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What
types of terms are available with second mortgages?
Do
I need equity in my home to get a second mortgage?
What
are the benefits of taking out a second mortgage loan?
Do
I have to make an office visit or have a representative come to my
home to apply for an equity loan?
How
long does it take to get a home equity loan?
What
are points?
Can
I obtain a home equity loan without paying points and/or closing
costs?
Does
californiamortgagecenter.com
charge any up-front fees?
What
is APR?
Is
it a good idea to shop for a home equity loan on the basis of
comparing the APR?
What
types of terms are available with second mortgages?
Some second
mortgage loans may extend for as long as 15 or 20 years; others may
require repayment in one year. You will need to discuss the repayment
terms with the individual mortgage company and select one that offers
terms that best suit your needs. For example, if you need to borrow
$20,000 to make repairs on your home, you may not want a loan that
requires you to repay the entire amount in one or two years because
the monthly payments may be too high.
Do
I need equity in my home to get a second mortgage?
You may qualify to get a second mortgage with no equity required in
your home. We offer a range of programs that allow you to finance up
to 125% of the value of your home, unlike many other lenders who
require a minimum of 20% equity before considering your equity loan
application.
What
are the benefits of taking out a second mortgage loan?
A second mortgage loan may allow you to
consolidate other high interest debts you may have or you may use the
equity in your home to get cash for other purposes, such as home
improvement, financing a child's education, a new car or for other
personal needs. In addition, you can realize:
•
- Consolidating debt from other sources with higher interest rates may
mean overall lower monthly payments - often up to as much as 60% less
each month in payments.
• - Get a
tax deduction on the amount of your home equity loan interest
payments, even if you take cash out to use for other purposes. Consult
with your tax advisor to determine how much of your new loan payment
may be tax deductible.
• - You can
consolidate bills into one monthly payment.
Do
I have to make an office visit or have a representative come to my
home to apply for an equity loan?
Not
if get your loan through
CaliforniaMortgageCenter.com
. While many lenders will require you to make an office visit during
the course of getting your loan,
CaliforniaMortgageCenter.com
has no office visit required. We send the documents to you.
How
long does it take to get a home equity loan?
You can close your home equity loan with californiamortgagecenter.com
in as little as 15 working days, depending on where you live and the
speed in which you supply requested documents to us.
What
are points?
Points are a method of reducing the interest rate you would pay on a
loan. One point is equivalent to 1% of the loan amount. For example, 2
points on a loan amount of $200,000 would be $4,000. In general, a
loan requiring 2 points has a lower interest rate than one with 1
point or 0 points, but you would pay the higher amount of fees from
the increased points in your closing costs. Paying points may be a
more attractive option for those planning to stay in their home for
longer periods of time, usually at least three years or more.
Can
I obtain a home equity loan without paying points and/or closing
costs?
Yes, depending on which lender you choose.
Does
californiamortgagecenter.com
charge any up-front fees?
No. We invite you to apply now, become pre-approved for your home
equity loan and continue to shop for the best rates, fees and products
that meet your needs. We're confident few can beat our service or low
prices.
What
is APR?
APR is the abbreviation for Annual Percentage Rate. The APR represents
the rate of interest paid on a mortgage when factoring together all
prepaid finance charges and post settlement interest over the life of
the loan.
Is
it a good idea to shop for a home equity loan on the basis of
comparing the APR?
There are risks to comparing only the APR when shopping for a home
loan. For example, the calculation of APR may vary from lender to
lender. Your best comparison is generally evaluating the same interest
rate, for the same loan type and term, and then comparing the
applicable points and total closing costs.
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