Question:

What does a second mortgage broker do?

Answer:

A second mortgage broker is one who helps the borrower find a home equity loan as second mortgages and home equity loans are basically the same. A second mortgage broker will be using a network of resources to match the best second mortgage lender loans to the specific criteria of the borrower.

A second mortgage broker company employs loan officers who will provide the lender with the borrower's details and ensure the borrower understands all the legal terms of the contract. A second mortgage broker can also advise the borrower to consider home equity loans, as they are so similar to a second lien.

The second mortgage broker should inform the borrower of the benefits of getting a home equity loan, since they have tax-deductible interest compared to other non-equity loans. The second brokers should also consult borrowers in applying second mortgages toward debt consolidation, avoiding PMI or for home improvements.

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