A Second Mortgage may be a better option if you are not interested in refinancing your first mortgage.
IMM Financial has Second Mortgage and Private Mortgage Programs that can be used for New Home Purchases, Refinancing, Debt Consolidation and any number of uses for the funds that you would get when doing a Second Mortgage. A Second Mortgage is just like a First Mortgage but the difference is that your Home Financing is broken into two separate loans. This means you would have two payments, one for each Home Loan.
A Second Mortgage normally has more higher interest rates than the First Mortgage. IMM Financial offers among the most aggressive rates in the market. Getting a Second Mortgage where you not only have monthly savings but also better repayment schedule my help you. A major advantage of a Second rather than refinancing your First Mortgage may be a lower monthly payment or a shorter term so that you can pay off the Second Mortgage before retiring your First Mortgage.
Private Mortgages can be used to do any type of Mortgage Transaction but the property types do vary by geography. These Home Loans can be a First Mortgage, Second or even a Third Mortgage and typically Private Mortgages will carry a higher interest rate that than of an institutional mortgage.