48 Meriden Rd, Suite 1, Middlefield, CT 06455

Connecticut Second Mortgage Loans Made Easy

Northeast Financial is excited to announce that we will now be offering Second Mortgage Loans in Connecticut and North Carolina.  Most noteworthy about this announcement is that many borrowers will now be able to avoid PMI on their upcoming mortgages.  2nd Mortgages can either be done as a stand-alone loan or as a combination with a first mortgage.  Rates will vary depending on credit scores and the combined loan to value on the transaction.  Furthermore, borrowers can choose loan terms from 5 to 30 years either as a fixed or adjustable loan.

2nd Mortgages have a minimum loan size of 25K and can go as high as 500K.  The combined loans of the 1st and 2nd mortgages can not go over 2MM.  If a borrower has had a bankruptcy or foreclosure in their past, they will be required to wait 4 years before applying for a second home loan.

Stand Alone Second Mortgage Program

  • First of all, only a Drive by Appraisal (175K max loan size) is required.
  • Secondly, there is a 500K max loan amount with a full appraisal.
  • Third, up to 100% CLTV (combined loan to value) is allowed with a 740+ credit score.
  • Finally, a minimum 640 credit score is required.

Combo Second Mortgage Loans

  • First of all, the first mortgage appraisal can be used.
  • Secondly, there is a 500K max loan amount.
  • Third, up to 95% CLTV (combined loan to value) is allowed with a 740+ credit score.
  • Fourth, a minimum 640 credit score is required.
  • Finally, the title from the first mortgage is used to lessen closing costs.

In Conclusion

2nd mortgages are similar to Home Equity Lines of Credit (Heloc) in that they usually fall in the 2nd position on title behind a primary loan.  In contrast to a Heloc, the 2nd mortgage program is fully amortized. It also gives borrowers the ability to have a fixed loan for up to 30 years.

Northeast Financial is your mortgage resource for when you need a Second mortgage, conventional loan, FHA, VA, or USDA mortgage.  Call us today for a free consultation.  The pre-approval process is easy and we will work with you every step of the way.

Thank you,


David Tortora NMLS 88166
Company NMLS 117273
48 Meriden Rd
Middlefield CT 06481

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