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A second mortgage does not require you to have equity in your home, with loans up to 125% of the value. Pay off your bills, make home improvements, or receive cash out for any purpose.
A fixed rate second mortgage is a simple interest loan which is placed in second position on the property title, and does not change the terms of your existing first mortgage.
A new second mortgage can provide a tax deductible source of funds to consolidate debts and reduce your monthly payments. It's estimated that you can save three times more on a fixed rate, simple interest second mortgage than paying credit cards with high compound interest.
The interest portion of second mortgage payments can be tax deductible. The tax savings can be substantial when compared to paying on other non-deductible debts.
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