Our Mission
At MortgageRaiders.com Is To Help You Brave The Rough Seas Of Mortgages,
Second Mortgages, And Other Home Loans--Including Home Equity Loans. We'll
Help You Fend Off Pirates (In The Form Of Bankers Who Offer One-Sided
Deals) And Provide You With News, Information, Resources, And Articles
About Loans. We'll Cover Home Loans, Mortgages, Second Mortgages, Home
Equity Loans, And Refinancing. As
you explore this site, you'll discover...
|
Hot
Topic: How To Get Your Mortgage Loan Approved
|
|
Insider
Secret: 3 Things Your Lender Will NEVER Tell You
|
|
How Choosing The Wrong Loan Program Can Wipe You Out
|
|
Beware! Avoid These Common Home Mortgage Scams...
|
|
MortgageRaiders.com Presents Articles, Tips, And Resources About
Mortgages, Mortgage Rates, Second Mortgages, Home Equity Mortgages,
Refinancing Home Mortgages, And Home Mortgage Loans! Updated Daily.
|
|
 |
|
|
 |
Guaranteed Bad Credit Financing
|
Receive a loan or credit card even with bankruptcy!
|
|
|
| |
Access Loan
|
$15,000 Cash Loan - Even With Credit Problems.
|
|
|
| |
Everything You Know Is Wrong!
|
About Paying Off Your Debts that is! Our strategy will have you debt free in 3 to 5 years. 97% Success Rate! |
|
|
| |
2nd Mortgage - Better Than Refinancing
Author: Carrie Reeder
You have probably received refinancing offers in the mail or advertised online touting your ability to pull out your home’s equity. But a 2nd mortgage, also called an equity loan, may be a better financing option than refinancing your mortgage. 2nd mortgages are ideal when you just want to tap into your equity, plan to move soon, or are unsure about the amount you want to borrow.
Tapping Your Equity
Tapping into your home’s equity is best done through a 2nd mortgage if you already have a low interest loan. Typically, applying for a 2nd mortgage requires fewer fees than refinancing a mortgage. 2nd mortgages are also paid back sooner, so your interest payments are less.
Short-Term Loan
With the costs involved in refinancing, you typically need to keep the loan for about two years to break even. However, with a 2nd mortgage you don’t have those fees to worry about recovering. 2nd mortgages do have minimum balance and early pay off fees, but they are significantly less than refinancing fees.
Flexible Loan Amount
A 2nd mortgage allows you to take out your home’s equity over the course of several years. The money can be accessed with a check, ATM card, or direct deposit, depending on how you set up your account with the lender. Additionally, you only pay interest on the money that you have withdrawn.
Higher Approval
Lenders tend to be more lenient with approving 2nd mortgages. Since the amount usually is less than a traditional loan, lenders remain confident that they will receive payment. If you have had a few credit glitches in the past two years, think about going with a 2nd mortgage.
2nd Mortgage Mistakes
2nd mortgages aren’t for everyone. You should weigh the cost of PMI and payments when choosing your financing options. Borrowing more than 80% of your home’s value will subject you to private mortgage insurance.
Your monthly payments should also be a factor in your decision. By taking out equity when refinancing your home, you will have a lower payment than if you had both a mortgage and 2nd mortgage payment. Also, if you refinance in the future, you will have to pay off your 2nd mortgage.
About the Author
Carrie Reeder is the owner http://www.abcloanguide.com, an informational website about various types of loans. To view our recommended sources for 2nd mortgage loans online, visit this
page: http://www.abcloanguide.com/mortgageloans.shtml
Article Keywords:
Mortgages
|
|
| |
|
| |
As you may know, I have a very deep passion for real estate
and mortgages. In fact, this website is a true labor of love
for me.
As publisher, one my many duties is to review the
many books, programs and courses about real estate and mortgages
that are on the market today. I’ll be honest with you. Most
of them are garbage. (Although I do strongly recommend
the programs in the “Must Have” box above).
But, let me tell you,
when I came upon the following headline, I new I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current
Mortgage.
Now, the reason I knew it was a winner was because
of the name behind the headline. Craig Romero. Many
consider Craig to be one of the true geniuses in our field. I
have a lot of respect for him, and I
urge you to drop what you are doing right now and click the link
below...
|
| |
|
|
| |
|
|
|
|
|
Continue
Reading... 
