Reach more clients with Closed-End Second Mortgages!

Closed-End Second Mortgages (CES) provide the option to tap into the equity of a home to access cash without it affecting the rate of the original loan. Plus, it gives your clients the ability to borrow a lump sum all at once for whatever they need.

Why Closed-End Seconds Make Sense:

  • Get Cash out without refinancing your existing loan
  • Seconds do not require Mortgage Insurance
  • Rates on Seconds are often better than on lines of credit
  • Lower the down payment on a home purchase when paired with a first lien*
  • Pay for a large purchase such as; home improvements, home renovations, college expenses, or medical bills.
  • Fixed Term rates available
  • Purchase, Rate/Term Refinance, and Cash-Out Refinance available
    * Eligible only in conjunction with LoanStream first liens

Program Highlights:

  • Credit Scores Down to 660
  • Loan Amounts to $500,000
  • Max CLTV 85%
  • Terms: 10, 20, and 30 year fixed terms

Loans originated in US Territories and the following states are ineligible: AL, AK, IA, MS, NE, NY, SD, TN (20-year term ineligible), TX, VT, WV, WY. Restrictions apply, contact your Account Executive for details. Important to note that a Closed-End Second Mortgage may typically have a higher interest rate than the first lien mortgage. Pre-payment penalties may apply.

Maximize Cash Out with Non-QM Closed-End Seconds

Maximize your clients’ equity borrowing power! A primary concern for borrowers is fear of losing their existing interest rate on their Non-QM loan in order to access their equity. A Closed-End Second is a viable solution as it doesn’t interfere with their original mortgage terms. Plus, it gives clients the ability to borrow a lump sum all at once.

  • 85% Max CLTV Full Doc & Bank Statement
  • Owner Occupied, 2nd Home, and Investment Properties
  • ITIN, and One Year Self-Employed available
  • Purchase, Rate/Term Refinance, and Cash-Out Refinance Available
  • Fixed Term Rates Available
    • Terms: 10, 20, & 30 year
  • Credit Scores down to 660
  • Loan Amounts to $500,000
  • Eligible as 2nd lien only
  • Fully disbursed at closing, no draw feature
  • Qualifying payment is fully amortized payment
  • Minimum loan amount $100,000
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