Buying Florida
Didier Malagies is a leader in the Tampa Bay Mortgage industry, serving Pinellas, Pasco, Hillsborough counties, and beyond with his sights set on educating residential and commercial buyers regarding Florida purchases. With over 20 years of expertise, Didier has built relationships with realtors, bankers, and clients based on integrity and his drive to provide the best customer experience in the state by being there from beginning to end of every purchase.
Whether you're looking to move, invest, start a business or expand, Didier will share everything you need to know on his show every week.
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Buying Florida
Offering second mortgages on primary, secondary and invrstment properties
A second mortgage is a loan taken out against a property that already has an existing mortgage. It allows homeowners to tap into their home equity, which is the difference between the home's market value and the amount owed on the primary mortgage. Here are some key points about second mortgages:
Types of Second Mortgages
Home Equity Loan – A lump sum loan with a fixed interest rate and repayment term.
Home Equity Line of Credit (HELOC) – A revolving credit line with a variable interest rate, similar to a credit card.
Pros of a Second Mortgage
✔️ Access to cash for major expenses (home improvements, debt consolidation, education, etc.).
✔️ Lower interest rates compared to credit cards and personal loans.
✔️ Potential tax benefits if used for home improvements.
Cons of a Second Mortgage
❌ Risk of foreclosure if payments are missed.
❌ Additional monthly payments and long-term debt burden.
❌ Closing costs and fees can be high.
Qualification Requirements
Sufficient home equity (usually at least 15-20%).
Good credit score (typically 620+ for most lenders).
Stable income to ensure repayment ability.
Debt-to-income (DTI) ratio within lender limits.
Would you like help with anything specific, such as calculating potential loan amounts or finding lenders?
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