Second Mortgages
in Colorado

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Do you need extra money as a down payment on another property, financing for home upgrades or repairs, or for other expenses? One option is to take out a second mortgage. You can do this if you have enough equity built up in your home to borrow against it.

What is a Second Mortgage?

With a second mortgage, you borrow against your equity and receive your funds in the form of a lump sum. You can then use those funds as you require.

A similar product is a HELOC, which takes the form of a revolving line of credit. Another related option is a refinance, where you may borrow funds in excess of your current loan balance.

When Should You Choose a Second Mortgage?

While there are a number of factors to weigh, one major when you are thinking about taking out a second mortgage versus a refinance is interest rates.

Usually, a second mortgage carries a higher rate of interest than a first mortgage. So, if interest rates are low or start decreasing, refinancing becomes a more appropriate option.

Another factor to consider is the ease of procuring financing. Underwriting guidelines for refinancing tend to be stricter than those for second mortgages. So if speed is of the essence, or you need more flexible approval guidelines, you might consider applying for a second mortgage instead.

What Are the Benefits of Second Mortgages in Colorado?

If you qualify for a second mortgage in Denver, CO Springs, or anywhere else in the state, these are the advantages you can look forward to:

You can borrow against your home to finance a variety of expenses.

The payments on your second mortgage will be predictable and due on a predetermined repayment schedule.

Pick a loan term which keeps your payments affordable.

Qualify for a more competitive interest rate than you might using a standard line of credit for your expenses.

Avoid credit card fees when financing your expenses.

Who Qualifies for a Second Mortgage in Denver or Elsewhere in CO?

The following basic requirements must be met in order to receive a second mortgage:

You must have equity to borrow against. If you do not own a lot of equity in your home, you may not be eligible.

You will need to have a steady stream of income.

You will need to have a steady stream of income.

Your financial history can have an impact on your eligibility for a second mortgage.

Apply for a Second Mortgage in Colorado Today

Wondering if you qualify for a second mortgage, or need help deciding whether this is the right type of financing for you? We can help you apply for a second mortgage or another type of loan to fund your projects or expenses. As a local company, we are Colorado Local, Colorado Only, Colorado Proud, and serve customers throughout the state, with a specialization in VA loans. To get started Click below or call (303) 500-1900 in Denver.

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