Pennsylvania Second Mortgages
A Second mortgage program is a new alternative to private mortgage insurance (PMI). If a borrower is buying a house with less than 20% down payment, many lenders would require a private company to insure the difference for the remainder. A 2nd mortgage would have a higher interest rate than a first mortgage, but it would avoid payment of PMI. Also, keep in mind that a 2nd mortgage is tax deductable, while PMI is not. After carefully calculating numbers, we, at iLoan Financial found that obtaining this type of home loan is more beneficial for most of our clients.
A Pennsylvania Second mortgage loan, unlike a Home Equity Loan is a set amount that is lent in one lump sum to the borrower. Besides home purchase, it can also be used for refinance or cash out purposes. Most of the time clients find it useful for construction purposes or to consolidate the debt of a large loan (car, boat, etc.)
There are many other reasons to acquire a 2nd mortgage. This type of home loan is an excellent option for any homeowner that is in need of extra money. With many different second mortgage options available, iLoan Financial can find you the perfect fit.
With a this loan borrowers can:
- Pay your outstanding bills!
- Pay loans and credit cards!
- Get cash for any reason!
- Low rates!
- Many options!
- Fast Approvals!
- Low Closing Costs!
Obtaining a 2nd mortgage could give you the cash that you need. Call us today or apply online, and one of our loan consultants will help you decide if this program is the right choice for you.
Florida Second Mortgages | Home Equity Loans
