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Second mortgages can reduce your monthly payments by 50% by paying off your credit cards. Second mortgage loans can be a great way to consolidate credit or debt payments into two payments; a first and second mortgage. In addition to this, a second mortgage can be used to for taking cash out, for home improvement or as a down payment on a second home.
Another big advantage to second mortgage loans are they allow you to avoid paying PMI private mortgage insurance. Many people want to get a loan that goes over 80% but they do not want to pay hundreds of dollars monthly as a penalty. In these cases, a second mortgage can help you remove or avoid PMI which reduces your monthly payments.
Second mortgage loans do not require that you have equity in your home. There are second mortgages that allow you to go over the value of your house by 125%. There are fixed rate second mortgage loans as well as low interest rate adjustable second mortgage loans.
Some great second mortgage loans are:
Home Equity Loans - very low fixed interest rates that allow you to draw as much money as you need when you need it. The interest can be tax deductible up to 100% of the value of the home. Home equity loans can be on 10, 20 and 30 year terms. Some are interest only for the first 10 years.
Home Equity Lines - adjustable interest rates. Great for paying off high interest debt! The interest can be tax deductible up to 100% of the value of the home. Homeowners can borrow up to 125% of the homes value.
If you have questions on second mortgage options just ask! You may contact us at
Virginia Mortgage Services for your second mortgage loan questions by email, phone or by appointment in our office.
Start now by filling out our
secure
online application for second mortgage loans! Call us at (800)
961.9121, Monday through Friday from 9 a.m. to 5 p.m. Eastern time.
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