Non-Primary Residence Second Mortgage Loan
You may be able to refinance an existing First Mortgage loan on your rental property or obtain a Second Mortgage loan. Loans are available for single family homes, townhouses, and condos located in Palm Beach County. The property may be a vacation home, second home, or rental.
When we refinance an existing First Mortgage loan with our Second Mortgage loan you save money on closing costs and get a great rate. We call this the “We’re # 1 Loan”. We designed this loan for borrowers who were discouraged by the high closing costs to refinance a First Mortgage loan. There is still time while interest rates are still low to get a great rate.
Special Features of the We’re #1 Loan:
- Low interest rates
- Lower closing costs than a standard First Mortgage
- No escrow requirement for lower LTV
- Quicker closing process
Because our loan interest rates are so low, we do require strong Loan to Value (LTV) ratios. The maximum LTV is 60% and is scaled down for lower credit grades as well as for condos and town homes.
Other Special Features of all Non-Primary Residence Loans:
- No Points
- Fixed rates
- Convenience of automatic deduction of payments
For more information please call 561.641.0100. Or submit your application online.