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SECOND MORTGAGES
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If you are thinking about refinancing, you might want to consider a traditional second mortgage loan. A second mortgage provides you with a fixed amount of money repayable over a fixed period.
In most cases the payment schedule calls for equal payments that will pay off the entire loan within the loan period.
You might consider a second mortgage instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home.
You may even be able to lower your cost of credit by consolidating your debt through a second mortgage.
Second Mortgages
Over the past ten years, millions of homeowners have taken advantage of lower mortgage interest rates and higher home values by using second mortgage loans. For many, their decision to get a second mortgage was motivated by a desire to reduce their monthly mortgage payments, either by obtaining a lower interest rate or by extending the maturity of their mortgage. According to the University of Michigan's Surveys of Consumers, most homeowners who did a second mortgage did lower their mortgage rates, and a significant proportion also borrowed additional funds by taking out a second mortgage that was larger than the outstanding balance on their first mortgage plus closing costs. A large proportion of homeowners who got a second mortgage on their homes used the extra funds for home improvement or the repayment of other debts. This boom in second mortgage activity has helped many with their financial situations.
Homeowners sometimes choose a second mortgage to raise cash rather than to obtain a lower interest rate or to reduce uncertainty about future payments. About half of the homeowners with a second mortgage refinanced at least once after buying their homes. Getting a Second Mortgage has become widespread in recent years because of several factors, including lower interest rates, the widespread adoption of new technologies that have reduced mortgage transaction costs, and gains in home values and equity, which have increased the opportunities to borrow additional amounts. In addition, the general disappearance of mortgage prepayment penalties during the late 1980s has encouraged second mortgage activity.
SECOND MORTGAGE money usually is loaned in a lump sum, rather than in a series of advances made available by writing checks on an account. Also, a second mortgage usually has fixed interest rates and fixed payment amounts. |
Second Mortgage News and Info- You may be able to get a longer term for a first mortgage then you can with a second mortgage.
- Couple takes out a second mortgage on their home to cover child adoption expenses.
- Some banks won't make a second mortgage loan behind a reverse mortgage.
- Homeowners facing prolonged unemployment are taking out a second mortgage to tide them over.
- Ellie Mae announced at the 2004 National Association of Mortgage Brokers Annual Convention the availability of its mortgage management system. The comprehensive new release includes enterprise-level functionality for secure, scalable networking, integration with legacy and third-party applications, significant usability and performance enhancements, such as automatic duplication of borrower data for a second mortgage, the ability to automatically update contact information when creating a new loan, and the introduction of a new single-user and five-user license to meet the needs of thousands of second mortgage loan companies.
- Entrepreneur takes out a second mortgage to buy equipment for new design and photo business.
- Low mortgage rates led to an unprecedented $2.4 trillion in second mortgage.
- Seattle immigrant owner of 20 businesses, generating $180 million in annual revenue, once took out a second mortgage to save his then struggling company from bankruptcy.
- More families choosing to do a second mortgage to help pay for kids' college.
- Many homeowners getting a second mortgage to pay-off their consumer debt. Unlike consumer debts, a second mortgage loan is tax-deductible and has a long maturity. If the amount saved after-tax over the long run exceeds the after-tax costs of the transaction, the homeowner stands to gain from the transaction.
- Financial planner: Use a second mortgage to make home improvements that will keep on returning dividends, especially if you add those things that really add value to your home when your sell -- like another bathroom or a modernized kitchen.
If you are a homeowner who was lucky enough to buy when mortgage rates were very low, you may have no interest in second mortgage. But perhaps you bought your home when rates were higher. Or perhaps you have an adjustable-rate mortgage loan and would like to obtain different terms.Homeowners should consider a Second Mortgage if they:- want to get out of a high interest rate mortgage loan to take advantage of lower rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile.
- have an adjustable-rate mortgage (ARM) and want a fixed-rate mortgage loan to have the certainty of knowing exactly what the second mortgage payment will be for the life of the loan.
- want to convert to an ARM with a lower mortgage interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have.
- want to build up equity more quickly by converting to a second mortgage with a shorter term.
- want to draw on the equity built up in their house to get cash for a major purchase or for their children's education.
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