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If you are like most current homeowners, you are loving the increases in home values over the past few years. Many of us have already chosen to take advantage of these increases by taking out second mortgages or home equity lines of credit against this increased value. If you are in this situation and want to fill out a mortgage application for a second mortgage, here are a few ways to get started.
First, we recommend the Internet for second mortgage applications. The benefit to online lenders of home equity lines of credit and second mortgages is the fact that most can offer a fast, no closing cost option and you can sometimes receive your funds in under a week's time. The key, of course, is in submitting a full and complete mortgage application.
Once they receive your mortgage application, you can get a few quotes, choose between them, and sign on the electronic dotted line to take on the loan. Typically, you will get a package in the mail that you will need to send to the lender, filled out, along with a hard copy of the second mortgage application. Once this is received, you can sit and wait until the send you the next package which should contain a big check.