Additional Loans at Affordable Interest Rates
A second mortgage on your property will allow you to get additional funds based on the equity you have built up in your home. A second mortgage typically refers to a secured loan (or mortgage) that is in second place to another loan against the same property. Equity is the difference between the appraised value of the home and the amount owed on the first mortgage. The loan amount available is based on the equity in the home. So unlock your hard earned equity and put it to use when you need it most. You can use second Mortgage to:
- Existing debt.
- Pay Down Credit Cards.
- Invest in new Venture.
- Car Lease Payments.
- Unsecured Lines of Credit
- Help Pay for College or University for your child.
- Covering home renovation costs.
- Great Way to finance a small business in a cost-effective manner.
If you use a second mortgage to consolidate debt and help you meet other financial commitments on time, this can improve you credit score and allow you to qualify for a mortgage with a prime lender sooner.
Second mortgages can be more risky for lenders, many lenders charge very high interest rates for second mortgages. At ADSUM Financial Services, we offer manageable interest rates that will help ensure you will be able to make each monthly payment.
Qualifying criteria for Second Mortgages
- Equity: The more equity you have available, the higher your chances of qualifying for a second mortgage will be
- Credit Score: The higher your credit score, the lower your interest rates.
- Income: Lenders want to verify that you have a dependable source of income, to ensure that you can make payments.
- Property: Because other factors are risky (i.e. your credit score), lenders need to secure their investment in case you are unable to keep up with mortgage payments.
Once you have secured a second mortgage, you can use the funds for various purposes according to your situation. Your home is the greatest asset most people have, and using the equity in your home allows you to secure additional funds. Take action; Get expert advice on Second Mortgages.