Second Mortgage
It is a loan taken against your property in addition to your first mortgage. The property used for previous mortgage is used to secure the second one also. Also called the subordinate lien it is considered in the second position in a property deed. Where the borrower commits a default in repaying the mortgage amount, the first mortgage lender is settled in full and the second mortgage lender is paid only the remaining amount. The second lender charges a higher rate of interest along with an additional fee called the origination fee, to compensate for the risk factor associated with the second mortgage deal.
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Second Mortgage in Bad Credit
Bad credit borrowers primarily take a second loan for the purposes of repairing their negative credit score. Such mortgages are also available to borrowers with FICO score as low as 550 credit points. It is one of the most preferred loans inspite of the fact that it is expensive. Second mortgages come with the following features:
- Does not require Mortgage Insurance
- Accepts low FICO score
- Loans issued inspite of a bankruptcy record in the past.
- It offers interest only payments.
These mortgage loans carrying both fixed and variable rates of interest are offered to bad credit borrowers. Such borrowers reduce their liability towards payments with the help of comparatively low rates of interest on their loans.
Bad Credit Second Mortgage a preferred option
- The fixed rate mortgage does not burden the borrower with annual fees, which are normally charged by credit card and home equity lines of credit.
- The rates offered by current loan / credit cards are comparatively higher than mortgage rates.
- Tax deductible interest on these loans are an added advantage, such an option is not available with credit cards.
- These loans help borrowers set right their credit score and maintain them for a positive score.
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