Obtaining a Second Mortgage

Written by Garret Belisle

The pros and cons,repparttar technical jargon thats involved with it all...or we can keep it friendly. Okay here we go.

The pros and cons of a second mortgage. Well really this is between you and your significant other and your bank account, however it does have a few advantages which we will cover as we go along. First of all using your home to borrow money has alot of advantages, gotta love equity. It wasn't that long ago when there was tight rules and caps on borrowing this way. Not to mentionrepparttar 143724 circumstances had to be approved. Believe it or not at one time (as many of you may remember) going intorepparttar 143725 bank in your Sunday best and asking about a second mortgage was quite literally considered by many to mean you were in dire financial trouble. 'Tis true.

Nowadays, this process of getting a second mortgage or a home equity loan is alot less complicated and there are a huge selection of loans available to you.

What is a "Simultaneous Second Mortgage?"

Written by Garret Belisle

Here is some more useful information I picked up for everyone to take a look at, hope you get some use from it.

The Simultaneous Second Mortgage is originated and closed in conjunction with a first mortgage to purchase and/or refinance a home.

So Who is The Target market?

You! The borrower that is seeking a lower payment than a high-LTV first mortgage andrepparttar simplicity of one loan closing.

What's in it for The Bank?

1. One-stop secondary marketing outlet for both first and second mortgages. 2. Offers a new product to supplement originations and increaserepparttar 143723 number of loan you currently have ongoing. 3. Consistent second lien standards, pricing, and technology. Up-to-date.

Cont'd on page 2 ==>
ImproveHomeLife.com © 2005
Terms of Use