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Riverside Morgage Resource Center
2nd Morgage & Home Equity Loan Info
A 2nd morgage
is a loan that is acquired after the 1st morgage. It is typically based on the amount of equity you have in a property in combination with your credit score. Most people consider 2nd Morgages for reasons such as home improvements, debt consolidation, emergency expenses, college tuition, and so on.
Although these loans are usually closed much more quickly than 1st morgages are, it may be worth considering to opt for a 'Cash Out 1st Morgage' rather than a 2nd morgage (becauses 2nd's usually have higher interest rates) Be sure to ask a loan consultant which makes most sense for you.
3 Types of 2nd Morgage Programs
a traditional second mortgage
a home equity loan
a home equity line of credit.
A 2nd Morgage operates as a 1st but simply has the 'junior' position on title. A Home Equity Loan is typically an Adjustable Rate 2nd Morgage. A Home Equity Line is a type of 2nd that establishes a maximum loan amount (based on the appraised value) and operates as a sort of open-ended credit line that can be drawn from through out the life of the loan (providing monthly payments are made).
We invite you to make full use of this web site and, of course, our knowledgeable Loan Team is available until 9PM daily to assist you with any questions at 888.835.0761
888.835.0761
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So I Made It Here... Now
What's Next? |
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Get A Morgage Quote - If you'd like to receive an instant quote based on today's Morgage Rates then you can APPLY NOW
or call us at 888.835.0761. We have access to over 12,000 loan programs so we're sure to have one that perfectly suits your goal.
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Beat The Banks Program |
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One of our most popular programs is our 'Beat The Banks' program. This is our guarantee to beat the published Rates of the most popular banks in the nation with out charging any more fees than that bank normally charges. We typically beat the Bank Morgage Rates by about .25%---and it's guaranteed. So why not give it a go and see if you can Beat The Banks!
Two of the most popular banks in the nation are Wells Fargo & Bank of America. If you'd like to beat a
Wells Fargo Morgage rate then start with a phone call to us at 888.835.0761 or Apply Now and check the 'Beat The Banks' option. If you'd like to beat a
Bank of America Morgage rate then you can either call us today or fill out the 'Apply Now' form by following the link at the top left of this page.
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If you'd like to figure out how your monthly payments may change if you were to refinance then we have a variety of tools to assist you. Start by visiting this page for Morgage Calculators.
It's a good idea to familiarize yourself with the terminology that may be used while discussing your loan options. A good place to start is with this Morgage Glossary.
There are literally over 12,000 loan programs that we make available to you. For a very short list of some of the more common selections simply review this list of Morgage Terms.
We are pleased to offer our morgage services in Spanish. If you are more comfortable conducting financial matters in this language then please visit our
Hipoteca Prestamos Resource Page.
We're pleased to assist you with all of your Morgage Refi considerations.
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