Second Mortgage Credit Lines for Investment Property Financing

Consider financing investment properties with a Second mortgage credit line- Nationwide can help you with all types of home equity loans and secondary home financing.

Second Mortgage Lines of Credit Can Be Powerful Financing Vehicles for Investment Properties
By Rita Cook

Many homeowners have decided to buy additional properties as investment opportunities and when the price is right you usually can't go wrong. However, what is the best way to find money for this kind of investment. A second mortgage line of credit might be just the answer. If you already own a home then getting a second mortgage should be easy.

Many second mortgages will offer a credit line that you can keep coming back to in order to get money. At the website Canton Street Mortgage it notes that a second mortgage is tied into the equity in your current property. "In most cases the interest is tax deductible," the site explains.

"Money can be borrowed for home improvement, debt consolidation, financial investments, down payment on another property or car loans." While not all companies offer the same thing, Canton is one example offering a fixed rate second mortgage that is as low as 8% and up to 125% financing. Second mortgages can also be called junior liens or subordinate mortgages explains Bryan Wilson, a financing consultant with Nationwide Mortgage Loans.

Important Home Mortgage Loan Terms

Adjustable Rate Mortgage
Also known as ARM.  This mortgage has a variable rate that is not fixed. The interest rate adjusts periodically based on the index it is associated with.

Fixed Rate Equity Loans
Fixed rate loans enable principal and interest to be paid with each monthly payment. These loans feature simple interest that is amortized over a fixed term.
Home Equity Credit Line
Considered a 2nd mortgage that provides a revolving line of credit secured by home. Flexible home equity lines offer low payments with only the interest due monthly for the draw period.
Stated Income 2nd Loan
These loans have become popular with Self Employed borrowers because it requires less paperwork. The loan is based more on credit and equity, rather than income.
Jumbo Mortgage
This is an unconventional loan that is greater than $415,000. The limits are set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

If you own a home and have credit card debt...give us a call at 1-877-212-9478.

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