what are second mortgages
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What Homeowners Need to Know About Second Mortgages. A second mortgage – also referred to as a home equity loan or home equity line of credit – is just what it sounds like: another (second) mortgage on your home.
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A second mortgage is a type of subordinate mortgage made while an original mortgage is still in effect. In the event of default, the original mortgage would receive all proceeds from the.
Second mortgages come in two basic types: home equity loans and lines of credit. If you take out a second mortgage in the form of a loan, you will receive a lump sum of money based on the equity.
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A second mortgage is a type of loan that lets you borrow against the value of your home. Your home is an asset, and over time, that asset can gain value. Second mortgages, also known as home equity lines of credit (HELOCs) are a way to use that asset for other projects and goals-without selling it.
A second mortgage is another loan taken out on an existing mortgage. Learn more about it and when you might consider this as an option.
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A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.
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