With the refinancing boom officially over, home equity loans are cooler than ever. Many homeowners have been saddled with low-interest rate first mortgage loans that they want to keep. The need for cash hasn’t disappeared with the refinancing boom, so second mortgages and home equity loans will be the loans of choice for years to come. Anyone with a 30-year fixed-rate loan below 6% should keep their existing loan intact and take out a second home loan if they need cash. The Federal Reserve has hinted that more rate hikes are coming, so if you’re a mortgage broker or lender, it’s time to brush up on your second line of mortgage products, because people still need to access cash, and there’s no better way. . to achieve this.
125% Home Equity Loans
You don’t need any equity and this loan program will actually allow you to exceed the value of your home by up to 125%! These second mortgages are usually offered with a fixed interest rate for payment terms of 15, 20 or 25 years. If you have credit card debt or high rate loans, this is a great loan to eliminate compound interest and save money! IHE Executive Sandy Sarconi stated, “There is no better way for a working family with no equity in their home to reduce bill payments and get out of debt.”
* Fixed Interest Rate 2nd Mortgage
* No mortgage insurance ever
* Second Mortgage Without Equity
Reported Income Second Mortgages
More and more people are looking for reduced documentation loans. More and more people have become self-employed, and many people just like the streamlined process.
*Declared Income Equity Loans
* No Income No Assets 2nd Mortgages
* No Income Verified Home Equity
*No Doc Equity Refinance
Second Lines of Mortgage Credit
Sure interest rates are variable. Yes, the Fed has increased the prime rate index eight times in the past few years, but people love the low payments that interest-only loans provide. People also love the flexibility of only having to pay interest on the money they access. Where else can you get money waiting for you without having to make payments until you use the cash to spend!
* Only interest payments
* Lines of credit for the home
In 2006, the often timid second mortgage emerged from the shadow of the first mortgage and evolved into the cool loan of choice.