Q: Are there closing costs or other out-of-pocket expenses associated with a second mortgage loan?

Mountain America offers several second mortgage options, some with fees and some without. Those with fees typically have closing costs of 3% of the loan amount—this cost can often be financed. Other up-front expenses may include the appraisal and various fees, such as for origination, the title and recording.

Our no-fee loans do not have up-front closing costs. However, a recording fee is required by the county when the loan is paid off—this amount varies by county. If the loan is terminated early, there will also be an administrative fee.