rightSecond mortgages

Taking out a second mortgage on your home used to carry some stigma with it – a sign that you were in financial trouble. But today, the ability to borrow money against your property is considered one of the biggest advantages of owning a home. A second mortgage is essentially a loan secured by your home or another piece of property with a first mortgage. The second mortgage allows the homeowner to tap into his or her equity to pay for college tuition, essential home improvements, pay off credit card balances or other pressing financial needs.

Because there is more risk involved with a second mortgage, the lender's conditions are usually more stringent, the term is shorter and the interest rate is higher than for the first mortgage. In the event of default, the holder of the second mortgage is subordinate to the first.

To qualify for a second mortgage, your credit must be in good standing and you must be able to document your income. An appraisal will be required on your home to determine the home's market value.

 

By definition, a second mortgage is any loan that involves a second lien on the property, but you generally have two options: a home equity loan or a home equity line of credit.

 

Both options combine your first and second loan, so your loan will be limited to 75 to 80 percent of your home's appraised value. With a home equity loan, you borrow a lump sum of money to be paid back monthly over a set time frame, much like your first mortgage. However, the closing costs (often 2-3 percent of loan amount) are often higher than your first mortgage and the rate - usually fixed – is also higher.

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A home equity line of credit (HELOC) is an open line of credit tied to an equity-based maximum loan amount. You may use the account for a set period of time (5, 10 or even 20 years) as long as there are funds. Once your predetermined time period is up, you will be required to pay off the loan, making monthly payments on the principal and interest. The interest rate can fluctuate month to month on a home equity line of credit, which makes this option appealing when interest rates are low, but risky when interest rates increase.

 

When deciding what type of loan is best for you, it is important to consider how you will use the money and how you intend to pay it off. Do you need money in one lump sum or intermittent over several months or years? Do you want a fixed interest rate so you can repay your loan in precise monthly installments or would you rather have the flexibility to make any size payment above the interest-only minimum? In today’s competitive market, there are many options available. I will help you find the right mortgage product for your lifestyle and financial needs.

 

Ameritex Mortgage, DBA of Network Funding, LP NMLS #2297

NETWORK FUNDING, LP NMLS #2297 COMPLAINTS REGARDING MORTGAGE BANKERS SHOULD BE SENT TO :

THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING

2601 NORTH LAMAR SUITE 201

AUSTIN, TX  78705

A TOLL FREE CONSUMER HOTLINE IS AVAILABLE :  877-276-5550

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS.  A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM.  FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEB SITE AT WWW.SML.TEXAS.GOV

 

 Loan Originators Texas License Information

Bryan Ely #241512, Michael Morabeto #224805, Cassandra Van Atten #271159, Darlene Porter #239841, Edwin Harris #231785, Greg Walsh #273411, Heriberito (Eddie) Garcia #239099, Maria Hernandez #314733, Randy Ikert # 210883, Lydia Saldivar #308208, Greg Damman #500418, Don Maples #265189,

 

Privacy Policy

Ameritex Mortgage is committed to protecting the privacy of our visitor's personally identifiable information. To better protect your privacy, we provide this notice explaining our online information practices and the choices you can make about the way your information is used at our site.

What Information We Collect and How We Use It

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When you place an order for products, information or services we collect certain types of personally identifiable information including (1) contact information, such as name, address, e-mail address, and telephone number; (2) credit card and ID verification information, such as credit card number.

We use this information to process requests for products and services. We also use collected information to communicate with you, such as to notify you (through e-mails and newsletters) about updates to products, to send you order confirmations, or to provide you with important product warranty or safety information.

In addition, we use contact information you provide to respond to your inquiries about our offerings, and to offer you, by means of e-mail or through our newsletter, additional products, programs or services that we believe may be of interest to you.

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We may, from time to time, supplement the information we collect online with outside records (e.g., information from our Strategic Partners or from wireless providers) to enhance our ability to serve you, to tailor our content to you, and to offer you opportunities to purchase products or services that we believe may be of interest to you.

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Agents and contractors who have access to personally identifiable information are required to protect it in a manner that is consistent with this Privacy Notice by, for example, not using the information for any purpose other than to carry out the services they are performing.

In addition, if you access Ameritex Mortgage through a third-party site, such as one of our Strategic Partners' sites, we also may need to report certain personally identifiable information (e.g., name and e-mail address) back to that Web site. As we explain further below in the section that follows, we will tell you at the point of collection if we will share personally identifiable information with the Strategic Partner through which you access the digital productions service.

By visiting our site and/or buying products and/or services on our site, you are accepting the practices described in this Privacy Policy and expressly agreeing to accept offers from us, our customers, and/or any third party to whom we may resell or share your information. The 3rd parties to whom we might resell or share this information include both individuals and companies engaged in the sales, marketing, advertising, and publishing industries for various products and services, as well as our shippers, carries, licensors, and/or business partners.

Our Collection of Personally Identifiable Information Through a Third-party Web Site

To provide you with content and service, we have relationships with many of the best service and content companies. As a result of these relationships, you can access Digital Productions through a third-party Web site.

Whenever you provide registration information on a co-branded page, that data may be shared with the third-party site through which you access Ameritex Mortgage. We encourage you to read the privacy policies of such third parties, as this Notice does not cover their use of information Non-Personally Identifiable Information
We may collect certain non-personally identifiable information about our visitors when you visit many of our Web pages such as the type of browser you are using (e.g., Netscape, Internet Explorer), the type of operating system you are using, (e.g., Windows '98 or Mac OS) and the domain name of your Internet service provider (e.g., America Online, Earthlink).
We use the non-personally identifiable information that we collect to improve the design and content of our service pages and to enable us to personalize your Internet experience. We also may use this information in the aggregate to analyze service usage.

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We may disclose personally identifiable information in response to legal process or when we believe in good faith that the law requires it, for example, in response to a court order, subpoena or a law enforcement agency's request

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Ameritex Mortgage

1111 W. Mockingbird Lane #810

Dallas, TX  75247

Please note that even if you chose to opt out we will may continue to send you important service-related communications (e.g., order confirmation or product safety information). However, these are not promotional in nature.



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We have put in place appropriate physical, electronic, and managerial procedures to safeguard and help prevent unauthorized access, maintain data security, and correctly use the information we collect online.


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