A second mortgage, just as its name implies, is a second loan secured by the same property as a first mortgage. Second mortgages are often hybrid loan products that take features from both traditional mortgages and consumer credit practices.
Second Mortgage is commonly used to add on to the house (add another bedroom), make improvements (remodel the kitchen or landscaping), or to add a pool.
By borrowing money from the home to improve the home, this loan often pays for itself, both in terms of quality of living and the value added to the home’s selling price.
Other uses for this loan program range from debt consolidation, college tuition, or purchasing big-ticket items (such as a car). Unlike credit card debt, second mortgages are tax-deductible and can be a wise option for financing expensive purchases.
At Artisan, we understand that you have lots to do in life that’s more rewarding than applying for a loan. That’s why Artisan makes it easy for you to handle all mortgage needs, so you can get on with the pure pleasure of living life.
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Sure, we offer a wide range of home loan products and services. But the difference is in how we do it. We take a personalized approach to each of our customer's needs, and we're always trying to find new ways to make life simpler for them. That's the way we do business, and that's what we mean when we talk about Individual Successes.
One important feature of some second mortgage options is that the loan can be established but not used and then saved for future use. By establishing a second mortgage through a home equity line of credit (HELOC), money can be saved aside now for unforeseen expenses in the future. This can include medical bills, repairs from natural events (earthquakes, storms, fires, etc.), or even new additions to your family. Payments are made only after you start to use the money approved and often HELOC rates are lower than other mortgage options.
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When you're ready, we offer three easy ways to learn more and get approved for a Second Mortgage: