| | Our second mortgage programs can be tailored to your specific needs. Below is some information to help get you started. To get started immediately click here for our on-line application.
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There are many options for homeowners who wish to meet growing financial demands; one way to improve your financial situation is to borrow money through a home equity line of credit. This source of credit can provide certain tax advantages and generally allow you to borrow large sums of money at affordable rates. This line of credit uses your house as collateral though, which means such a credit line can be risky if you default on the monthly mortgage payments. The funds that you receive from a home equity credit line can be used to fund anything from home improvements to a child's school tuition.
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Intermountain Mortgage offers several different terms for second mortgages. The repayment terms for your second mortgage will depend on your individual circumstances and will depend on the amount of time you will require prior to repayment. It is often difficult for borrowers to repay a large loan in a short period of time. For this reason it is best to choose a second mortgage on your home that does not require repayment after only a couple of years.
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Intermountain Mortgage charges a fee for lending money. This fee is typical for all mortgage lenders, and is based on a point system. One point is equal to one percent of the loan amount. Laws in some states place a cap on the amount of money that can be charged for a second mortgage and this will help keep the cost of your second mortgage down.
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The two most common types of interest rates that can be linked to your second mortgage are adjustable rates and fixed rates. Adjustable rate mortgages allow the interest rate to fluctuate during the life of the loan. Fixed rate mortgages, on the other hand, maintain the same interest rate for the life of the loan. Both fixed and adjustable rate mortgages have their strengths and weaknesses. In today's economy, adjustable rate mortgages can be risky for the homeowner because the rate can increase with little notice. On the other hand, this type of mortgage may allow you to afford a home in a higher price range.
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As a homeowner it is important to determine what your monthly payment will be when you take out a second mortgage or home equity line of credit. When the monthly payments are calculated you will have a better idea of your ability to pay for the loan. Intermountain Mortgage is not required to determine your precise monthly payment on a home equity credit line because it will vary month to month. Our mortgage consultants will however, instruct you about how the payments are calculated on a monthly basis.
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At Intermountain Mortgage we offer several different second mortgage terms and second mortgage rates for your second mortgage. Many home owners have benefited from our second mortgage programs. For more information on your second mortgage contact your second mortgage experts at Intermountain Mortgage.
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