Question:

How to get a good second mortgage loan rate?

Answer:

Since many lenders now have expanded their business online, there are consolidated websites that are capable of pulling rates from different lenders and according to your situation. Depending on your credit score and financing needs, you may even be offered to consider other options different from a second mortgage loan and with a better rate. A second mortgage loan is in effect a closed-end credit against your property and will not necessarily have the best rate.

You may consider taking a HELOC instead. HELOCs may be very useful, easier to take, less expensive, interest will often be tax-deductible and over-equity amount will be allowed. Compared to second mortgage loan rate, HELOCs rate may be lower than the second mortgage. Since a second mortgage and a closed-end HELOC are very alike, you should compare which one gives you greater flexibility, more cash and better rates.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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