There are many reasons for you to want to consider a second mortgage on your home. Home improvements, debt consolidation, business investment or education are just a few. First Call Mortgage has a wide array of different types of second mortgages in order to provide you with the right financing for your need rather that a “one size fits all” home equity line of credit that most banks offer. With so many different motivations for obtaining a second mortgage, you need to be able to choose the right option for you.

First Call Mortgage has products that go beyond your typical lender. For example, we can lend you up to 100% of the equity of your home. Additionally, we have low documentation second mortgages which allow a wider array of borrowers to get the money that they need. Below are descriptions of the typical types of second mortgages.
 

Home Equity Lines

First Call offers traditional home equity lines of credit (HELOC). The interest rate of a HELOC follows a market interest rate such as the Prime Rate. As the Prime Rate moves, so does your interest rate. Another typical characteristic of a HELOC is that most have a interest only payment option for some part or the entire life of the loan. This gives you the ability to keep your monthly payment low when you choose to.

Home Equity Loans

Home equity loans in contrast to lines usually have a fixed interest rate and fixed term. This product provides the security and comfort of knowing that your payment will not change.