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What is a Second Mortgage Loan


The Spire

Some circumstances might force you to find alternative financing options, including home repairs and improvements. One of the best and ready options to help you out in either situation is applying for a second mortgage loan.




  1. Have a credit score equivalent to 620 and above
  2. A debt to income ratio equivalent to 43% or less
  3. Decent home equity




– It’s easier to use your home equity to get funds for different uses

– No need to use your savings for home repair and renovation

– Lower interest rates than private mortgages



– High foreclosure risk

– You need considerable home equity to qualify

– High closing costs


In conclusion, these are some of the top pros and cons of second mortgages. These Arizona mortgage loans are classified into 2, i.e., home equity loans and home equity line of credit (HELOCs).

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.