Closed-End & Concurrent Second Mortgages
Purchase, Rate/Term Refinance & Cash-Out Available
Reach more clients with Closed-End Second Mortgages!
Closed-End Second Mortgages (CES) provide the option to tap into the equity of a home to access cash without it affecting the rate of the original loan. Plus, it gives your clients the ability to borrow a lump sum all at once for whatever they need.
Why Closed-End Seconds Make Sense:
- Get Cash out without refinancing your existing loan
- Seconds do not require Mortgage Insurance
- Rates on Seconds are often better than on lines of credit
- Lower the down payment on a home purchase when paired with a first lien*
- Pay for a large purchase such as; home improvements, home renovations, college expenses, or medical bills.
- Fixed Term rates available
- Purchase, Rate/Term Refinance, and Cash-Out Refinance available
*Eligible only in conjunction with RISE TPO first liens.
Program Highlights:
- Credit Scores Down to 660
- Loan Amounts to $750,000
- Max CLTV 90%
- AVMs available for loans ≤ $400,000**
- Properties with a solar lien are eligible (check matrix)
- Non-Warrantable Condos Eligible
**HPML High Priced Mortgage loans not eligible. See our Closed End Seconds Matrix for details.
Access Non-QM Closed-End Seconds & Expand Your Market
Contact your Account Executive for more information.
Loans originated in US Territories and the following states are ineligible: MI, NJ, NY, TN, TX, VT, WV. Restrictions apply, contact your Account Executive for details. Important to note that a Closed-End Second Mortgage may typically have a higher interest rate than the first lien mortgage.