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Closed-End Second Mortgage

Access Funds And Keep Your Current Low Interest Rate

A closed-end second mortgage offers homeowners the opportunity to leverage their real estate equity while maintaining their low interest rate. With this type of loan, homeowners can receive a lump sum payment of up to 85% of their home’s equity, based on their credit score, income, and other factors. Leveraging real estate equity can be a smart financial move for homeowners looking to secure additional financing. With a closed-end second mortgage, homeowners can tap into their home’s equity while preserving their advantageous 2% or 3% interest rate.

How Do Closed-End Second Mortgages Work?

One of the primary concerns for homeowners contemplating leveraging their real estate equity is the fear of losing their existing low interest rate. Fortunately, a closed-end second mortgage provides a viable solution. Unlike refinancing options or opening a home equity line of credit (HELOC), a closed-end second mortgage does not interfere with the original mortgage terms. It allows homeowners to maintain their current low interest rate while still accessing the equity they’ve built in their home.

Mortgage Program Highlights for a
Closed-End Second Mortgage

Qualify Using Personal Or Business Bank Statements
Qualify Using 1099 Income
Qualify Using DSCR Rental Income
Mortgage amounts up to $500K
Maximum loan to value is 85%
A minimum credit score is 660
30 Year Fixed Terms Available
Max DTI is 50%
Primary residence, second home and investment properties are eligible
Single family homes, condominiums, and 2-4 unit homes are all eligible for financing
DSCR (Short Or Long Term Rental) Allowed
Foreign National Allowed

Maximizing Equity with a Closed-End Second Mortgage

June 9, 2023

Owning a home is a significant achievement, and it often comes with the added benefit of building equity over time. For homeowners who have secured

Mortgage amounts vary based on LTV, Credit, and overall creditworthiness*
More reserves will be required for mortgage amounts over $1,000,000.00**

Mbanc, a mortgage lender. Mortgage bank of california dba mbanc. Nmls id # 38232 (nmls consumer access site). Arizona mortgage banker license – license # 0943170. California – dbo finance lenders law license – license # 60dbo45280. California – dre real estate corporation license endorsement – license # 01521655. Colorado mortgage company registration – regulated by the division of real estate. Connecticut mortgage lender license – license # ml-38232. District of columbia mortgage dual authority license – license # mlb38232. Florida mortgage lender license – license # mld1287. Georgia mortgage lender license/registration – license # 48090 (dba mboc home loans). Hawaii mortgage loan originator company license – license # hi-38232 (dba mboc home loans). Idaho mortgage broker/lender license – license # mbl-2080038232. Illinois residential mortgage license – license # mb.6761396. Maryland mortgage lender license – license # 21870. Michigan 1st mortgage broker/lender license – license # fl0022526. New jersey residential mortgage lender license – regulated by the department of banking & insurance. North carolina mortgage lender license – license # l-183446. Ohio residential mortgage lending act certificate of registration – license # rm.804374.000. Oregon mortgage lending license – license # ml-5804. Pennsylvania mortgage lender license – license # 71003. South carolina-bfi mortgage lender / servicer license – license # mls – 38232, mls – 38232 otn #1 (dba mboc home loans). Tennessee mortgage license – license # 178934. Texas – sml mortgage banker registration – regulated by the department of savings and mortgage lending. Utah mortgage entity license – license # 10877496, 10826912, 10827018. Virginia lender license – license # mc-6638. Washington consumer loan company license – license # cl-38232. Wyoming mortgage lender/broker license – license # 3912. Nmls consumer access site neither mbanc nor mortgage bank of california is a chartered bank or trust company, or depository institution. They are not authorized to accept deposits or trust accounts and are not licensed or regulated by any state or federal banking authority.

Apr of 6.627% based on an investment property cash out 60% ltv with a fico of 688 on a positive debt service transaction with 1% origination fee with a loan amount of 177k apr of 7.757% based on a primary property cash out at 55% ltv with a fico of 652 on a 24 mo business bank statement transaction with a $9000 origination fee with a loan amount of 605k apr of 7.275% based on an investment property purchase at 75% ltv with a fico of 762 on a negative debt service transaction with 1.25% origination fee with a loan amount of 1,269,750 apr of 5.298% based on a primary property purchase at 80% ltv with a fico of 773 on a 12 mo bank statement transaction with a 2% origination fee with a loan amount of 184k the above information is based on specific scenarions. Rates and fees are subject to change and borrowers must meet guideline criteria to qualify. – heter iska