Stand Alone Second Mortgage Loans
Are you searching for companies that provide fixed rate stand alone second mortgages and home equity loans? This is important because most mortgage lenders only offer concurrent second mortgages with purchase and refinance transactions (ie. 80-20 home mortgage loans). Nationwide offers prime rate home equity loans without requiring borrowers to refinance their existing 1st mortgage lien.
Stand Alone Second Mortgage (Non-Purchase Transaction)
|These are typically second mortgages taken out in a refinance scenario for purposes of getting back cash. They are called “Stand Alone” second mortgages because, they are loans are by themselves, without a concurrent 1st mortgage like a purchase money second. Fixed or adjustable rate second mortgages up to 100% combined loan to value. People searching for zero down home loans by using a 2nd lien are not looking for a “stand alone 2nd mortgage.”
First Time Home-buyers OK Credit Rating: Fair Good or Excellent. Key qualifiers: property value, credit score, and stated income OK.