Second Mortgage Loan
There are many reasons one might choose to refinance their home. Sometimes you might choose a refinance because you want to lower your interest rate, you may also wish to refinance because you have an Adjustable Rate Mortgage (also known as an ARM) that is due to adjust within a period of time and you want to convert your mortgage to a fixed rate loan. Another common reason to refinance is that you wish to pull out cash from your home’s equity for one reason or another.
Whatever your motivation to refinance, we at Kiel Mortgage want to ensure that you understand the benefits and cost of a refinance. We will take the time to understand your situation and find the right program to fit your needs.
Types of Second Mortgages
Fixed-Rate Loans or Mortgage
A mortgage for which the interest rate will remain the same throughout the entire term. With a second mortgage loan it may contain a balloon payment provision. This allows for a longer term minimum payment of 20 or 30 years with a balloon payment due in 10 or 15 years. There by keeping the payment fully amortized and lower for the longer term but with the need to pay off at the time the balloon payment is due.
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