Second Mortgage Strategies
Utilize your equity to increase your income
By Cheynae McDaniel Jan 9, 2025 11:45 PM
The gallery wall. Photo credit: Person
AD Mortgage Makes Home Financing Accessible
In today's dynamic financial landscape, homeowners are constantly seeking ways to maximize the value of their properties. Whether it's for home renovations, debt consolidation, or other significant expenses, having access to additional funds can make a world of difference. This week, I’d like to feature AD Mortgage, LLC as a lender that provides second mortgage options. AD Mortgage understands these needs and tailored a solution designed to provide homeowners with an additional financing option.
Why Consider a Second Mortgage?
A Second Mortgage is an excellent way for homeowners to tap into the equity they've built up in their homes. This type of loan can be used for a variety of purposes, offering flexibility and financial freedom. Whether you're planning a major home renovation, looking to consolidate high-interest debt, or need funds for other expenses, their Second Mortgage program can help you achieve your financial goals.
Program Features:
- Flexible Loan Amounts: Our program offers maximum loan amounts up to $500,000 and minimum loan amounts starting at $50,000, providing a wide range of options to suit different financial needs.
- Manageable Debt-to-Income Ratio: With a Debt-to-Income (DTI) ratio allowance of up to 50%, our program is designed to accommodate various financial situations.
- Long-Term Stability: Enjoy the peace of mind that comes with a 30-year fixed term, ensuring consistent monthly payments over the life of the loan.
- Gift Funds Allowed: We understand that financial assistance can come from various sources, which is why we allow gift funds to be used in our Second Mortgage program.
Why Choose AD Mortgage's Second Mortgage?
- No FICO Option Available: We offer a no FICO option, making our program accessible to a broader range of clients, including those who may not have a traditional credit score.
- Alternative Documentation Accepted: We recognize that not all clients have standard documentation, which is why we accept alternative documentation to verify income and assets.
- Inclusive Eligibility: Our program is open to Non-Permanent Residents and Foreign Nationals (for investment purposes only), expanding the opportunities for a diverse range of clients.
By choosing AD Mortgage's Second Mortgage program, you can help your clients unlock the financial potential of their homes while expanding your lending offerings. The program is designed to provide flexibility, inclusivity, and competitive terms, making it an ideal choice for homeowners looking to make the most of their property equity.
Explore the possibilities with AD Mortgage's Second Mortgage program and be empowered to achieve your financial dreams. Contact us today to learn more about how we can assist you in providing exceptional lending solutions.
Some Things to Know: Property Eligibility
Cannot be another person’s primary residence | Usually restricted to a one-unit dwelling | |
Excludes spouses and domestic partners. Restrictions may apply. | ||
MUST have Year-Round Access | No Management Firm Control | |
Requirements must be met. | Clients must have exclusive control over the property. | |
No Timeshare Arrangements | Cannot use rental income to qualify | |
Rental Restrictions may apply. |
Photo credit: Cheynae McDaniel
Our products
Every application tells a story. From the moment the purchase contract is signed, each step in the process is undertaken with meticulous care. Our team of skilled processors and dedicated assistants work together to create a seamless process, to reflect the beauty of homeownership.
What we offer:
HomeReady First Program
First-time Buyer: One+
2-1 Lender-paid Buydown
HELOC
Corporate Discount Program
Resources
Agent Finder
Want to work with an agent who knows our process and can help make your experience more seamless? Search our database of real estate agents who have closed at least 1 loan with Loan Factory. Or, ask me for a recommendation to a realtor directly.
Coming soon…Introduction to Our Process
DPA Programs
Learn more about DPA Programs that you may be interested in.
First-Time Homebuyer Programs
Get comfortable with the process before starting the house hunt. Take a look at programs and other information to get a better idea of what to expect during the process.
1099 and Business Loan Programs
Improve your portfolio or purchase a home with non-traditional income. Learn about non-traditional options like interest-only payments and DSCR.
We invite you to join our growing community of real estate purchasers, investors and refinancers. Visit our Google Meet during Pre-Qualification Weekend hours, attend a workshop, or explore our application online.
Follow us on social media to stay updated on our latest programs, upcoming events, and special promotions from our lender partners.
Thank you for allowing me to be a part of your story. Let's accomplish some goals together! Click the link to learn more.
Upcoming events
Pre-Qualification Weekend
Saturday, January 18, 2025 · 11:00am – 2:00pm
Time zone: America/Detroit
Google Meet joining info
Video call link: https://meet.google.com/uvw-emod-qsy
Or dial: (US) +1 336-790-8803 PIN: 600 531 986#
More phone numbers: https://tel.meet/uvw-emod-qsy?pin=2505031247184
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For any inquiries, please contact:
cheynae@loanfactory.com or schedule an appointment www.buffmlo.com
