types of second mortgages

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Lying about whether a home is a second home or an investment property is mortgage fraud. If you’re found out, you could face heavy fines. "Occupancy fraud is growing, and underwriters are trained to sniff out mortgage applications that appear to be for investment purposes although they are structured as second homes in order for the buyer to.

Here’s a basic overview of 16 types of mortgages, some common and some less so.. also known as a second mortgage. This is just another loan secured by the equity in your home. Another option.

Fixed Rate Second Mortgage Second Mortgages are home equity loans with fixed rates. The fixed rate second mortgages offer a lump-sum with fixed payment schedules. (15, 20, 25 or 30 year fixed rate second mortgage). call 1-877-212-9478 for a Free Loan Consultation. No Income No Assets Second Mortgage

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Mortgages Explained | by Wall Street Survivor A reverse mortgage is a kind of second mortgage that you use your home equity to get cash. The difference in a reverse mortgage and the other types of second mortgages is that a reverse mortgage does not need to be repaid until after death. Second Mortgage Rates

Debt Consolidation Loans. A consolidation loan is meant to simplify your finances. simply put, a consolidation loan pays off all or several of your outstanding debts, particularly credit card debt. It means fewer monthly payments and lower interest rates. consolidation loans are typically in the form of second mortgages or personal loans.

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pros and cons of a reverse mortgage

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Types of second mortgages. home equity loan: A home equity loan is a one-time lump sum that is repaid at a fixed interest rate. These loans are usually 15- to 30-year loans and are similar to a conventional purchase mortgage. heloc: A home equity line of credit, or HELOC, is similar to a credit card.