Second Position
Second position loans, also known as second mortgages or home equity loans, are a type of financing that allows homeowners to borrow against the equity in their home. This type of loan is called a second position loan because it is a secondary loan that is taken out in addition to the primary mortgage on the property.
One of the key benefits of second position loans is that they can provide access to a large amount of funding, often at a lower interest rate than other types of financing. This is because the loan is secured by the equity in the home, which acts as collateral for the loan. This can make second position loans a good option for homeowners who are looking to finance a large purchase or consolidate high-interest debt.
UP TO
90%
LTV - PURCHASE
90%
LTV - RATE & TERM
90%
LTV - CASH OUT
Another benefit of second position loans is that they are often easier to qualify for than other types of financing. This is because the loan is secured by the equity in the home, which reduces the risk for the lender. As a result, borrowers who may not qualify for a traditional loan due to factors such as a low credit score or high debt-to-income ratio may still be able to obtain a second position loan.
One potential drawback of second position loans is that they are a form of secured debt. This means that if the borrower is unable to make the loan payments, the lender can foreclose on the property and take possession of the home in order to recoup their losses. As a result, it is important for borrowers to carefully consider their ability to make the loan payments before taking out a second position loan.
Overall, second position loans can be a useful financing option for homeowners who are looking to access a large amount of funding at a lower interest rate. However, it is important for borrowers to carefully consider the risks and potential drawbacks of this type of loan before proceeding.
Second Position
STATES WE LEND IN
WORK WITH US
Looking for lending in a state not listed? We do lend in other states on a case-by-case scenario. Give us a call to see what we can do for you.