| Should You
Take Advantage of a second mortgage? |
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| A second
mortgage can allow you to take advantage of these benefits |
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Lower interest rates resulting
in lower monthly payments
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Consolidate
high
interest rate, personal loans, home improvement and/or swimming pool loans or credit card
balances into
one lower interest rate mortgage and better terms and tax deductible
interest costs
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Refinance your existing high rate
second mortgage for lower payments
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Make Home Improvements and make your
home a better place to live.
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Get Cash Out to spend as you
wish. Use it for vacations, tuition, starting a business.
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Current appraised value - not
purchase price is used to calculate LTV ratios. (if you have owned the property
for over 6 months) You may be able to get more cash out or get a lower
rate.
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You may qualify for a loan of 125% of your
homes current value or a HUD title 1 home improvement loan.
|
| Click
to apply |
Download
an application to fax to us |
| we
use secure servers to protect your confidential information
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| Cash
Out Refinance: |
| Homestead law's have changed and now allow homeowners
to
take advantage of their home equity by refinancing your existing home or
taking a second mortgage to put their
cash equity to use.
You can take this equity and spend it on whatever you
choose: children's education; paying off debts; your dream vacation;
a new boat or a new car. Most states
now allow loans up to 125% of your homes appraised value. 125 loans have
tighter underwriting guidelines and require better credit ratings than loans up to 100% of property value.
|
| Click
to apply |
Download
an application to fax to us |
|
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| Special
Situations: |
Some of the special
situations we help with include
- Estate settlements
- Divorce settlements
- Foreclosure avoidance (requires
equity of 30%)
- Paying state and federal tax liens
- Paying judgments
- Paying off collection accounts
- Paying off bankruptcies (chapter 13
plans require trustee approval and a good pay history)
- Paying off consumer credit counseling
service repayment plans
|
| Click
to apply |
Download
an application to fax to us |
|
There may be substantial
income tax advantages. The
interest paid on loans secured by real property is deductible, as long as the
loan balance or combination of loan balances does not exceed the value of the
property. Please get professional tax advice.
Equity-loans & Refinancing with cash out may seem like
found money, remember that it will have to be repaid like any other loan.
Your property is being used as collateral and is at risk if you fail to make
your loan repayment.
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