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Pay Off 2nd

Mortgage

or HELOC

Pay Off 2nd Mortgage or HELOC

What is the Benefit?

Paying off a HELOC or 2nd mortgage through a cash-out refinance is a good way to save interest and/or lower your monthly payment. A cash-out refinance is an ideal choice for many consumers especially given the recent substantial home equity increase.

Here’s the breakdown on benefits of taking advantage of a cash-out refinance versus getting financing through a 2nd mortgage or HELOC:

Traditional Loan

M

Teaser Interest Rates or Adjustable Interest Rates: HELOC’s from your local bank or credit union typically have teaser rates and adjustable rates

M

Shorter Loan Terms: HELOC’s typically have an initial draw period followed by a repayment period where you can no longer draw on the loan

M

HELOC’s and 2nd mortgages may cause difficulties and/or prevent you from opening additional financial transactions on your property such as refinancing

M

HELOC’s and 2nd mortgages may cause issues when trying to sell your property

Cash-Out Refinance

N

Lower Monthly Payment: combining a first mortgage and a junior lien typically lowers the overall monthly expenditure when compared to paying them separately

N

Lower & Fixed Interest Rate: many HELOC’s have higher rates, adjustable rates, or start out with a low teaser rates and convert to adjustable rates once the teaser period ends

N

One Monthly Payment: once we payoff your HELOC or 2nd mortgage, your loans will be consolidated into your mortgage loan so you don’t have to worry about making payments to another lender

What Will My Monthly Payment Be?

No Credit Check

No Application

No Obligation

No Credit Check

No Application

No Obligation

Start Today, Close Your Loan in 10 Days

See how simple it is. Get a quote in minutes, loan estimate in 2 hours, and close in about 10 days!

Call (800) 439-6005 or Complete qualifier form to get started

Complete the Online Application

Get a Loan Estimate & Disclosures

Upload Documents & Receive Final Approval

Schedule Closing!