Maximizing Your Home Buying Power
What is a Closing Second Mortgage?
A Closing Second Mortgage, also known as a piggyback loan, is a secondary loan taken out simultaneously with your primary mortgage. This type of loan can be used to cover closing costs, make a down payment, or consolidate higher-interest debt, providing you with greater financial flexibility.
Key Features:
Supplemental Financing: Secure additional funds to cover closing costs, make a down payment, or address other financial needs, without tapping into your primary mortgage.
Flexible Loan Options: Choose from a variety of loan types, including fixed-rate and adjustable-rate second mortgages, based on your financial needs and preferences.
Interest Rate Options: Benefit from competitive interest rates on your second mortgage, which can help manage your overall borrowing costs.
Debt Consolidation: Use the second mortgage to consolidate higher-interest debt, potentially reducing your monthly payments and overall interest expenses.
Increased Purchasing Power: Enhance your purchasing power by combining your primary mortgage with a second mortgage, allowing you to afford a more expensive home or make necessary improvements.
Closing Second Mortgage Terms:
Loan Amount: Varies based on the equity in your home, borrower qualifications, and lender policies.
Loan Term: Typically 5 to 30 years, with options for shorter or longer terms based on your needs.
Interest Rate: Competitive fixed or adjustable rates determined by your credit profile and market conditions.
Eligibility Requirements: Proof of income, credit history, and ability to repay the second mortgage.
Additional Costs: Appraisal fees, closing costs, and other associated expenses.
Maximize your purchasing power and cover the costs of a down payment, closing costs without paying for private mortgage insurance.”
