Understanding Fixed Rate Second Mortgages with 12-Month Bank Statement Income Verification
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What is a Fixed Rate Second Mortgage?
A Fixed Rate Second Mortgage is a type of loan that allows homeowners to borrow against the equity in their homes while keeping their existing first mortgage intact. This loan comes with a fixed interest rate, meaning that the monthly payments remain consistent over the life of the loan. This predictability makes it an excellent choice for homeowners who want to manage their finances with stable, reliable payments.
How Does a Fixed Rate Second Mortgage with 12-Month Bank Statement Income Verification Work?
For individuals with non-traditional income sources, such as self-employed individuals or those with fluctuating income, qualifying for a mortgage can be challenging. The Fixed Rate Second Mortgage using 12-month bank statements as income verification provides a solution. Instead of relying on traditional income documentation like W-2s or tax returns, this loan program allows borrowers to use 12 months of bank statements to verify their income. This approach offers greater flexibility and makes it easier for non-traditional borrowers to access the funds they need.
Benefits of a Fixed Rate Second Mortgage with 12-Month Bank Statement Income Verification
- Flexible Income Verification: Ideal for self-employed borrowers or those with irregular income, this loan allows you to qualify based on 12 months of bank statements rather than traditional income documentation.
- Predictable Monthly Payments: With a fixed interest rate, your payments will remain consistent throughout the loan term, making it easier to budget and plan your finances.
- Access to Lump Sum Funds: This loan provides a lump sum that can be used for home improvements, debt consolidation, education costs, or other significant financial needs.
- No Changes to Your First Mortgage: A Fixed Rate Second Mortgage allows you to keep your existing first mortgage intact, which is beneficial if you have a favorable interest rate on your primary mortgage.
- Potential Tax Benefits: Depending on how you use the funds, the interest paid on a second mortgage may be tax-deductible. Be sure to consult with a tax advisor to understand your specific situation.
- Tailored for Non-Traditional Borrowers: This loan is designed for those who have difficulty qualifying through conventional means, providing a viable option for accessing your home’s equity.
Why Choose Southeast Funding Group for Your Fixed Rate Second Mortgage?
At Southeast Funding Group, we understand the unique needs of borrowers who may not fit the traditional income profile. Our Fixed Rate Second Mortgage options, using 12-month bank statements as income verification, offer competitive rates and flexible terms tailored to your financial situation. Whether you’re self-employed, have variable income, or simply prefer an alternative way to verify income, we’re here to help you leverage your home’s equity to achieve your financial goals.
Take Action Now: Contact Lazaro Sosa for Your Fixed Rate Second Mortgage Needs
Ready to explore how a Fixed Rate Second Mortgage with 12-month bank statement income verification can work for you? Contact Lazaro Sosa at 305.281.2245 or apply online today. Southeast Funding Group is committed to providing the financial solutions you need, with the flexibility you deserve.