A second mortgage is a loan against the equity you have already built on your home. For example, if you have a $150,000 home and you've paid off $75,000 of it, that $75,000 is the equity on your home. The second mortgage would be the money you borrowed against that $75,000 equity.

A second mortgage is a good way to raise funds for a much-needed expenses. These expenses can run from medical emergencies, to paying for your child's college education, to starting a new business. Plus, the low interest rates of second mortgages, compared to those of conventional loans or credit cards, make them a wiser financial move.

Remodeling projects are the most popular reason to take out a second mortgage. They're also more likely to get your application approved by the lender. Lenders do want to know the reasons you're applying for a second mortgage. Since improvements will increase the value of the home, lenders naturally see this as a good investment of their capital, and will be more inclined to grant you the loan. Starting your own business is a more risky venture, since most businesses fail. Thus, lenders will be more cautious about giving out second mortgages when this is the reason for the loan. Whatever your situation, make when you're dealing with second mortgages that you're able to handle the payments, for your home is being used as collateral.

Franklin Mortgage currently offers fixed rate second mortgages which means that the payments are fixed during the life of the loan.  Upon origination of the loan, you will receive funds in a single lump sum payment. Even if your credit is less than perfect, we have a program that suits your needs.

Click Here To PreQualify for your second mortgage. The process is quick, and we will contact you promptly via email to let you know that we have received your application.

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For specific questions concerning a loan to purchase a new house, review our Frequently Asked Questions