Get it Now, While They are Almost Giving it Away by Jeff's Common $en$e!
Today in New York, you can get approved for a fixed rate 2nd mortgage with:
NO paystubs, NO tax returns, & NO appraisal.
1-4 family primary residences, second homes, & condos are all allowable.?
Pay off credit card debt. Renovate your home. Borrow for an emergency.
This is for people that are not able to verify their income in traditional fashion.
Lenders are so hungry for business that they are looking to find ways to say yes.
Leaving the current 1st mortgage in place (most people have a great rate), the combined loan amount of the 1st and the new 2nd mortgage cannot exceed 75% of the value of your home.?
So, if you have a home worth $800,000, you can borrow a combined $600,000.
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If you currently have a 1st mortgage of $400,000, you can get a new 2nd mortgage for $200,000. ?
These loans are not cheap, but they are way cheaper than the 32% you are paying for your credit cards right now.
The best HELOCs offered today are 8.5%-9%. That is for borrowers with good credit, who can verify their income using paystubs & tax returns along with verifying the value of the property via a traditional appraisal.?
Using AI to determine the value of the property means that no one will come inside the house.
When less information is provided to the lender, the risk is increased, along with an increase in the interest rates for the lender, BUT it also results in a higher APPROVAL rate.
Compare what you are paying now with the alternative and many of your clients will realize this is a pretty good option compared to their other choices or simply doing nothing.
There is no prepayment penalty, so if rates go down, refinance at the lower rate!