Trendy Mortgage Refinancing And Second Mortgage Programs: A Brief Review - part 2
by Chris France
Stated Income / Reduced Income Documentation Loans - There are a variety of these loan products available, but they are primarily used to for individuals with difficult to verify income. These can be used for mortgage refinancing, second mortgages and home purchase loans. As lenders have become more comfortable with credit scoring, these products have become very popular. Essentially the lender is relying on the credit score for their loan decision. They realize that borrowers with higher credit scores will pay their mortgage and they do not need to fully verify their income.
ALT A Programs - The "ALT" is short for Alternative and the "A" refers to the borrower category. These are categories of mortgages that fall outside the more stringent guidelines of Fannie Mae and Freddie Mac. Generally these mortgage refinancing programs allow for more flexibility with regards to loan to values and income documentation requirements and can be used for home purchase, mortgage refinancing and second mortgages.
Hybrid Second Mortgages - Traditionally, your options for a second mortgage were either a fixed rate, fixed term loan or a variable rate, open ended line of credit. Now, you can have the benefit of both. You can start your second mortgage as a variable rate home equity line of credit and then lock in all or a portion of it to a fixed rate for a fixed number of years. Click here for more information on Click here for more information on Mortgage Refinancing and Second Mortgage Solutions.
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