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Second Home Mortgages

We Assist Clients in the Santa Rosa, CA Area with Home Equity Loans and Second Mortgages

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Second Home Mortgages

Providing Mortgage Placement putting YOU First as our First Priority

Do you need cash to renovate your home or make a large purchase? Are you short on cash in the bank? You may be able to tap into your home equity by taking out a second home mortgage. Your home is an asset and your equity in it is part of your wealth. Second mortgages allow you to access that wealth without selling your home. However, they do come with risk, as they use your home as collateral. You First Mortgage is a licensed brokerage firm that can help you decide if this option is right for your situation. We can help you weigh the benefits of taking out a second mortgage vs. a home equity loan or home equity line of credit (HELOC). Then, we apply and shop rates on your behalf to conveniently provide you with a selection of options from various home equity loan and second mortgage lenders. Our services are available in Santa Rosa, CA and the surrounding areas.

What Is A Second Mortgage?

A second home mortgage is a loan that you can take out against your home equity when you already have a mortgage. You can calculate your home equity by subtracting your current loan balance from your home’s current market value. A second home mortgage could allow you to access a large portion of that equity for whatever you need. Most of these loans allow you to access up to 80% of your home’s value. People take out second mortgages to consolidate debt or pay for education, weddings, home improvements, and more. Are you considering this option? Contact You First Mortgage today in order to speak with an experienced professional and get the guidance you need. Call (707) 919-3103 or fill out our online contact form and we’ll get in touch with you as soon as possible. We’re looking forward to hearing from you and helping you find a personalized loan solution.

  • Make home renovations that increase the value of your home
  • Start a small business (rates are typically lower than they are for small business loans)
  • Fund your child’s college education
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Second Mortgages vs. Home Equity Loans

There are various types of second home mortgages. The main differences are in the way you receive the money. With a standard home equity loan, you receive a one-time lump sum. Then, you repay it over time. Usually, you pay monthly fixed payments. Variable-rate loans are also available, but variable rates are more common with home equity lines of credit. A home equity line of credit (HELOC) is a pool of money that you can draw from. You are not actually required to withdraw from that pool at all, but you can whenever you decide you need it. The lender will set a maximum limit and you can borrow as many times as you’d like until you reach that limit. HELOCs are similar to credit cards in that you can keep repaying and borrowing continuously.

Most HELOCs are second home mortgages. However, some are first mortgages. For instance, you can get a HELOC on a home that you own outright. In that case, it would be a first mortgage.

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Get The Assistance You Need in Santa Rosa, CA

You First Mortgage is a trusted mortgage brokerage that can help you decide if this option is right for you. Call (707) 919-3103 or fill out our online contact form to speak with a qualified professional.

About

You First Mortgage is a licensed mortgage broker based in Sonoma County, CA. When you partner with us, we put your interests above all other priorities. With versatile real estate industry experience in the local market, our advisors can provide reliable guidance when it comes to choosing home financing options. We are CalHFA Certified for Government Down Payment Assistance.

Providing Mortgage Placement putting
YOU First as our First Priority
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Ashley D.
5 star rating
9/09/2019 - Yelp

Austin helped us buy our first home in under a month and we couldn't be happier as first time home... read more

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leslyecharlesworth
9/02/2019 - Zillow

Highly likely to recommend Austin helped make home ownership in Northern California a reality for our family. He was always on call to help... read more

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al nayeri
7/26/2019 - Zillow

Highly likely to recommend Austin is a true gentleman and a professional on top of his game. He not only knows the real estate... read more

DISCLAIMER:
The information contained on this website is presented for informational and marketing purposes only and is not to be understood as financial advice. You should consult with a representative from You First Mortgage for further information, the mere act of contacting You First Mortgage does not create a client relationship. As a result, you should never send any confidential information to our office until representation or client relationship has been established.

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