top of page

SECOND MORTGAGE

While Second mortgages are not a focus for Efinity Mortgage, they can be a useful tool for a client interest in a home equity second lien or a home purchase transaction. Not all mortgage lenders can offer second liens in Texas however Efinity Mortgage is equipped to offer Second liens for many reasons including those listed below.

​

To learn more about FHA loans call 888.638.5030

APPLY NOW
Get Started  Now
Next Arrow.png
888.638.5030
Questions? Answers.
Next Arrow.png
SECOND MORTGAGE BENEFITS

Avoid or limit your down payment

Avoid private mortgage insurance (PMI)

Qualify for a better rate on your primary first lien

Use a second lien as a buffer until you sell your prior residence.

It may provide the only avenue to finance the home under the payment terms you wish

Utilize a second mortgage for the following purposes:

  • Home Equity loan to consolidate debts or get cash

  • Home Equity Line of Credit (Completely different than a home equity loan)

  • Home Improvement

shutterstock_1278363490_edited.jpg
shutterstock_1278363490_edited.jpg

Second mortgages items to be aware of:

  • Many are on 30 year fixed rate mortgages

  • Some may have a shorter term like 15 or 10 years

  • Many are on balloon notes like a 30 year fixed mortgage due in 15 years

  • Some have adjustable rate terms

  • Some may have interest only terms

  • Due to the inherent risk for the second lien lender, second mortgages typically have rates 1% to 4% higher than first lien rates.

Get a quote today.

By selecting Get My Rate, you agree that Efinity Mortgage may call or text you using an auto dialer or prerecorded message at the phone number provided. If the phone number you provide is registered to a mobile device, mobile carrier's charges may apply. Your consent is not a condition of purchase of any product or service.

Your content has been submitted

An error occurred. Try again later

bottom of page