Closed End Second (CES) Loan Gives Homeowners Cash for Any Need with a Fixed Rate
As inflation continues to strain wallets, CrossCountry Mortgage has a new way to put cash into consumers’ hands. A new Closed End Second (CES) loan turns a home’s equity into cash with a smaller fixed-rate second loan. This loan provides the benefits of a cash-out refinance without changing the rate on a consumer’s first mortgage.
“We understand we’re operating in a dynamic market where consumers are looking for new ways to cover their expenses,” said Jenn Stracensky, CCM Chief Operating Officer. “Our CES loan meets that need, making funds available to consumers immediately after origination to use on whatever they choose, from paying off high-interest debt to covering college tuition or taking care of near-term expenses.”
Benefits of the CCM CES solution include:
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Fixed-rate
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No change to the consumer’s first mortgage
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Funds available immediately
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Cash can be used for anything
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Available in all states except CO, OK, TN and TX
The CES solution is the latest in a variety of innovative CCM solutions to meet consumer needs. Other new solutions include rate lock options, new down payment assistance programs, and CCM bridge loans. With thousands of loan officers, more than 600 branches, and a presence in all 50 states, CCM is ready to support borrowers with education around the many available options. To locate a nearby CCM branch, visit Cross Country Mortgage.
