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Second Mortgages
There are many different types of second mortgages available:
- A reverse mortgage is a line of credit available for homeowners of 62 years
and older. This type of loan allows you to draw money as you need or receive
monthly payments for the rest of your life or until you move, even if the
amount of your loan exceeds the value of your house (usually because the home
did not rise in value as expected or the homeowner lived longer than was expected).
This loan, like the home equity line of credit, has an adjustable rate, but
this rate is based on a different index, the Prime Rate which can often be
more reliable than other indexes.
- If you have little or no equity in your home, many lenders will still allow
you to obtain a second mortgage, but it can be risky to secure a loan with
your home if there is not enough equity accrued.
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Bad Credit Refinance
There are many reasons to look into refinancing, especially if you have bad
credit or if you are currently being harassed by creditors. If you:
- Are in need of debt consolidation
- Have a high interest loan
- Have an adjustable rate mortgage
- Would like to invest in home improvement or repair
- Need to pay for college tuition
- Have significantly repaired your credit report and would like to pay off
an old bad credit loan.
- Want to make a major purchase but do not have the funds
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Home Equity
A home equity line of credit is like a home equity loan in that the house is used as collateral. However, home equity lines of credit allow borrowers to set up a credit line that can be used much like a credit card. During a period of time, usually five to ten years, the homeowner is able to take large or small amounts from the account until the drawing period ends or the amount of the loan is exhausted. This type of loan is an adjustable rate mortgage, which varies with the market.
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Land Loan
For a land loan, the building company is expert on what kind of property can feasibly be built where. A good builder will provide all of the necessary tests of the land to ensure that it will past muster when put under the scrutiny of a lending institution. Often this added work involves soil sample testing and reviews of zoning laws that apply to the area. All types of qualifications must be met before a lending firm will back the loan.
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Mortgage Calculation
Use mortgage calculation to make sure that the loan you obtain is in action what it appears to be on paper. Use our mortgage calculator to research your terms or apply online to contact lenders about your new mortgage.
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Mortgages Online
These days mortgages are as diverse as the people seeking them. There are loans for people with good credit or bad credit, and loans specifically geared for those trying to consolidate debt, for families wanting to build their new homes, for Veterans, even for explicitly for police officers and teachers. Finding the right mortgage has never been easier. Fill out our free short form to contact a mortgage expert.
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Reverse Mortgage
Though generally most applicants for a reverse mortgage own their homes free and clear, a homeowner can qualify even if they still owe if the first cash advance can pay off this debt. There is no maximum age or penalty against older borrowers; in fact, generally the older the borrower, the larger the amount received.
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