First Guaranty’s non-QM unit launches closed-end home equity loan
First Guaranty’s non-QM unit launches closed-end home equity loan
Abstract
First Guaranty Mortgage Corp. on Thursday announced the launch of a new fixed-rate second-lien product to its distributed retail, consumer direct and mortgage broker loan channels. The company had started experimenting with a similar home equity product that could also be used as part of a piggyback loan before the pandemic disrupted the market, and it’s bringing it back. The second-Lien loan can have a 10, 15, 20 or 30-year term. The closed-end second lien also lets borrowers lock in home equity rates.
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