Does a Second Mortgage Differ from A Home Equity Line of Credit?
A home equity line of credit is not the same as a second mortgage although the other term for a second mortgage sounds like it. A second mortgage also goes by home equity loan and some people are confused about the difference between the two. Both are types of mortgage loans that go on top […]
Things to Consider Before Getting A Second Mortgage
There are many things to consider before getting a second mortgage. First is the fact that a second mortgage is a loan that goes on top of a primary mortgage, meaning, it is an additional loan that uses the home’s equity as collateral. Another big factor is whether the purpose of the loan is worth […]
Disadvantages and Advantages of Second Mortgages and How They Work
Deciding whether to get a second mortgage or not is a serious financial decision. After all, applying for a second mortgage means using your home equity as collateral for a loan. How Does a Second Mortgage Work? When you apply for a second mortgage, the money lent to you is held against the value of […]