Indiana conforming mortgages
Are you trying to figure out whether a conforming loan is right for you? Would you know where to get one or whether you qualify? It’s true that non-conforming mortgages are more expensive than conforming mortgages, but in order to qualify for Fannie Mae and Freddie Mac support, the federal government outlines criteria you must meet.
Indiana second mortgages
If you need access to cash, the equity in your home can get you that access in the form of a second mortgage. A HELOC or home equity line of credit lets you draw money as you need it. With HELOCs, interest rates vary but you may only be required to make payments equal to the amount of interest owed. If you need a lump sum of cash, consider a home equity loan. With its fixed rate, you’ll make the same payment every month.
Understand that a second mortgage does not in any way affect your first mortgage. It is considered secured debt therefore your home will be used as collateral. Therefore, if you default, your home could end up in foreclosure. And even though interest rates on a second mortgage likely will be higher than the rate on a first mortgage, those higher rates are likely lower than you’ll be offered on other unsecured debt.
