Frequently Asked Questions about Fixed Rate Second Mortgages

Here are the answers to the most commonly asked questions about fixed rate second mortgages.

What are fixed rate second mortgages?

Fixed rate second mortgages are loans secured against a house on which a primary mortgage already exists. Fixed rate second mortgages keep the same interest rate and monthly payment for the life of the loan. A fixed rate second mortgage uses the equity you've built in your home to give you extra cash at a reasonable interest rate. Primary mortgages always take priority over second mortgages, so, if you default on the second mortgage, you will be responsible for clearing the first loan before you can pay the outstanding balance on the second.

How do I sign up for fixed rate second mortgages?

You can sign up for fixed rate second mortgages by filling out our no obligation online form. The form will ask you for basic contact information, such as your name, phone number, address, etc. Once we have this information, we will present you with at least four quotes on fixed rate second mortgages from our various lending partners. You can then apply for the loan on your choice on the lender's website or you can save your quotes for later.

Are you a mortgage lender?

No, we are not a lender, and we do not issue fixed rate second mortgages ourselves. Instead, we partner with certified local, regional, and national lenders from across the country to meet our visitors' needs. Our goal is to serve as a one-stop-shopping site for those in the market for fixed rate second mortgages. Our services are free and come with no obligation.

How large of a second mortgage can I get?

The amounts of fixed rate second mortgages depend on the appraised value of your home and the outstanding balance on your first mortgage. Your home equity is calculated by taking the value of your home less any outstanding debts against it. Using this amount, most lenders will give you a second mortgage such that your total loan-to-value ratio for your first and second mortgage is 85%, though some lenders offer up to 125% of your home's value.

How is my interest rate determined?

The interest rate on fixed rate second mortgages will vary by lender and borrower. For the most part, it is determined by your credit score, your total loan-to-value ratio, and current market trends. The rate you receive upon applying for fixed rate second mortgages will remain the same for the life of the loan.