new home purchase mortgage loans or cash out home equity refinancing for debt consolidation and home improvement remodeling loans financing

A second mortgage is subordinate to your first and may not require equity in your home if you have a strong credit profile. Loans can be up to 125% of appraised value and sometimes even higher.

Second mortgages are known by other names such as home improvement loans, debt consolidation loans, home equity loans, or equity line of credit loans. A second mortgage is a simple interest loan placed in second position on the property title, and does not change the terms of your existing first mortgage. The rate is usually fixed, unless it is a line of credit, in which case, it us usually variable based upon a prevailing index at the time you draw funds.

Second mortgages may provide tax deductible sources of funds to consolidate debts and reduce monthly payments. In some instances, you might save two to four times more on a fixed rate, simple interest second mortgage loan than continuing to pay on credit cards with high compound interest rates.

The interest portion of second mortgage payments may be tax deductible whereas interest on credit cards and other consumer dept is typically not deductible. These tax savings can be substantial when you compare them against other non interest deductible debt that has no tax benefits.