New York Homeowners! You can borrow up to 125% of the value of your home! Whether you just purchased your new New York home or you have been in your New York home for years, you can borrow money to consolidate your credit cards, do home improvements, money for child’s education, new car or even repair old credit problems with New York Second Mortgages. There are tax advantages, plus the interest rates are often lower! You can choose from a traditional Second Mortgage or a line of credit, where you borrow only what you need. Find out the advantages and disadvantages of each and decide which New York Second Mortgage is best for you.
New York second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. you already have a mortgage in the New York area, it may be that you want to take advantage of the low interest rates and take a second mortgage. Having already taken a mortgage out you will be familiar with the process when it comes to getting your New York second mortgage. However, as well as checking with your current lender you will do well to shop around to compare what they have to offer. If you got your first loan through a brokerage company then they will be able to make comparisons for you. This can save a lot of time and may often be the best option.
If you are like most homeowners, you probably have a first mortgage loan on your home. Second mortgages are different from first mortgages. They usually are for a shorter time, 15 years or less, and 2nd mortgage rates are higher. After a while, you may wish to borrow against the equity in your home to get cash, to make home improvements, to education, or to consolidate personal debts. Because such loans are in addition to the first mortgage on the home, they are commonly called “second mortgage” loans. Getting a second mortgage is easier than ever! Open New York second mortgage loan or line of credit and you pay no points and no lender fees at opening. Most people will be getting a New York second mortgage as a way of refinancing their current mortgage.