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What Is A Second Mortgage?
Taking advantage of the accrued equity of your homeA second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender's lien, hence the term second mortgage. A second mortgage is also sometimes referred to as a home equity loan. There is no difference between a home equity loan and a second mortgage. These are just two different terms for the same subject. A second mortgage can either be a fixed-rate loan or an adjustable-rate credit line. Interest rates and loan program terms will vary from lender to lender so it is important to shop around and compare before committing to any one offer.
Loan proceeds from a second mortgage loan can be used for just about anything. Many consumers take out 2nd mortgage loans to consolidate debt, do home improvements or pay for their kids college education. Whatever you decide to do with your loan proceeds, it is important to remember that if you default on your payment you can lose your home! Make sure that you are taking the loan out for a worthwhile purpose.
Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: www.equityloansource.com and www.militaryvaloan.com
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