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798 Rays Road #102 Stone
Mountain, GA 30083 Bus. 404.298.9200 Fax. 404.298.9377 |
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tailored to your specific needs. Below is some information to help get you
started.
To
get started immediately click here for our on-line application.
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There are many options for home owners who wish to meet
growing financial demands; one way to improve your financial situation is to
borrow money is through a home equity line of credit. This source of credit
can provide certain tax advantages and generally allows you to borrow large
sums of money at affordable rates. This line of credit uses your house as
collateral though, which means such a credit line can be risky if you
default on the monthly mortgage payments. The funds that you receive from a
home equity credit line can be used to fund anything from home improvements
to a child's school tuition.
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Mortgage lenders offer several different terms for second mortgages. The
repayment terms for your second mortgage will depend on your individual
circumstances and will depend on the amount of time you will require prior
to repayment. It is often difficult for borrowers to repay a large loan in a
short period of time. For this reason it is best to choose a second mortgage
on your home that does not require repayment after only couple of years.
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Borrowing money for a second mortgage can be costly because the price of
a loan is, in most cases, equal to a percentage of the loan amount. Most
mortgage lenders charge a fee for lending money and this fee is based on a
point system. One point is equal to one percent of the loan amount. Laws in
some states place a cap on the amount of money that can be charged for a
second mortgage and this will help keep the cost of your second mortgage
down.
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The two most common types of interest rates that can be linked to your
second mortgage are adjustable rates and fixed rates. Adjustable rate
mortgages allow the interest rate to fluctuate during the life of the home
loan. Fixed rate mortgages, on the other hand, maintain the same interest
rate for the life of the loan. Both fixed and adjustable rate mortgages have
their strengths and weaknesses. In today's unstable economy, adjustable rate
mortgages can be risky for the homeowner because the rate can increase with
little notice. On the other hand, this type of mortgage may allow you to
purchase a more expensive home.
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As a home owner it is important to determine what your monthly payment
will be when you take out a second mortgage or home equity line of credit.
When the monthly payments are calculated you will have a better idea of your
ability to pay for the loan. Mortgage lenders are not required to determine
your precise monthly payment on a home equity credit line because it will
vary month to month but will instruct you about how the payments are
calculated on a monthly basis.
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At CapQuest Mortgage Services, LLC. we offer several different second
mortgage terms and second mortgage rates for your second
mortgage. Many home owners have benefited from our second
mortgage programs. For more information on your second mortgage contact your
second mortgage experts at
CapQuest Mortgage Services, LLC
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