Are you in the market to look for another mortgage loan? East West Mortgage can help provide you with a second mortgage. Second mortgage is an additional loan to your first mortgage, although if anything happens your second home mortgage will not have first priority. This type of mortgage loan is good for consumers who are in need of some serious cash.
How Much Is The Loan Amount?
The basis of your home equity is what you are allowed to borrow from a second home loan. To determine your home’s equity; you find the difference between the current appraised value of your home and what you have paid towards the first mortgage. Most home mortgage lenders will allow you to take out second mortgages that equal 125% of the appraised value.
Features of the Second Mortgage Loan
• No initial credit check
• Rate lock
• Consolidate all your debts into the new loan
• Customized prizing
• Bad credit, slow credit, bankruptcy loan programs
• 3 custom quotes
Advantages and Disadvantages
Second Mortgages have its advantages and disadvantages, and every homeowner should be well aware of them before obtaining one.
| Advantages of a Second Mortgage | Disadvantage of a Second Mortgage |
| Some great advantages of a second mortgage loan are that you can use the extra cash received to do home improvements, avoid private mortgage insurance (PMI), consolidate your debts by paying off old bills, and purchasing additional homes. | You are risking your home when you obtain a second mortgage and this is the main disadvantage. If you can not pay the loan back then your home is at risk. Second mortgages also have slightly higher mortgage rates, the reason being that you would not have to pay it in full until the first one is paid off. |
If you decide to get a second mortgage it may turn out to be less expensive then if you choose to refinance, this is because second mortgage has low transaction costs. Although you may want to consider refinancing your home if you have gathered enough equity.
East West Mortgage, Your Number One Mortgage Company
East West Mortgage has provided homeowners with a solution to their money problems. Get your second mortgage today with the help of our loan officers. Come in and speak to us about your financial situation, we will work with you to come up with a second mortgage loan to suit your needs. Contact us through one of the following: our toll free number, 1-800-880-4202 or stop by our East West Mortgage building located at 1604 Springhill Rd Vienna, VA 22182.
