All About Getting An Oregon Second Mortgage

An Oregon second mortgage is any mortgage that is in second position behind the first mortgage. A second can either be a fixed mortgage or a home equity credit line with a variable interest rate.

Here we are going to discuss the fixed Oregon 2nd mortgage.

Unlike the equity line of credit the fixed Oregon 2nd mortgage has a fixed interest rate. Your payments will be exactly the same for the full length of the term.

As long as you qualify you can borrow up to 100% of the equity in your home. The interest rates can vary anywhere from 1% to 8% higher than a 30 year fixed interest rate. Obviously the better your credit the more you will be able to borrow and the lower your interest rates will be.

The majority of fixed Oregon second mortgages have repayment terms of 15 to 20 years. There are a few exceptions to this where the term may be shorter or longer. Make sure to ask your loan officer what the payment term will be.

The higher your credit scores the more of your equity you should be able to get access to with your Oregon second mortgage. The lowest credit score that I know of where you can still borrow 100% of the equity in you home is a 660. Once you scores drop below this you will be limited to 80% of the equity of your home. Once you drop below a 660 credit score you can pretty much forget about getting an Oregon 2nd mortgage.

Oregon second mortgages are a wonderful way to tap the equity of your home with out the major expenses of a refinance. You can use the money your receive from your second mortgage to do repairs to your home, pay off debt, pay for school, and just about anything else you can think of to do with the money.

Oregon residents apply here for a Oregon second mortgage Or feel free to give me a call with any questions you may have.