Accurate Mortgage Group is pleased to announce the addition of a Second Mortgage Program to their lineup of available mortgage options. This new program allows Accurate Mortgage Group to accommodate borrowers wishing to take out two loans at the same time, whether purchasing or refinancing.
“It has become quite common in today’s housing market to take out two loans simultaneously in order to avoid mortgage insurance and reduce monthly payments”, says Mike Hoover, President of Accurate Mortgage Group. “This new program allows us to offer options on conventional, FHA and jumbo loans that are very attractive to current home buyers.”
Loans with a greater than 80% loan to value ratio typically require Private Mortgage Insurance (PMI) and are not eligible to be purchased by Freddie Mac or Fannie Mae, making them less attractive to banks and mortgage lenders, as most banks quickly sell of their loans after origination. Additionally, if your home loan is higher than $417,000 and you find yourself in jumbo loan territory, breaking up the loan amounts in to a first and second mortgage can keep you in conventional loan territory with a more attractive interest rate and payment.
A second appraisal is not required, and the second mortgage loan is underwritten at the same time as the first. “We are excited about the opportunities the new product offering brings to our clients”, says Joe Stanford, Vice President of Accurate Mortgage Group. “Our excellent customer service and competitive rates have helped us close right at 10,000 loans in just 10 years, and this new program expands our services to a whole new group of clients.”
Locally owned and operated, Accurate Mortgage Group has served the Nashville area’s mortgage needs for nearly 10 years. Mike, Joe and their team of experts provide top-notch mortgage services with a real focus on quality customer service.