A common question we get in this age of the “highly” inflated real estate market is:

I don’t have 20% down but I don’t want to pay insurance… is there an alternative??

Luckily for you, there is! Since EXPERT MORTGAGE is both a broker and a lender, we can lend you the difference between your down-payment and 20% down in the form of a second mortgage. Most of the money for second mortgages comes from private investors. The rates for second mortgages are higher than those for first mortgages. However, if you compare the higher interest to how much you save on insurance premiums, a second mortgage makes sense, but only if you pay it off completely within 2-3 years. In other words, if you are making really good money and don’t have 20% down immediately, a second mortgage can act as a temporary bridge loan for avoiding insurance fees all together.

For further clarification or questions, please feel free to contact me!