Fixed Rate Second Mortgages
Many homeowners decide to switch to fixed rate second mortgages when their first mortgages--usually balloon or adjustable rate mortgage (ARM) loans--are about to change. If your first mortgage was a balloon loan and it's about to mature, you'll either have to pay off the principal or refinance. Homeowners who opt for fixed rate second mortgages in this instance prevent the need for future refinancing.
Similarly, homeowners with ARM loans who are looking down the barrel of an increase in interest (and their monthly mortgage payments) may wish to refinance with fixed rate second mortgages. Depending on the amount of equity they've built, this fixed rate mortgage may have better terms or rates than what they could have obtained when first buying their homes.
Compare Rates for Fixed Rate Second Mortgages
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