Piggy Back Loans: One Home, Two Mortgages

Identifying which type of home loan will work best for you or your client can sometimes be difficult because there are a wide variety of different options and loans to choose from. Very often borrowers have unique financial situations.  Rather than jumping into a cookie-cutter loan, it’s important to explore the products on the market and find a home loan that will support your goals and keep costs to a minimum.

An experienced Mortgage Advisor can educate clients about new home loan options, specialty products and how to properly structure the terms of the loans. In this video, Debra Roberts, a Mortgage Advisor at Samuel Scott Financial Group, explains a new product for simultaneous Home Equity Lines of Credit (HELOC) and Second Trust Deeds that is now available at Samuel Scott Financial Group.

A Second Trust Deed is generally used as a way to help clients get a Home Equity Line of Credit for a purchase or refinance and is considered a great sign of a recovering market.  Because it is a second mortgage, it earned the nickname “Piggy Back Loan”.

With a Piggy Back Loan, when the first mortgage is started or refinanced, the borrower can take out a second mortgage or home equity loan at the same time. Piggy back mortgages are often used as a way to help lower the loan to value ratio, therefore eliminating the need for private mortgage insurance and saving thousands of dollars.

Second Trust Deeds also allow borrowers to take advantage of the low rates consolidate other debts. Your Mortgage Advisor can help you put together a loan that combines home repairs, college tuition or medical expenses into one conforming rate.

You typically have a greater tax deductibility because of the interest rates on the second mortgage and more flexibility on how you are going to pay off the loan.  However, since this is a specialty product there could be additional upfront costs.

To find out what a Second Trust Deed or Home Equity Line of Credit could do for you,
talk to your Samuel Scott Mortgage Advisor.  Our professionals are trained to analyze your complete financial situation and find a product that will support your goals.  We are real people, and here to help.

______________________________________________________________

An accomplished Mortgage Advisor, I enjoy walking, exercise, travel and spending time with the family — especially my wonderful daughter.

Debra Roberts is an outstanding senior Mortgage Advisor with a client-first mentality and an exceptional track record.

In 1991, Debra began her career at PR Mortgage, which later became McMillan Mortgage.  With a “clients come first” attitude, she became McMillin’s Rookie Loan Officer of the Year and maintained her position as their #1 Loan Officer for the next 12 years.

Debra excels in communication and her ability to expertly guide clients through smooth transactions.  At Samuel Scott, she prides herself on her ability to educate her clients. A skill backed by a BS Degree in Education from the University of Connecticut, where she graduated Magna Cum Laude.

Whether helping young borrowers purchase their first home or aiding the retiree couple move into their final dream home, Debra provides support through out the entire process.  She instills a level of comfort in clients  by preparing them with the knowledge to make purchasing a home a rewarding experience.

Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client.  Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve.  Consistent and reliable, Samuel Scott Financial Group has been selected as The

Best Mortgage Company in San Diego for the 5^th straight year by readers of local publications.

President:  Todd Pianin

Vice President of Sales:  Russ Schreier

Mortgage Advisors:  Christian Alvarez,  Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.

 

Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.