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Standalone Seconds Are Back in Oakland, CA
Can you believe it?? Standalone seconds are back on the market! Standalone seconds were widely popular and offered several advantages over other types of financing. When the housing bubble burst, lenders stopped offering these second mortgages. Well they are back, and available to qualified buyers and homeowners!
Standalone seconds are a valuable tool and depending on your personal financial situation, one that may greatly benefit you. Here’s what you need to know before you apply for a home equity line of credit (HELOC).
Important Second Mortgage Facts:
A second mortgage takes a backseat to your first mortgage. The process is similar to a first mortgage. Just like your first mortgage, you will need to complete the application process, your credit and income must qualify as well as obtain an appraisal. There are fees involved. You are getting an entirely new mortgage and some fees will apply including lender, appraisal and/or title fees. Having a second mortgage means you have two sets of payments to make every month instead of one. Top Uses and Benefits for HELOCs:
Purchase loans for borrowers with less than 20% down, who do not want mortgage insurance. You can pay off an existing high balance loan with a new high ... more
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