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4 Reasons a 2nd Mortgage Maybe The Best Option When Buying a Home
When getting a mortgage you will want to know all your options?  And of course you want to make sure you are choosing the best mortgage for your needs.  Many times I hear that other banks do not offer 2nd mortgages or that they do not exist.  I am here to say they do exist and to explain when getting a 2nd mortgage could be best for you. 
Jumbo Loan                  
A jumbo loan is considered any loan over $417k.  So what do you do if you loan amount is over $417k?  You could get a Jumbo mortgage, but the rate for a Jumbo Mortgage is usually higher then a normal loan on a 30yr fixed rate.  But if your total loan amount is small enough you can split the loan into 2 loans.  You can keep the first loan at $417k and get a 2nd mortgage for the difference.  As an example, you have a $500,000 home sales price, you could do a first mortgage at $400k(80%) and a 2nd mortgage for $75,000.  Not only could your rate be higher with a Jumbo mortgage but they also require a larger down payment then convnetional loans.  These two benefits make it a win-win ... more

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