03/23/2023
If you are considering getting a second mortgage, here are a few things you should consider!
1. Your second mortgage and home equity go hand and hand. Second mortgages allow you to access between 80 and 95 percent of your home equity, depending on your qualifications.
2. Your second mortgage will most likely have a higher interest rate than a typical home loan.
3. Second mortgage payment plans are very flexible. For example you can opt for interest-only payments, or you can select to pay the interest plus the principal loan amount.
4. Second mortgages come with additional fees which are often a percentage of the mortgage.
If you want to learn more about getting a second mortgage and if it is right for you, contact us today! π
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