Using your own home to borrow money with a second mortgage is a major
advantage of owing a home. Until the recent past, however, second
mortgages lenders put very restrictive limits on the dollar amount and
situations where you could access your equity with second mortgages. Believe it
or not, taking out a second
mortgage on the house was considered a sign that you might of been in
financial dire straights!
Those days are long gone. Today getting
mortgages or home equity loans ares much easier and there are many loans
available. Rates have become more much more competitive. In certain instances
below the prime lending rate, the usual benchmark for
mortgage rates. To discover more about how second mortgages can help your
finances, please click here:
Shop for the lowest second mortgage loans interest rates and
fees then have the
leading Home Equity Loans lenders compete for your loan!
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Second mortgages are a loan made in addition to a first mortgage, and is limited
by the amount of home equity you have or the difference between what you owe on
your mortgage and your home's market value. Most homeowners use a second
mortgage to pay for home improvements, college tuition costs, or for debt
If you choose second mortgages, you have three options: a traditional second
mortgage, home equity loans
home equity line of credit. Interest is usually tax deductible in all three
cases, with certain limits. With a second mortgage or home equity loans, you
borrow a fixed amount that's paid back monthly over a period of time. The amount
you borrow for your second mortgage is added to your existing first mortgage.