need to exceed 700 for most 3rd mortgage programs.

3rd Mortgage Lines of Credit- Some home equity lines are considered 3rd mortgages. Like the fixed rate third mortgages, it is very difficult to locate a mortgage broker or bank who will offer you a secured line of credit in 3rd position. It is possible, so if you have equity in your home, and you want to leave your existing first and second mortgages out of the refinance, then a third mortgage credit line may be an option for you to get cash.



 

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