Closed End Second Mortgage
A closed end second mortgage is a fixed second loan behind your first. You keep the first mortgage in place and pull a lump sum. I arrange these for homeowners in Maine and Florida, including self employed borrowers on bank statements or a P&L, and for investors with a DSCR second on a rental. Not everyone will qualify.
What is a closed end second mortgage?
One lump sum with a set payment, not a revolving line like a HELOC.
Second mortgage with no full appraisal?
Some programs use a desktop review, hybrid appraisal, or skip a full appraisal when the equity story is clear. I will tell you what your file needs. Do not assume every second skips appraisal.
Self employed?
Bank statement or P&L documentation can work in Maine and Florida so write offs on your returns do not sink you.
Investment property?
Use a DSCR second or DSCR HELOC on a rental. That path qualifies on rent.
Frequently asked questions
What is the difference between a HELOC and a closed end second?
A HELOC is a line you draw from. A closed end second is one lump sum with a fixed payment.
Can I get a second mortgage without tax returns?
Often yes with bank statements or a P&L in Maine and Florida. Not everyone will qualify.
Can I keep my low first mortgage?
That is the point of a second. You leave the first alone when the program allows it.
Does every second mortgage skip the appraisal?
No. Some do lighter valuation. I will say what yours needs on day one.