You’ll need to pay numerous costs for things like credit checks, appraisals, origination fees, and more.
Even if you’re promised a “no closing cost” loan, you’re still paying – you just won’t see those costs transparently.
A second mortgage is a loan that lets you borrow against the value of your home.
Your home is an asset, and over time, that asset can gain value.
Loan amount: second mortgages allow you to borrow a large amount.Refinancing may help you to pay off your mortgage sooner, reduce or eliminate credit card debt, save for retirement, put your kids through college, or buy that second home or investment home you’ve been dreaming about.Whatever your goals, count on the Loan Advisors at Guarantee Mortgage to create a refinance package that makes financial sense for you, and to walk with you through the process from start to finish.With each payment, you pay a portion of the interest costs and a portion of your loan balance (this process is called amortization).Line of credit: it’s also possible to borrow using a line of credit, or a pool of money that you can draw from.