Second Mortgage Rates

I'm a loan officer at a mortgage broker. We usually can get better deals than a bank can give you. But on second mortgages I tell people to shop the big banks and credit unions. They usually have the best rates and lowest closing costs for second mortgages. When you are shoping for a second mortgage you want to find out what the rate is, is it fixed or variable, is it a home equity line of credit, and how are the closing costs are. Usually you want to go with the lowest closing costs and the lowest rate. Also ask if you can lock the rate later on.
Second mortgage rates usually depend on how much you are borrowing (including the first and second loan amounts) compared to how much you house is worth. If you are only borrowing 70% of what your house is worth the rate will be cheaper than if you were borrowing 90% of what your house is worth. It is a bigger risk for the bank to loan you 90% of the house versus 70% loan. That is why they charge more for the higher risk.
If you want more information on mortgages or would like to apply for a mortgage go www.russravary.com We can help you get pre-approved for a mortgage and start searching for a home. Have a great St. Patricks Day.. May the luck of the Irish be with you all year Russ Ravary