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Access Your Home Equity
Second Mortgages with Alternative Documentation
Unlock your home's equity without refinancing your low-rate first mortgage. Flexible documentation options designed for your unique financial situation.
- Purchase
- Refinance
- Cash Out
- Debt Consolidation
Up to 90%
Combined Loan-to-Value
No Refi
Keep Your First Mortgage
Fixed Rate
Predictable Payments
Licensed & Trusted
Fully licensed mortgage professionals
Industry Leaders
Award-winning mortgage solutions
1000+ Happy Clients
Homeowners trust our expertise
Competitive Rates
Access to best market rates
Why Choose a Second Mortgage?
Unlock the power of your home equity with flexible financing designed for your unique financial situation
Access Home Equity
Tap into your home's equity for major expenses or opportunities without affecting your first mortgage rate.
Fixed Monthly Payments
Enjoy stability with a fixed rate and set monthly payments—unlike HELOCs with variable rates.
Lump Sum Distribution
Receive funds as a one-time lump sum—great for renovations, debt consolidation, tuition, or large purchases.
Lower Interest Rates
Secured by your home, second mortgages often have much lower rates than credit cards or unsecured loans.
Flexible Terms
Choose a repayment term—5, 10, 15, or 30 years—to match your goals and cash flow needs.
Alternative Documentation
Flexible documentation options including bank statements, asset-based qualification, and non-traditional income verification.
Alternative Documentation Options
We understand that traditional documentation doesn't work for everyone. Our second mortgage programs offer flexible verification methods including:
- Bank statement programs (12-24 months)
- Asset-based qualification
- Non-traditional income verification
- Self-employed friendly documentation
- 1099 contractor programs
- Portfolio lending solutions
Use Your Funds for Any Purpose
A second mortgage gives you the financial flexibility to achieve your goals:
- Home renovations and improvements
- Debt consolidation at lower ratesn
- Education and tuition expenses
- Investment property down payments
- Business expansion or startup costs
- Emergency funds and major purchases
Second Mortgage vs. Other Options
Compare your home equity financing options to find the best fit for your needs
| Feature | Second Mortgage | Cash-Out Refinance | HELOC |
|---|---|---|---|
| Keep Existing First Mortgage Rate | |||
| Fixed Interest Rate | |||
| Lump Sum Payment | |||
| Predictable Monthly Payments | |||
| No Closing of First Mortgage | |||
| Alternative Documentation Available | |||
| Lower Fees Than Refinancing | |||
| Flexible Qualification Options |
A second mortgage allows you to access your home's equity while keeping your existing low-rate first mortgage intact—no need to refinance and lose your favorable terms.
Simple 4-Step Process
Get your second mortgage approved and funded in as little as 30 days
1
Submit Application
Complete our simple application with flexible documentation options including bank statements, asset verification, or traditional income proof.
2
Property Appraisal
We'll order a home appraisal to determine your available equity and combined loan-to-value ratio for the second mortgage.
3
Underwriting & Approval
Our experienced underwriters review your application with flexible guidelines designed for unique financial situations and alternative documentation.
4
Close & Access Funds
Sign closing documents and receive your lump sum payment—typically in 30 days or less. Keep your first mortgage and low rate intact.
Flexible Documentation Options
We offer alternative documentation programs for self-employed, contractors, and non-traditional income situations:
Bank statement loans (12-24 months)
No tax return options available
Portfolio lending solutions
Asset-based qualification programs
1099 contractor friendly
Stated income alternatives
What Our Clients Say
Real stories from homeowners who accessed their equity with alternative documentation
Michael R.
Business Owner, Los Angeles
"As a self-employed restaurant owner, traditional lenders wouldn't work with me. The bank statement program allowed me to access $150,000 in equity without touching my 3.25% first mortgage. The process was smooth and the team understood my unique situation."
Jennifer L.
Real Estate Investor, San Diego
"I needed capital to expand my rental portfolio but didn't want to refinance my primary residence at today's rates. The second mortgage with asset-based qualification was perfect. Closed in under 3 weeks and the fixed rate gives me predictable payments."
500+
Second Mortgages Funded
4.9
Average Rating
$50M+
Equity Unlocked
Frequently Asked Questions
Get answers to common questions about second mortgages with alternative documentation
A second mortgage is a loan taken out against your home's equity while your existing first mortgage remains in place. It's called a 'second' mortgage because it's subordinate to your primary mortgage. You receive the funds as a lump sum and make fixed monthly payments over the loan term. This allows you to access your home's equity without refinancing your existing low-rate first mortgage.
Alternative documentation programs allow you to qualify using non-traditional income verification methods. Instead of traditional W-2s and tax returns, you can use: 12-24 months of bank statements, asset-based qualification, 1099 contractor income, profit & loss statements, or portfolio lending solutions. These options are perfect for self-employed individuals, business owners, contractors, and those with complex income situations.
Most lenders require you to maintain at least 10-20% equity in your home after the second mortgage. This means your combined loan-to-value (CLTV) ratio typically cannot exceed 80-90%. For example, if your home is worth $500,000 with a $300,000 first mortgage, you could potentially access up to $100,000 with a second mortgage (depending on the lender's maximum CLTV requirements).
Basic requirements include: a credit score of 660-680 or higher, sufficient home equity (typically 15-20% remaining after the new loan), debt-to-income ratio below 43-50%, stable and documentable income (can be through alternative documentation), and a first mortgage in good standing with no recent late payments. Alternative documentation programs offer more flexibility for income verification.
With a second mortgage, your existing first mortgage stays in place, and you add a separate second loan against your home's equity. A cash-out refinance replaces your current mortgage with a new, larger loan. The key advantage of a second mortgage is keeping your existing low interest rate on your first mortgage, rather than refinancing everything at today's potentially higher rates. This can result in significant long-term savings.
You can use second mortgage funds for virtually any purpose: home renovations and improvements, debt consolidation, education expenses, investment property down payments, business expansion or startup costs, emergency funds, medical expenses, or any major purchase. Unlike some loan types, there are no restrictions on how you use the money. Interest may be tax-deductible if used for home improvements (consult your tax advisor).
Second mortgage rates are typically 0.5% to 2% higher than first mortgage rates because they carry more risk for lenders. However, they're significantly lower than credit cards (18-25%) and personal loans (8-15%). Rates vary based on your credit score, debt-to-income ratio, loan-to-value ratio, and the documentation program you choose. Our team will help you secure the most competitive rate for your situation.
The typical timeline for a second mortgage is 30-45 days from application to closing. The process includes: submitting your application with required documentation (1-3 days), property appraisal (7-14 days), underwriting review and approval (10-14 days), and final closing (1-2 days). Alternative documentation programs may take slightly longer for review. We'll keep you informed throughout every step of the process.
Most second mortgages do not have prepayment penalties, meaning you can pay off the loan early without additional fees. However, it's important to review your specific loan terms. We ensure our clients understand all terms before closing. Paying off your second mortgage early can save you thousands in interest charges over the life of the loan.
Interest on a second mortgage may be tax-deductible if the funds are used to buy, build, or substantially improve your home, and your total mortgage debt doesn't exceed $750,000 ($375,000 if married filing separately). If used for other purposes like debt consolidation or personal expenses, the interest is generally not deductible. Tax laws are complex, so always consult with a qualified tax advisor regarding your specific situation.
Still Have Questions?
Our mortgage specialists are here to help you understand your options and find the perfect solution.
Ready to Access Your Home's Equity?
Get started with a second mortgage today and keep your low first mortgage rate intact. Our alternative documentation programs make it easy to qualify.
30-Day
Average Closing Time
No Refi
Keep Your First Mortgage
Flexible
Alternative Documentation
Licensed mortgage professionals ready to help. Equal Housing Opportunity. NMLS #12345
Second Mortgages
- Purchase
- Refinance
- Cash Out
- Consolidation
You can use Second Mortgage Loans for the financing purposes of PURCHASE, REFINANCE, CASH-OUT, DEBT-CONSOLIDATION, RENOVATION, REHAB, REMODEL, GROUND UP CONSTRUCTION for both your primary residence and for rental investment property.
Second Mortgage Solutions
Unlock your home's equity with a fixed-rate second mortgage—no need to refinance your existing low-rate first mortgage.
Key Features:
Fixed rates
Lump sum payment
Predictable payments
Second Mortgage Benefits
Access Home Equity
Tap into your home’s equity for major expenses or opportunities without affecting your first mortgage.
Fixed Monthly Payments
Enjoy stability with a fixed rate and set monthly payments—unlike HELOCs with variable rates.
Lump Sum Distribution
Receive funds as a one-time lump sum—great for renovations, debt consolidation, tuition, or large purchases.
Lower Interest Than Personal Loans
Secured by your home, second mortgages often have much lower rates than credit cards or unsecured loans.
Flexible Terms
Pick a repayment term—5, 10, 15, or 30 years—to match your goals and cash flow.
Potential Tax Benefits
Interest may be tax-deductible if used for home improvements (consult your tax advisor).
Documentation You'll Need
The list of documentation items shown below is a good general list. However, based on your borrower profile overlayed with the specific loan program underwriting guidelines, you may need to provide additional information. In some circumstances, you may not need to provide the entire list of items. Speak with Rodney Rose, your trusted loan officer, for your specific documentation needed.
Tax returns - You will need to fill in a Form 4506-T, and provide your tax forms (the last 2 years should suffice).
Pay stubs, W-2s, 1099's, K-1's, or other proof of income -These include your most recent 1 month of pay stubs. If you are self-employed you must provide the two most recent tax returns as well as a year-to-date profit and loss statement. If you file a separate business tax return, you will need to provide the most recent 2 years along with a year-to-date profit and loss statement.
Bank statements and other assets - Lenders need your most recent 2 months bank statements and may request proof of your retirement accounts, assets, as well as other investment accounts.
Credit history and FICO score - Your credit report will be obtained which will provide details of your credit payment history, including any episodes of bankruptcies or foreclosures.
Photo ID - Provide a government issued ID with photo such as a driver's license or passport.
Co-Borrower or Co-Signor - If a Co-Borrower or Co-Signor is used in qualifying. You will need to provide all of the same items for them also.
Ready to Explore Your Second Mortgage Options?
Our mortgage specialists are here to guide you and find the right solution for your needs.
Eligibility Loan Requirements
Active Duty Service Members
Must have at least 15–20% equity after the new loan.
Combined LTV typically capped at 80–85%.
Credit Score
Minimum 660–680 for most lenders.
Higher scores get better rates and easier approval.
Debt-to-Income Ratio
Combined monthly debts (including both mortgages) must usually stay below 43–50% of your gross income.
Income Verification
Stable, documentable income—most lenders want 2 years of steady employment or self-employment.
First Mortgage Standing
Your first mortgage must be current—no recent late payments or delinquencies.
Property Requirements
Property must meet lender requirements and pass an appraisal to verify value.
Second Mortgage Process
Application
Complete a full loan application and gather required financial documentation.
Pre-Qualification
Quickly review your options and eligibility with a loan specialist.
Home Appraisal
A professional appraisal determines your home's value and available equity.
Underwriting
Your loan is reviewed for final approval based on all criteria.
Closing
Sign documents and receive your funds as a lump sum.
Second Mortgage vs. HELOC
| Feature | Second Mortgage | HELOC |
|---|---|---|
| Fund Distribution | One-time lump sum | Draw as needed |
| Interest Rate | Fixed | Variable (often) |
| Monthly Payment | Fixed | Varies |
| Term Length | 5–30 years | 10–30 years (draw + repay) |
| Best For | Large planned expenses | Flexible/ongoing needs |
| Interest Accrued | On full amount | Only on used portion |
| Closing Costs | Generally higher | Often lower |
Ideal For Second Mortgage
One-time, large cash needs
Predictable fixed payments
Debt consolidation
Home improvements
Ideal For HELOC
Ongoing or variable expenses
Only pay interest on funds used
Need flexibility in borrowing
Frequently Asked Questions
What is a second mortgage?
A loan secured by your home in addition to your first mortgage, letting you access home equity as a lump sum without refinancing your main loan.
How does a second mortgage differ from a HELOC?
Second mortgages are fixed-rate, fixed-term loans paid as a lump sum. HELOCs are flexible lines of credit with variable rates and draw periods.
How much can I borrow?
Typically up to 80–85% of your home’s value minus what’s owed on your first mortgage.
What are typical terms?
Usually 5–30 years with a fixed rate and payment.
What are closing costs?
Usually 2–5% of the loan amount (may be built into the loan or covered by a higher rate).
Can I get a second mortgage with bad credit?
It’s possible, but most lenders want a minimum 660–680 score. Subprime lenders may charge more for lower credit.
Is the interest tax-deductible?
Only if used for home improvements (consult a tax professional for your specific situation).
What are the risks?
Your home is collateral for both loans—missed payments could mean foreclosure. Only borrow what you can repay.
E Mortgage Capital, Inc. is a full-service mortgage company that offers extensive options for residential mortgages, with quick service and leading rates
Loan
Information
About
Legal
Rodney Rose
NMLS#: 1396861
DRE#: 00853403
E Mortgage Capital, Inc.
NMLS#: 1396861
DRE#: 00853403
Locations
915 Highland Pointe Dr, Roseville, CA 95678, USA
3401 Mallory Ln, Franklin, TN 37067, USA
3750 S Susan Street Santa Ana, CA 92704
