4 mortgage products you should know in 2022
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Video Description:
Because of continually higher interest rates, VA loan products, like the VA IRRRL, are becoming less popular. However, while we're seeing a decline in how many of these types of loans we do, we're seeing some other mortgage products start to rise.
These products include second mortgages such as HELOCs and HELOANs, as well as the VA cash-out refinance. The popularity of these types of credit is rooted in the fact that compared to other ways of borrowing money, using your home and its equity is still one of the cheapest ways to get cash.
One of the biggest appeals, right now, for second mortgages like HELOCs and HELOANs is that they DON'T replace your current mortgage, so if you happen to have a lower interest rate, you get to keep it. VA cash-outs are also still a great option, depending on your current situation and needs.
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
