BD Nationwide can assist you in exploring multiple types of second mortgages. We will introduce you to experienced bankers that offer a diverse range of second mortgage products, with the majority featuring fixed-rate amortization schedules and simple interest. In light of current market conditions favoring fixed-rate second mortgages, we encourage you to consider this option.
If you’re weary of uncertainties regarding potential increases in your HELOC account, now might be the opportune moment to refinance your home equity line of credit. By doing so, you can convert the variable rate to a fixed interest rate, ensuring set payments with defined terms and eliminating periodic adjustments.
Popular 2nd Mortgage Types:
Fixed Home Equity Loan: A home equity option is a conventional loan where a fixed amount is lent to you for a specified term, and payments are amortized over the loan’s duration. The entire loan amount is disbursed as a lump sum at the loan closing. Many borrowers like equity loans to consolidate debt because they have fixed interest rates.
Bad Credit HELOC Loans: The home equity lines provide people with low credit scores the opportunity to get access to money with a line of credit using their home as collateral.
Cash-Out Home Equity Loans: Most borrowers want to receive additional cash in their hands and this type of 2nd mortgage accomplishes that goal.
Interest Only HELOC: This is an equity line of credit and the HELOC allows you to withdraw funds as needed, up to the maximum limit of your credit line, during a specific period known as the draw period. Payments during the draw period are typically interest-only. After this period, payments cover both principal and interest, and they are then amortized over the remaining loan term. Home equity lines of credit usually feature variable interest rates.
Second Mortgage with Poor Credit: This simple interest option provides a second mortgage at a higher rate because the borrower has low credit scores that increase the risk factor for the lender.