What is a Second Mortgage? - Should I Get One?
Why do Homeowners Take It?
There are a number of reasons why people take out second mortgages; some do it to pay off their other high-interest loans, such as credit cards, auto loans, while some want to use the money to fund a home renovation or say, child’s education. Whatever the reasons may be, it is important that you consider the implications of taking out a second mortgage. Like a conventional mortgage, the lender files a lien against your home, meaning that if you default on your payments, you could end up losing your home.
Types
There are two types of second mortgages – home equity loans and line of credit. The former gives you a lump sum amount (depending on the equity in your home), which you have to pay along with the interest in a stipulated time. Line of credit on the other hand works more like a credit card; you have access to a certain amount of credit limit, and you can draw on it anytime you want to, provided you do not exceed the maximum amount.
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