Second Mortgage Frequently Asked Questions
How Long Does The Process Take? The answer to this question can vary. Generally, second mortgages take anywhere from 2-3 weeks to fund. If there is a problem on title, or a correction that needs to be made on the appraisal, then the second mortgage process will take longer. Fortunately, most mortgage brokers or lenders will take only a few days to approve a loan through underwriting, once they have received a complete submission. Most lenders would like W2 from the last 2 years, a month worth of pay-stubs, a copy of the mortgage note, and a mortgage statement or coupon from both your first a second mortgage loans. Most banks will require an appraisal review, unless only a statistical appraisal is required. Once title, appraisal, and income verification has been completed, underwriting will clear the loan for the closing stage, after the documents are drawn up by escrow. After you sign loan documents, there is a 3 day right of rescission, and after that time elapses the lender will disperse the loan funds, and the money is now in your hands. Click Here for a Free Second Mortgage Quote
	2nd Mortgage Loan Features: No Private Mortgage Insurance No Income Loans to $1,000,000 Second Mortgages behind FHA OK
What is the Cost to Apply for a Second Mortgage? There is no charge to apply for a mortgage loan with Second Mortgage Quotes.com We offer you free information, and a free referral to the nation's top lenders for second mortgage lenders. You don't have to leave your computer to get a free loan quote from Second Mortgage Quotes.com. Simply complete an online 2nd mortgage application and we will connect you with brokers and lenders who want to compete for your loan business. Second Mortgage Quotes.com has aligned itself with lending institutions that offer comprehensive home equity loan programs for all credit types. People who have bad credit are encouraged to apply now more than ever. Second Mortgage Quotes.com is very excited about their credit rehab programs that offer second mortgages for people with low credit scores. Click Here for a Free Second Mortgage Quote What is the Difference between a New Second Mortgage and my Existing Mortgage? The primary difference between your existing mortgage and a new second mortgage is that they are different mortgage loans. A second mortgage is a new loan that would be taken out, in addition to your existing mortgage. It is called a "second mortgage" because it is a loan in 2nd position on the title to your property. If you were to sell your house, the first mortgage company would be the first paid, and the second mortgage company would be the second company paid. Click Here for a Free Second Mortgage Quote
	Second Mortgage Quotes.com has helped countless borrowers improve their finances with lower interest rates and extended home equity options. Fixed Rate Refinance Loans Bad Credit Second Mortgages to 90% Second Mortgages to 125%
Is there Mortgage Insurance Required for Second Mortgages? There is never any mortgage insurance required with second mortgages. That is why the 80-20 No Money Down Purchase Mortgage has become so popular with so many lenders. The 20% second mortgage allows the borrowers to avoid having to pay any private mortgage insurance(pmi). Most first mortgage lenders require pmi for loans when the homeowner is above 80% Loan to Value. With second mortgage loans pmi isn't required, so you won't have to make that silly payment each month. Click Here for a Free Second Mortgage Quote What is the Difference between a Second Mortgage and a Home Equity Line? There are many difference between second mortgages and home equity lines of credit. Second mortgage offer fixed rates for a fixed term. Home equity lines of credit have adjustable rates that fluctuate with the prime index reported by the Wall Street Journal. Home equity lines are revolving credit lines that only require an interest only payment each month. Fixed rate second mortgages have a payment due each month with a portion going to pay down both principle and interest of the loan. Click Here for a Free Second Mortgage Quote Can I get a Second Mortgage without Refinancing my 1st Mortgage? Yes you can take out a new second mortgage without being required to refinance your existing mortgage. If you have a great rate on your first mortgage there is no reason to refinance it. Taking out a new second mortgage is a great idea to access your home equity without touching your great rate on the first. You can cash from a second mortgage for debt consolidation, home improvements, and most other purposes. Click Here for a Free Second Mortgage Quote Can I get a Second Mortgage if I have Bad Credit? Yes! Second Mortgage Quotes offers 2nd mortgages for people who all ranges of credit scores. We offer second mortgage programs for homeowners with a minimum credit score off 500. We lend up to 100% combined loan to value with a 580 credit score. Click Here for a Free Second Mortgage Quote How Much Equity Do I Need for a Second Mortgage? No equity is required for a 2nd mortgage or home equity line of credit from Second Mortgage Quotes.com. We offer 125% second mortgages for first time homebuyers in most states. We offer 100% second mortgages in all 50 states. Click Here for a Free Second Mortgage Quote