“What’s my best second mortgage rate?” This is the top question asked by borrowers shopping for a second mortgage or home equity loan.
However, to understand why you’ve been quoted a certain rate, you need to understand how a lender comes up with the rate. What are they looking for? And why do rates differ so much from lender to lender?
In this video you’ll learn about the process that will not only make you a smarter shopper, but will also save you a lot of time and money.
Set Proper Expectations
Searching for your best second mortgage rate and wondering why second mortgage rates vary so much? Why would someone get 8% and another 12% for a similar loan size? Before you begin your search, set realistic expectations by understanding the process.
Why not just go to a bank?
After all, the rates are lower. And the bank typically holds your first mortgage. However, if you’re here, chances are that you’ve already tried, but were unsuccessful. Their lending criteria is far more strict.
What Private Lenders Expect from You
Although private lenders have their own requirements, in all cases your property is the main consideration to qualify. This video discusses the two types of private lenders, and why their criteria differs.
What is YOUR Best Second Mortgage Rate?
After watching this video, you should have a better idea of what rate to expect for your specific situation. You should also be able to appreciate that… in order to find the most suitable solution, the mortgage broker you choose needs to be very flexible and have access to all types of lenders.
And that’s where we come in. We are well connected, and have unparalleled access to direct funds. Therefore, we can help you navigate the entire mortgage market. Whatever your situation may be, we’re here to help. Contact us to learn more or to book your free discovery call.