Choosing to consolidate your outstanding bills with a second mortgage is a serious decision. Actually almost all debt consolidation loans are structured as second mortgages. A second mortgage is a loan taken against the equity that has been built in your home by paying off some of the principal balance on your first mortgage loan. It is imperative to take a hard look at the debt you have incurred to make sure that you get the rates that you need to accomplish your goals.
There are many ways to consolidate your debt using a second home mortgage but it can be confusing. We recommend that you research each option available and use our refinance calculator to determine the best options for your unique situation. Contacting one of our loan specialist will help those who don’t have the time or resources to research each option fully.
Debt Consolidation Options
Options for debt consolidation with a second mortgage include most of the basic options such as fixed, adjustable, jumbo and balloon loans. Second Mortgage debt consolidation options range in length from 2 – 20 years, with the majority of second mortgage loans being 5 – 10 years. Options include fixed rate and variable or adjustable rates and 125% LTV (you can borrow up to 125% of the value of your home) and 115% LTV loans.
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