Obtaining a Second MortgageWritten by Garret Belisle
The pros and cons, 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 mention circumstances had to be approved. Believe it or not at one time (as many of you may remember) going into 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 and 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 increase number of loan you currently have ongoing. 3. Consistent second lien standards, pricing, and technology. Up-to-date.
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