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Florida Second Mortgage

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Getting a Florida second mortgage is one way of avoiding high mortgage insurance costs. If your mortgage will exceed an 80% loan to value ratio, then you'll need to pay mortgage insurance. However, if you take a Florida second mortgage on at least 20% of the total, then you have a chance to avoid paying this insurance.

What are the pros and cons of this strategy? We've mentioned the benefits above--avoiding mortgage insurance while still getting the funding you need. A con is that your interest rate on the Florida second mortgage will be significantly higher. Still, for many peoples' situations, this is better than the alternative. The costs of refinancing that second mortgage in the future may still be less than you would have paid for the mortgage insurance.

At First Union Home Loans, we get a lot of questions about Florida second mortgage strategies. With so much experience in this field, we've helped countless people to engineer second mortgage solutions that work. If you want to find out how we can help you, simply fill out our easy online form and we'll get right back to you.


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