[vc_row][vc_column][vc_column_text]A second mortgage allows you to use the equity in your real estate as security for a Business Purpose or Investment Loan. The second mortgage falls behind your original mortgage (the 1st), making it the 2nd. Due to it’s position, 2nd’s will have a higher rate than a 1st, but still can be better than other credit options.
Typical Items Needed for a 2nd’s Stated/Stated Loan:
- Loan Application
- Borrower Authorization
- Picture ID
- Loan Submission Form
- Home Owners Insurance
- Mortgage Statement or Note to Prove No Balloon Payment
If Corporation:
- Articles of Incorporation
- Bylaws
- Statement of Information
- Form W9
If LLC:
- Articles of Organization
- Statement of Information
- Form W9
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