Finding the best 2nd mortgage rate among the online sea of interest rates is no easy task. Sure, everyone claims to offer the best mortgage rates, but East West Mortgage actually backs ours up with superior customer service and money saving techniques. Depending on how you are using the money and how much you need, there are various options available to you. East West Mortgage offers both second mortgages as well as home equity programs, which is best for you depends on a number of reasons that will be explained later.
Is a 2nd Mortgage Right for You?
Here’s where the terminology starts to get confusing so try your best to follow. A 2nd mortgage is any loan that is a second lien on the property, sometimes for a set dollar amount, to be paid out all at one time. 2nd mortgages are generally available with a fixed rate but there are adjustable rate second mortgages available, depending on what your finances are, either option may have its advantages. Home equity loans are one of the few types of 2nd mortgages available. One of our most popular programs is our home equity line of credit, essentially it is a line that is attached to the equity of your home, ready for use whenever you are.
Fixed vs. Adjustable Rates
A home equity line of credit is a flexible solution for homeowners looking to spend a great sum of money, but spread out over an extended period of time. Examples for uses would be a family member’s tuition, medical payments, or anything else that requires you to spread the funds out over time. A 2nd mortgage is a great for those looking to consolidate their debt, buy a new car, make home improvements, or need a large lump sum for whatever purpose. 2nd mortgage rates are fixed, meaning you stick to one interest rate for the entire life of the loan, making this type of loan advantageous for the previously mentioned reasons.
Home Equity Line of Credit |
2nd Mortgage |
Best for homeowners spending a large sum of money, but spread over an extended period of time. |
Great for those whom are in need of a large lump sum of cash, spending the funds all at once |
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As with any other type of loan, the best 2nd mortgage rates are obtained by having a trustworthy credit score. Obviously, the better the score, the better the interest rate will be. If you are in, or have been in recently, a financial mess, you can possibly look into one of our credit repair programs or simply apply for our bad credit 2nd mortgage loans. Generally, mortgage rates fluctuate and are determined by forces beyond our control but that doesn’t mean that we can’t get you a good deal! Through decades of experience in the mortgage industry and integrating use of technology into our processing procedure, we are able to save a great deal of time and money. When we are able to save, we pass the savings onto you! For our most current 2nd mortgage rates, check out our mortgage rates webpage or call us today at 1-800-880-4202.
