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What is a second mortgage?

Here's an explanation for A second mortgage is a home-secured loan taken out while the original, or first, mortgage is still being repaid. Like the first mortgage, the second mortgage uses your property as collateral. A home equity loan and a home equity line of credit (HELOC) are two common types of secondary mortgages.

What are the different types of second mortgages?

There are two major types of second mortgages you can choose from: a home equity loan or a home equity line of credit (HELOC). A home equity loan allows you to take a lump-sum payment from your equity. When you take out a home equity loan, your second mortgage provider gives you a percentage of your equity in cash.

What are the benefits of a second mortgage?

There are two main benefits of a second mortgage. First, you can often borrow a large amount of money at a low interest rate (depending on your personal finances). Second, a HELOC or home equity loan lets you cash out equity without refinancing your existing mortgage.

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