Frequently Asked Questions For Mortgages
Yes. We can lend based on the equity in your property and take your specific circumstances into consideration
A second mortgage is a secured loan where a property is used as security. There is a fixed monthly payment and term. The funds can be used for whatever your needs may be.
A second mortgage is also known as a home equity loan. The mortgage you obtained when you purchased your home is your first mortgage and a subsequent mortgage or, home equity loan would be a second mortgage. Second or third mortgages can be used to consolidate outstanding debt from other sources, renovate your home, pay for your child’s education, start or finance a business or, be used for any reason you see fit.
A second mortgage can be a great way for homeowners to consolidate debt. Though second mortgages often carry higher interest rates than first mortgages, these rates are still often lower than high interest credit cards, car lease payments or unsecured lines of credit.
If you use a second mortgage to consolidate debt and help you meet other financial commitments on time, this can improve you credit score and allow you to qualify for a mortgage with a prime lender sooner.
Yes, the property is the collateral for the loan and therefore some type of appraisal will be performed. However, the type of appraisal required can vary from one lender to another and could depend on the amount of equity in the property at closing. Some lenders may request a simple in house “computer appraisal” a computer search of recent comparable sales in the neighborhood, others may request that a complete appraisal be performed by a fee appraiser. Generally, an appraisal is valid for a period of 90 to 120 days.
Your monthly payment will be automatically debited from your bank account.
Yes Plan Financial is a finance company and mortgage lender. We help our customers obtain vehicle financing and refinancing, first and second mortgages and title loans.
Just fill in one our secure credit applications or give one of our mortgage loan specialists a toll free call at 844-543-5626
No. There is no cost to apply
Approval can take a minute or up to 3 days depending on the type of mortgage you are applying for.
Yes Plan handles mortgages for people with good and bad credit including bankruptcy and divorce.
Loans range can range from $1K to millions of dollars. The only limiting factor is the ratio percentages between the loan to value of the property or home being mortgaged.