Second Mortgage Financing

Second mortgage financing offers quick cash for investments, new home purchasing, improvements and consolidation.

Nationwide Mortgage Loans offers second home financing and second mortgages with CLTV's ranging from 80-125%. Borrowers can select from fixed or variable interest rates and choose from loan programs that are offered to consumers with both good and bad credit scores. Refinance your credit card debt with a second mortgage that requires no equity. With our new second mortgages, homeowners can convert revolving debt into a fixed rate loan secured as a 2nd mortgage lien.


Second mortgage financing is now available for primary residence, second homes, and investment properties.

Avoid mortgage insurance with a 2nd loan if you are buying a home. By doing a combo 1st and 2nd loan you will not have to pay pmi that would normally cost you a few hundred dollars a month.


Getting a Second Mortgage Loan to Avoid Mortgage Insurance

If you buy a house with less than 20% down or if you haven't built up at least 20% equity before mortgage refinancing, you'll typically have to pay private mortgage insurance (PMI). This protects the lender in case you default on the mortgage loan. "A piggyback mortgage is a second mortgage that closes simultaneously with the first," explains Chris Larson, chief executive officer with E-Loan, an online provider of consumer loans based in Dublin, Calif.

A piggyback home loan is also known as an 80-10-10 loan because it involves a first mortgage for 80% of the purchase generally offered at a lower rate, a second trust loan (second mortgage) for 10% at a slightly higher rate and the remaining 10% as a down payment.


If you do not have the cash to put down on a second home, but have equity in your primary residence or other property you could utilize it in purchasing your investment property through a home equity loan or 2nd mortgage, and refinancing your current mortgage. 28% of investors with an investment property mortgage used their primary residences to procure down payment funds and you may be able to do the same.

If you have not taken advantage of the lower rates since you purchased your primary residence, mortgage financing is something you should consider immediately while the rates are still low even if you are not looking at an investment.


Adjustable Interest Rates are Rising, so Fixed Rate Loans Are Recommended if you plan on staying in the home for the next few years.

 

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