If you are looking for a predictable monthly principal and interest payment without completely refinancing your home, a traditional, fixed-rate second mortgage loan is a good option. First Palmetto can provide second mortgages with terms up to fifteen years in length.
What mortgage term is right for me?
While a longer-term mortgage offers lower monthly payments of principal and interest - and therefore greater buying power - the interest rate is typically higher than that of a shorter-term mortgage. A shorter-term mortgage builds the equity in your home faster but with larger monthly payments of principal and interest.