2nd Mortgage – Unlock Additional Funds with Crestico

A 2nd Mortgage is an additional loan secured by the same property as your first mortgage. It allows you to borrow funds for specific purposes while maintaining your primary mortgage in place.

The loan is secondary to your first mortgage, meaning that if your property is sold or foreclosed upon, the first mortgage lender will be paid before the second mortgage lender.

Typically, 2nd mortgages offer a fixed interest rate and fixed monthly payments, making it easier to manage over time.

The loan amount is usually based on your property’s value minus your existing mortgage balance.

A 2nd Mortgage provides homeowners with an additional borrowing option, giving them the ability to tap into the equity in their home. However, unlike home equity loans or lines of credit, it’s a fixed-term loan that operates as a separate debt.

Loan Amount: Typically, you can borrow up to 80% of your home’s value, minus what you owe on your first mortgage.

Repayment: Monthly payments on a 2nd mortgage usually include both principal and interest. The term is usually 15-30 years, depending on the agreement.

Secured Loan: Like your first mortgage, a 2nd mortgage is secured by your home, so the lender has the right to foreclose if you fail to repay the loan.