Finding a Second Mortgage Lender

Filed by admin under Mortgages — 7:47 pm
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Finding the perfect lender for your first mortgage was hard enough. Now, after building up some equity in your home, you've decided that a second mortgage would be a great way to consolidate bills and make some much-needed home improvements. But where do you begin? While your first experience with finding a mortgage may have been daunting, finding the perfect lender for your second mortgage doesn't have to be.

Start at Home

Have you been please with the service of your first mortgage provider? Chances are the lender who approved your mortgage also offers second mortgage loans. If you already have a good working relationship with her lender, then you need look no further than your own home for a potential lender. Advantages of using your current lender are:
• History. You've established a payment history with your current lender that may help lower your interest rates and fees.
• Convenience. Depending on your lender, you may be able make both mortgage payments with one check.
• Familiarity. You already know how your current lender operates. If you like their way of handling business, then why leave?

Branch Out

Do you have a checking or saving account? Ask your local bank for information on second mortgages. Most banks offer a variety of loan products, and like customers who keep all of their financial business under one roof. Using a conventional lender offers you:
• Reliability. Large, well-known banks often have well-known reputations for reliability and customer service.
• Ease. Do you like having a real person to talk to when you need help? Get your second mortgage from a traditional bank and all you have to do is walk into your local branch for real human interaction.

Search Online

Today, online lenders have become viable contenders in today's loan industry. Not only do they offer competitive rates, but they also offer the convenience of online applications and approvals. Borrowers looking for fast answers can often find out if they are approved for a second mortgage within 30 minutes. Online lenders can offer many benefits to potential borrowers:
• As mentioned, online banks can provide approvals within 30 minutes.
• Allow you to compare rates between a large number of lenders from your home computer.
• Often offer lower closing costs and fees.

Join a Club

They aren't clubs, really. But credit unions offer members a great, secure way to apply for and receive second mortgage loans. Some benefits credit unions may offer are:
• Lower interest rates than banks.
• Lower fees and closing costs.
• More likely to approve someone with questionable credit history.

No matter what potential lenders you approach to handle to your second mortgage loan, remember that interviewing at least four lenders is the best way to ensure that you find the most competitive rates and terms available to you.

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