Second Mortgage
If you have equity in your home and need money, a second mortgage may be an option for you.
A second mortgage is just that, a second loan or a subsequent lien on the property in addition to a first mortgage, secured by equity in the property. The two mortgages may be from the same lender or different lenders. Unlike a home equity loan or home equity line of credit (HELOC), the lender pays out funds acquired through a second mortgage in a lump sum all at once.
Consumers often seek a second mortgage to fund expenses such as remodeling, children’s college tuition, major medical costs, debt consolidation or business start-up. While these mortgages come in fixed and variable interest rates just like primary or first mortgages, they may carry an interest rate higher than the best mortgage rates because the second mortgage lender must agree to be paid after the first mortgage holder in cases of default.
On Best Mortgage Rates, you can find the best mortgage rates for a second mortgage.
If you need to tap into your home’s equity for such expenses as home improvements, medical care, debt consolidation or sending your child to college, a second mortgage may be a source of the money you need. Today’s low interest rates make utilizing the equity in your home to fund these major purchases an attractive option. Lenders are competing for your business and have posted their low interest rates here for you to compare. To find out if you qualify and lock in your rate, contact a lender today.
