Discover New Opportunities with the Close-End Second Mortgage Program

As a real estate professional, you know that securing financing can make or break a deal. Your clients often face challenges when buying a home, refilling, or pulling out equity without disturbing their primary mortgage. That’s where the Close-End Second Mortgage Program comes in. With Standalone and Piggybank options, this program provides a flexible, fixed-rate solution with loan amounts up to $350,000.

This program is a powerful tool for realtors looking to help clients maximize their home’s value and access additional funds efficiently. Whether assisting first-time buyers, move-up buyers, or those looking to refinance, this program creates more opportunities for you to close deals while giving your clients the financing options they need.

Understanding the Close-End Second Mortgage Program:

What is a Close-End Second Mortgage?

A closed-end second mortgage is a fixed-term loan secured against a home’s equity, without affecting the primary mortgage. Unlike a HELOC (Home Equity Line of Credit), this loan provides a lump sum upfront with fixed payments, making it a predictable and structured financing solution for homeowners.

Two Flexible Options: Standalone vs. Piggybank

This program offers two variations:

• Standalone: This option allows borrowers to secure a second mortgage independently, without needing to close it alongside a first loan.

• Piggybank: Designed to be paired with a first mortgage, borrowers can finance both simultaneously for greater flexibility.

Each option caters to different borrower needs, making it easy for realtors to find the right financing solution for their clients.

Why Realtors Should Take Advantage of This Program:

More Solutions = More Closed Deals

The real estate market is competitive, and having diverse financing options can be a deal-saver. Whether your client needs extra funds for a down payment, renovations, or debt consolidation, this program provides a structured solution.

Competitive Loan Terms That Work for Your Clients

• Credit Score Requirements: Ranges from 640-740 depending on the loan-to-value ratio.

• CLTV/HCLTV: Up to 85% financing available.

• Loan Amounts: Up to $350,000.

• Property Types: Covers single-family homes, condos, PUDs, and 2-4 unit properties.

• Fixed-Rate Options: Ensures stability and predictable payments for borrowers.

These features allow you to help a broader range of clients who may not qualify for traditional refinancing options but still need access to their home equity.

How Realtors Can Use This to Their Advantage:

Market This Financing Solution to More Clients

Many homeowners don’t even realize they have options beyond a traditional refinance or HELOC. Position yourself as the expert by educating your clients about the benefits of a close-end second mortgage.

Work with More Buyers and Sellers

• First-time homebuyers: Help them secure additional funds for down payments with a Piggybank loan.

• Move-up buyers: Assist them in accessing their equity for a larger home purchase.

• Homeowners refinancing: Provide a way for them to access cash-out refinance options without disrupting their primary mortgage.

By integrating this program into your financing strategy, you can expand your client base and boost your sales pipeline.

The Bottom Line: More Deals, More Success

Realtors who stay ahead of the financing curve win more deals and build stronger client relationships. The Close-End Second Mortgage Program offers the flexibility, affordability, and reliability that both you and your clients need.

Are you ready to leverage this powerful tool and close more deals? Check out our Cheat Sheet for a quick guide!

 

 

 

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