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Second Mortgages come in a wide variety of programs. In the secondary mortgage market, there are many factors that determine the interest rate. Time in the home, Loan to Value Ratio (LTV), credit history, job stability, income, purpose of the loan, and loan amounts are but a few.

We have many second mortgage loan programs available to a borrower. If you need a second mortgage, and there is one on the market for you, our loan officers can find it. Interest rates for a second mortgage typically range from 8.5% to13+ depending on credit grade.

Loan to Value Ratios can go as high as 125% in some cases. Normally, the LTV will cap out near 80% - 90% LTV in order to keep the interest rate lower. The higher the LTV , the higher the interest rate.

Appraisal Value of the property is also an important issue as a new up to date appraisal will need to be done. Generally speaking closing cost are less for a second mortgage than for a conventional loan.