Sometimes an alternative source of financing is needed. That’s where residential second mortgages come in.
A residential second mortgage is essentially the same as the first mortgage — except, as the name implies, the second mortgage gets second claim (after the first mortgage) on the property. There are various implications, as well as benefits, to securing that residential second mortgage.
An attractive alternative
The primary attraction of obtaining alternative financing through a second mortgage is that it is still backed by the value of the property itself. This attracts mortgage lenders, such as ASCEND MIC, to borrowers that can secure financing by way of collateral property, while providing borrowers with needed leverage in negotiating a loan.
As with many aspects of doing business with ASCEND MIC, it’s a win-win situation for everyone involved — in this case, both the mortgage lender and the mortgage borrower get exactly what they’re looking for. The mortgage lender benefits from the security that a second mortgage offers, while the mortgage borrower has access to financing options otherwise not available in the financial markets.
Meeting life’s challenges
Residential second mortgages are well suited for certain situations, such as financing for home renovations, an unexpected need for cash, or consolidating debt. In general, sometimes an extra injection of funds are required to meet life’s various challenges, and a residential second mortgage is designed to do just that: provide that extra financing when it’s needed most.
It’s just one area of expertise at ASCEND MIC, and we can work with you to secure that residential second mortgage to meet your specific needs. It’s just another part of the ASCEND MIC difference.
Talk with us today about the options available to you regarding a residential second mortgage.