A second mortgage is a lien taken out against a property that already has a loan on it. This means your home’s equity determines how much money you can get when you take out a second mortgage.
You will likely only be allowed to take out a portion of this equity, depending on what your home is worth and your remaining loan balance on your first mortgage, so that you still have a certain amount of equity left in your home (usually 20% of your home’s value).
Unlike other types of loans, such as auto loans or student loans, you can use the money from your second mortgage for almost anything. Maybe you want to make some home repairs or upgrades, or are thinking about going back to school.
Second mortgage loans also tend to have interest rates that are much lower than credit cards. This makes them an appealing choice for paying off credit card debt.
Maximum Loan Amount:
$3,000,000 Including 1st Mortgage
Minimum Loan Amount:
No LImit
Maximum Loan to Value (LTV):
80.0% 89.0% with FICO over 740
Minimum FICO Score:
645
Maximum Debt to Income (DTI):
43%
Occupancy:
Owner Occupied