You'll have your rate within 48 business hours. No obligation!
1st Mortgage vs. 2nd Mortgage
A 1st Mortgage is a loan to finance the purchase of a property. Reasons for needing a 1st Mortgage:
Purchasing a Home
Refinancing an Existing Mortgage
Bank Declined (Damaged Credit, Bankruptcy, etc.)
A 2nd Mortgage is a loan taken out on a property that is already mortgaged. A second mortgage allows you to unlock the equity in your home. Reasons for needing a 2nd Mortgage:
Financing a Renovation
Expanding your Small Business
Consolidating High Interest Credit Card Debt
Any other reason for needing money ...
Written Loan Example
We lend at a Loan-To-Value (LTV) ratio of up to 75%. For example, if your mortgage balance is $200,000 (1st mortgage) and your home's value is $400,000 this makes your current LTV 50% ($200,000/$400,000). That leaves 25% (75%-50%) of your home's value available for loan; in this instance that would be $100,000 ($400,000*25%).