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Flagstar Bank offers top notch second mortgage options. All second mortgages come with fixed interest for the entire loan term, meaning you’ll always know what your monthly payments will be. You get your money in one lump sum, and if you pay it back early there aren’t any prepayment penalties. The drawback is that you can only use residential properties.
With Flagstar you can borrow up to 89% of your home’s LTV. This means if you have $100,000 in home equity you can borrow $89,000. This makes Flagstar second mortgage loans ideal for large projects or debt consolidation.