{"id":21291,"date":"2022-02-04T03:27:20","date_gmt":"2022-02-04T08:27:20","guid":{"rendered":"https:\/\/mortgagedepot.com\/?p=21291"},"modified":"2022-02-04T03:27:20","modified_gmt":"2022-02-04T08:27:20","slug":"restructured-mortgages-and-stand-alone-second-mortgages-work-together-for-financial-success","status":"publish","type":"post","link":"https:\/\/mortgagedepot.com\/restructured-mortgages-and-stand-alone-second-mortgages-work-together-for-financial-success\/","title":{"rendered":"Restructured Mortgages and Stand-alone Second Mortgages Work Together for Financial Success"},"content":{"rendered":"<p>Did you know that when money is tight, you might be able to use your home to ease your financial burdens? While this might be news to you, at <a href=\"https:\/\/mortgagedepot.com\/\" target=\"_blank\" rel=\"noopener\">MortgageDepot<\/a>, it&#8217;s our specialty.<\/p>\n<p>If your mortgage payments are getting the best of you, we can help. Whether you want to <a href=\"https:\/\/mortgagedepot.com\/refinance-loan-options\/\" target=\"_blank\" rel=\"noopener\">refinance<\/a> your mortgage, apply for a loan modification, or get a home equity loan or line of credit, we have a creative solution to meet your needs.<\/p>\n<p>What if you need cash but don&#8217;t qualify for a <a href=\"https:\/\/mortgagedepot.com\/cash-out-refinance-2\/\" target=\"_blank\" rel=\"noopener\">cash-out refinance<\/a>? There might be another path. Today we&#8217;re going to discuss how restructuring your first mortgage and using a stand-alone second mortgage to get cash might help you reach your financial goals.<\/p>\n<p><strong>Restructuring vs. Refinancing<\/strong><\/p>\n<p>Loan restructuring and refinancing sound similar, but they are different processes. Here is what you need to know:<\/p>\n<ul>\n<li><strong>Refinancing:<\/strong> Refinancing replaces your current mortgage with a new one. The new mortgage usually comes with a lower interest rate, shorter repayment period or both.<\/li>\n<li><strong>Restructuring:<\/strong> Loan restructuring, also called loan modification, modifies your existing mortgage to prevent default. Restructuring might include a lower interest rate or extended repayment period. This process is usually reserved for homeowners who are experiencing financial hardship.<\/li>\n<\/ul>\n<p><strong>What is a Stand-Alone Second Mortgage?<\/strong><\/p>\n<p>A stand-alone second mortgage is taken out by itself, rather than at the same time as the first mortgage. Home equity loans are an example of a stand-alone mortgage. HELOCs are a version of a stand-alone second mortgage, although they involve a revolving line of credit instead of a lump-sum payment.<\/p>\n<p><strong>Loan Restructuring and a Stand-Alone Second Mortgage: Bringing It All Together<\/strong><\/p>\n<p>If your mortgage payments are high and cash is a must, you might be able to use loan restructuring and a stand-alone second mortgage to save your transaction. This is an attractive option if you don&#8217;t qualify for a refinance. If you restructure your mortgage, you might reap the benefits of a lower interest rate or extended repayment period.<\/p>\n<p>What about cash? Instead of a cash-out refinance, you can use a stand-alone second mortgage to get your hands on the money you need for home improvements or other needs.<\/p>\n<p><strong>Contact Us Today!<\/strong><\/p>\n<p>If you&#8217;re looking for an out-of-the-box way to reach your financial goals, we can help. Connect with us today to learn how to make the mortgage process work for you!<\/p>\n<p><span>Contact one of our\u00a0<\/span><a href=\"https:\/\/mortgagedepot.com\/loan-officers\/\" target=\"_blank\" rel=\"noopener noreferrer\">loan consultants<\/a><span>\u00a0to learn more.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you know that when money is tight, you might be able to use your home to ease your financial burdens? While&#8230;<\/p>\n","protected":false},"author":70,"featured_media":15934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133,191],"tags":[],"_links":{"self":[{"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/posts\/21291"}],"collection":[{"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/users\/70"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/comments?post=21291"}],"version-history":[{"count":0,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/posts\/21291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/media\/15934"}],"wp:attachment":[{"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/media?parent=21291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/categories?post=21291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mortgagedepot.com\/wp-json\/wp\/v2\/tags?post=21291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}