Fixed Second Mortgage
Fixed seconds are just like they sound. The interest rate is fixed and so is the loan. When you get the loan, you start making payments of a specified dollar amount and it remains that way until the end of the specified term. You can not draw on this loan again. A lot of times these have a balloon payment. You may have heard something similar to 30 due in 15. this means the loan will be amortized over 30 years but 15 years into it, you must pay back the loan.
- Free up your homes equity
- Cash out up 85%.
- Equity Lines or Fixed Seconds.
- No Closing Cost option.
30/15 |
Amortized over 30 years, you payment stays low. This means there is a balloon payment due after 15 years |
15/15 |
Fully Amoritized over 15 years. By making the minimum payment when it is due, this loan should be paid in full after 15 years. |
