How to Find a Second Mortgage Lender

Getting a second mortgage can provide you with a way to get around private mortgage insurance. Here are the basics of how to find a second mortgage lender.

Local Lenders

You should start your search by checking out local lenders in your market. Check with all of the banks that you would consider doing business with as well as any mortgage brokers in the area. If you can find a local lender to work with, it will make the process that much easier if you ever need some one-on-one help.

Online Lenders

You should also spend some time looking at online lenders. There are many different online lenders that regularly offer second mortgages. You can go to a generic mortgage website and provide them with your information. They will then relay your details to a network of mortgage lenders that would potentially be willing to work with you.

Comparison

When you look at all these lenders, you need to compare several things. First of all, you should look at the interest rate that they are offering. You should also take a look at how much these lenders are going to charge for closing costs. Look at the structure of the loan as well. Find out if it is a fixed rate or adjustable-rate mortgage.

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