Adjustable Rate Second Mortgage
These adjustable rate 2nd mortgages are also known as variable rate home equity loans because the rates can vary month to month. Usually these loans are linked to an respected index like the Prime WSJ Index. Most adjustable rate second mortgage loans are equity lines of credit that only require borrowers to pay interest on the amount the actually use from the line of credit. Apply for an Adjustable Rate Second Mortgage.
Interest Only Second Mortgage
Everybody loves low monthly payments, and that what the interest only second mortgage offers, Low Payments. These popular 2nds'also usually have adjustable rates so these loans aren't for the faint hearted. Apply for an Interest Only Second Mortgage.
Purchase Money Second Mortgage
These second mortgage liens have been used frequently for purchase loans. The borrower purchases the home with two loans, a first mortgage up to 80% of the purchase price, and the remaining 20% is a purchase money second mortgage used as the down payment. People like this combination loans because they don't have to put as much money down, and the 20% second mortgage allows them to avoid PMI (private mortgage insurance) Apply for a Purchase Money Second Mortgage.
Second Mortgage Loans up to 125%
This popular program allows people with no equity to borrow, beyond the appraised value of their property. This is a great option for people who have a great rate on their 1st mortgage, and need cash but don't have any equity.