Closed-End Second Mortgages (CES) provide the option to tap into the equity of their home to access cash without it affecting the rate on their original loan. Plus, it gives your clients the ability to borrow a lump sum all at once for whatever they need.
• Get Cash out without refinancing your existing loan
• Seconds do not require Mortgage Insurance
• Rates on Seconds are often better than lines of credit
• Lower the down payment on a home purchase when
paired with a first lien*
• Pay for a large purchase such as; home improvements,
home renovations, college expenses or medical bills.
• Fixed Term rates available
• Purchase, Rate/Term Refinance and Cash-Out Refinance available
• Credit Scores Down to 660
• Loan Amounts up to $500,000
• Available for Max Combined Loan Amounts
to $2.5 Million
• Max CLTV 90%
• Terms: 10, 20, 30 year fixed terms
Loans originated in US Territories and the following states are ineligible: AL, AK, IA, MS, NE, NY, SD, TN (20 year term ineligible), TX, VT, WV, WY. Restrictions apply, contact your Account Executive for details. Important to note that a Closed End Second Mortgage may typically have a higher interest rate than the first lien mortgage. Pre-payment penalties may apply