Closed-End Second Mortgages (CES) provide the option to tap into the equity of a home to access cash without it affecting the rate of the original loan. Plus, it gives your clients the ability to borrow a lump sum all at once for whatever they need.
• Get Cash out without refinancing your existing loan
• Seconds do not require Mortgage Insurance
• Rates on Seconds are often better than on lines of credit
• Lower the down payment on a home purchase when paired with a first lien*
• Pay for a large purchase such as; home improvements, home renovations, college expenses,
or medical bills.
• Fixed Term rates available
• Purchase, Rate/Term Refinance, and Cash-Out Refinance available
* Eligible only in conjunction with LoanStream first liens
• Credit Scores Down to 680
• Loan Amounts to $500,000
• Max CLTV 90%
• Terms: 10, 20, 30 year fixed terms
Loans originated in US Territories and the following states are ineligible: AL, AK, IA, MS, NE, NY, SD, TN (20 year term ineligible), TX, VT, WV, WY. Restrictions apply, contact your Account Executive for details. Important to note that a Closed End Second Mortgage may typically have a higher interest rate than the first lien mortgage. Pre-payment penalties may apply.