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Second Mortgage Loans or Home Equity Loans
Using the accrued value of your home for a second loanA second mortgage, also known as a home equity loan, is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place another lien on your house. This lien will be recorded in second position after your primary or 1st mortgage lender's lien, hence the term second mortgage. Don't be confused if your banker or lender refers to 2nd mortgages 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 are diferent from lender to lender, be sure to look around and compare before committing to the any one offer.
Loan proceeds from a second mortgage loan can be used for just about anything. You may want to use a 2nd mortgage loans to consolidate debt, redo the kitchen or send the kids to college. 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.
About the author: Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: www.equityloansource.com and www.militaryvaloan.com Publisher's Note: There is a constant stream of home equity loan offers. That coupled with the accrued value of your home, makes it tempting to withdraw the total value of your home with a second mortgage. There are times to take advantage of a 2nd home loan, but use that money wisely. I think of the accured equity of a home as an emergency fund and keep, at least some of it, in reserve!
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