Second Mortgages are basically loan packages that are based upon the equity you have in your house. A mortgage loan of this type is usually requested by those who need help pay for schooling, home repair, or debt consolidation.
Second mortgage loans fall into the equity and over-equity categories. Equity allows you to obtain a loan within the amount of the property value or equity contained within. Over-equity allows you to obtain a loan for about 125% of the property value. In both cases, you should have an appraisal ready to hand over to the lender.
Aver Home Mortgage can help you apply for a second mortgage. Fill out the form below and we’ll help to get you started on the application process within seconds.