Alliance Mortgage is offering second mortgage loans that allow you to borrow up to 100 % of the value of your home. These loan programs can piggyback your first mortgage. Now you can eliminate your bills, pay college tuition, buy a new vehicle, do home repairs, or just take a much deserved vacation. A minimum of 600 Fico scores, fully documented income and six months in the property is required for any second mortgage program. Stated income income borrowers need 700 Fico scores.
Why use a Second mortgage ?
A second mortgage is a lien in secondary position on the property. The lien is sub ordinate d to your first mortgage. The second loan can be a fixed term loan amortized 15 years or amortized 30 years and due in 15 years. The second mortgage usually is a cash out loan which provides a loan against the equity in the property. Borrowers can take the proceeds of the loan and utilize funds as the deem necessary. These loans are usually at higher interest rates compared to first mortgage because the risk to the lender is higher than the first mortgage.
Think of a second mortgage as the low cost fast way to gain financial stability and utilize the equity locked in your home and put it to active use. After all the equity is not doing anything for you by itself, unless you sell the home. A second mortgage can provide an easy means to eliminate your consumer debt, and make a single monthly payment at a far lower interest rate. Use it for home improvement or a vacation. It's your choice. After all its tax deductible while the consumer debt is not.
- Pay off credit card debt and taxes.
- Consolidate monthly bills into one affordable payment.
- Clear up medical expenses and bills.
- Get those needed home repairs and improvements
- Landscape and enhance your property.
- Buy another property or second home.
- Invest in mutual funds, stocks or market securities.
- Purchase a useful vehicle you needed.
- Satisfy college tuition needs.