Is A 15-Year Fixed Mortgage Better Than A 30 Year Second Mortgage Loans Are Cool for Debt Consolidation and Cash Out

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Second Mortgage Loans Are Cool for Debt Consolidation and Cash Out

With the refinance boom officially over, second mortgage loans are cooler than ever. Many homeowners have been blessed with low interest rates on first mortgage loans that they want to keep. The need for cash did not disappear with the refinance boom, so 2nd mortgages and home equity loans will be the loans of choice for years to come. Anyone with a 30-year fixed-rate loan at less than 6% should keep their existing loans in tact and take out a second home loan if they need cash. The Federal Reserve has hinted that more rate hikes are coming, so if you’re a mortgage broker or lender, it’s time to think about your second mortgage product line, because people still need access to cash, and there is no better way. to accomplish this.

Home Equity Loan at 125%

You don’t need any equity, and this loan program will actually allow you to exceed the value of your home by up to 125%! These 2nd mortgages are typically offered with a fixed interest rate for repayment terms of 15, 20 or 25 years. If you have credit card debt, or high interest rates, this is an excellent loan to eliminate compound interest and save money! IHE Executive Sandy Sarconi stated, “There is no better way for a hard working family with no home equity to lower their bill payments and get out of debt.”

* Fixed interest rate 2nd mortgage

* No mortgage insurance ever

* No Equity Second Mortgage

Declare Second Mortgage Income

More and more people are looking for reduced document loans. More and more people have become self-employed, and many people simply like the simple process.

* Stated Income Equity Loans

* No income No Assets 2nd mortgage

* No income verified home equity

* No Doc Equity Refinance

Second Line of Mortgage Credit

Make sure interest rates are variable. Yes the Fed has increased the prime rate index eight times in recent years, but people love the low payments that interest only loans provide. People also like the flexibility of only having to pay interest on the money you have access to. Where else can you find money waiting for you without having to make payments until you use cash spending!

* Interest payments only

* Home credit lines

In 2006, often small, second mortgage appeared in the shadow of the first mortgage, and evolved into the fresh loan of choice.

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