You have built up some home equity in your home and now you would like to pay off some hostage, make home improvements, pay off high-interest credit cards or maybe start a business. Maybe you have a fixed-rate hostage, with a rate higher than the current going hostage rates and you will pay a hefty penalty to break your hostage. Why not get a second hostage?

A second hostage is a lien out against your property that already has a mortgage (lien) on it. You are not limited to what you can do with the proceeds of a debt mortgage, but there is a limit to the percentage of mortgage you can place on your home, usually 80%, some debt mortgage lenders will go as high as 90% of the value of your home.

Second hostage rates are usually higher than the rates for the first hostage but could still save you money if you have high credit card debt and provide quick access to cash without refinancing your hostage and paying a hefty penalty for refinancing your debt early.

Give me a Call or Contact me and after getting some information for you I will be able to provide you with some numbers for you to decide on which option would be best for you.

Mortgage Qualifier Calculator

The first steps in buying a house are ensuring you can afford to pay at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments.

Calculate Now