More often than not, your home is considered your most valuable asset. Over time that value should grow. A second mortgage is a type of loan that allows you to borrow against the value of your home for things like home improvements or debt consolidation.
No matter the need, the experts at National Lending Link will help you secure the funds quickly and at highly competitive rates.
Simply put, a second mortgage is a loan from a lender to a property owner who already has a mortgage on their home. Second mortgages are based on the equity in your home, which is the market value of your home, less any loan balances. For example, if your home is worth $400,000 and your first mortgage is $250,000, you have $150,000 in available equity.
Using a home equity loan is an excellent source of financing to consolidate debt, pay off mortgage arrears, manage emergency expenses, launch a business or simply have extra cash on hand. National Lending Link’s experts can guide you through the home equity loan application process and help you select the right loan for your specific needs.
Unlike other types of loans that take into account your income or your credit history, a loan through the equity of your home allows you to borrow money using the equity that you have built up over time. Your home’s equity is calculated by subtracting what you owe on your mortgage from your home’s current market value. For instance, if your house is valued at $300,000 and you still owe $100,000 on your mortgage, your equity would be $200,000.Apply Now
For various reasons, some borrowers may not be able to qualify for a loan from a traditional lender. Mortgage regulations continually become more and more strict, driving people to alternative solutions such as private mortgages. National Lending Link can help you connect with the right lender to solve your unique financial situations.
Whether through friends, family, or a business, a private mortgage is a home loan financed through a private source of funds as opposed to a traditional mortgage lender. Catering to those who may not meet the lending criteria of banks. Private lenders tend to be more flexible when it comes to qualifying you for your mortgage. In most cases, if you are a current home owner with a house that has equity in it, you should be able to qualify for a private mortgage.Apply Now
Tired of looking at that dated kitchen or bathroom? Ready to achieve your dream home goals? Then home improvement financing might make sense for you. Refreshing your space, adding value to your property, or making more room for your growing family are all possibilities with a home improvement loan through National Lending Link.
Home improvement financing can come in various forms.
Home Equity Line of Credit: A substantial loan with lower interest rates than a credit card, this type of loan uses the equity in your home as collateral for your renovation or construction needs.
Mortgage Refinancing: With current mortgage rates as low as they are, mortgage refinancing has become a popular choice for home renovation costs. Essentially, mortgage refinancing is the process by which you change the terms of your mortgage and cash out a portion of the equity you have in the home.
Construction Financing: A construction loan specifically catered towards your needs. This option will allow you complete your project and receive funds in stages as you make progress on your construction project.
If you feel like you are sinking further and further into high-interest debt, then a debt consolidation loan may be the lifeline that you are looking for. National Lending Link can guide you to the debt consolidation loan that is right for you.
Used to combine your existing debts into a single monthly payment, a debt consolidation loan reduces the total interest you owe on your debt with the goal of paying it off more quickly. For many people, these types of loans often represent the first step towards eliminating your debts. Typically offering much lower interest rates than other sources of funds such as credit cards, a debt consolidation loan allows you to budget for a single, predictable monthly payment.Apply Now