We recently came across a lender that is offering an unheard of offer. Secured lines of credit in 2nd position at Prime plus 0.50%. That’s 3.50% today! We haven’t seen this sort of offer in quite a while for 2nd mortgages. Here’s the qualifying details:
- you have to have good credit
- you need provable income to qualify along
- there must be adequate equity in your home. The product allows you to borrow up to 80% of the appraised value of your home.
- the appraisal fee and legal fees are covered by the lender (that’s a $1200 savings)!!
- a small broker fee may apply …. see me for details.
This rate is truly incredible for such a product. But having the legal fees and appraisal covered is truly amazing! I rarely get this excited about a product but this one has me pumped! For those that don’t know, most 2nd mortgage options begin at 10% to 12% plus fees.
For those that can’t provide traditional income confirmation, such as self-employed or commissioned employees, there are other options for you. The rates are higher but there are options. And for those with slow or poor credit, you also have some options available for mortgage funds.. provided there is adequate equity in your home. Remember, each situation is reviewed on a case by case basis. Pricing and cost will vary.
If you are looking for some extra funds or access to a line of credit, this product could be a great option.
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis 416 224 0114 email@example.com