Second Mortgage Rates –  Best and Lowest Interest  Rate

Second mortgage interest rates are based on a number of factors but the most important factors are the amount of equity in the house, the ability of the borrower to make the mortgage payments and to a lesser degree the borrower’s credit score. Second mortgages have a lower priority in the order of debt repayment and therefore are riskier mortgages when compared to a first mortgage.

All these second mortgage risk factors mean that as a borrower you will usually pay a higher interest rate for a second mortgage, most second mortgages will have an interest rate that is between 3% and 10% higher than a traditional first mortgage.

As second mortgage agents we will consider all the factors related to your personal situation and work to get you the lowest possible interest rate for your mortgage. Please call us to find out if you qualify for a second mortgage.