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.
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.