Second Mortgage Broker Most people are unaware that second mortgages and home equity loan are just different names for the same thing. A second mortgage broker is someone who assists another in obtaining or applying to obtain a residential mortgage loan. A second mortgage broker is the first person considered responsible if a mortgage is not paid. Most mortgage brokers are regulated to some degree to ensure a level of consumer protection. The extent of the regulation depends on the jurisdiction. Before choosing a mortgage broker, make sure to research the broker’s history and credentials. Each broker has their own set of services, but should provide at least the following: Assess the borrower’s financial circumstance including credit history, affordability, and income level to determine affordability. Actively educate themselves about new mortgage products and services and how they relate to a customer’s needs. Apply for a lenders agreement in principle Gather all necessary documents such as pay stubs, bank statements, etc. Complete lender application forms. Explain the legal disclosures in a way that the borrower can understand. Submit all material to the lender. Home equity loans are often recommended over educational and many other types of loans because interest rates on mortgage loans are lower. The interest of a first and second mortgage is frequently tax deductible unlike a car or a credit card loan. Many lending institutions require the borrower to repay only the interest component of the loan each month. This interest is calculated daily, compounded, and added to the loan once each month. The borrower can apply any surplus funds to the outstanding loan principal at any time, thus reducing the amount of interest calculated from that day forward. Some loan products also allow the possibility to redraw cash up to the original loan-to-value. LoanShopUSA.com is a leading online marketplace for home equity loans. With more than 1,000 participating lenders in its network, LoanShopUSA.com gives consumers the advantage of choosing from a variety of lenders that meet their exact needs. If you’re thinking about taking out a second mortgage, log on to www.loanshopusa.com, fill out the online form, and start interviewing lenders to secure the lowest interest rate available.   Back     411 Web Interactive. Customer Care - Privacy Policy Issues 14100 W. Olympic Blvd 15th Floor West Los Angeles, CA 90064 800.706.6225 x6910 Effective Date: March 20, 2005

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