Nationwide Mortgage Loans provides consumers with helpful information for considering all types second mortgage loans with over 100 different home equity options. Homeowners can get quick, cost-effective access to cash without having to refinance their existing first mortgage.
In this market, most people like fixed rate second mortgages because they have fixed terms that offer a hedge against inflation or market trends. If the Fed raises interest rates you can go to sleep at night knowing that your mortgage payment won't change. The Fed has increased the prime rate significantly to the point where fixed rate second mortgages are lower in rate than the equity line variable rates start at.
Fixed Rate Second Mortgage Second Mortgages are home equity loans with fixed rates. The fixed rate second mortgages offer a lump-sum with fixed payment schedules. (15, 20, 25 or 30 year fixed rate second mortgage).
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No Income No Assets Second Mortgage
Borrower states Employer info but isn't required to state Income or Assets on loan application. Verbal Verification of Employment- (Wage Earners, 2 Yrs. Business Licenses For Self Employed.)
No Ratio Second Mortgage:
Need continuous 2 Yrs. Employment history with the Same Employer or (must be in the same field) Verbal Verification of Employment- (Wage Earners, 2 Yrs. Business Licenses For Self Employed.)
2 Yrs. Business Licenses For Self Employment Minimum of 2 Yrs. Required For Same Business. Liquid Assets & Reserves Must Be Verified.
1 Pay-Stub Second Mortgage:
2 Yrs. Of Continuous Employment with the Same Employer- Most Recent Pay-stub (showing 30 Days Year-to Date Income)
Stated Income Verified Assets Second Mortgage : Income Must Be Stated On Application, Verbal For Wage Earner - Copies of 2 Yrs. Business Licenses for Self Employed- Liquid Assets & Reserves Must Be Verified.
Light Documentation Second Mortgage :
Most Current Pay- stub (showing 30 Days Year-to Date Income)
W2 - Most Recent Year or Written Verification of Employment
No Documentation Second Mortgage
Applicant isn't required to Disclose Income, Borrower doesn't need to Disclose Source of Income Applicant isn't required to Disclose Assets
Second Mortgage Balloon - Low fixed rate 2nd mortgages with a balloon payment due on a specific date.
Purchase Money Second Mortgage Fixed rate second mortgages up to 100% combined loan to value. First Time Home-buyers OK Credit Rating : Fair Good or Excellent. Key qualifiers : property value, credit score, and stated income OK.
Stand Alone Second Mortgage Fixed rate second mortgages up to 100% combined loan to value. First Time Home-buyers OK Credit Rating : Fair Good or Excellent. Key qualifiers : property value, credit score, and stated income OK.
