why take out a second mortgage

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A second mortgage – also referred to as a home equity loan or home equity line of credit – is just what it sounds like: another (second) mortgage on your home. Like with your original mortgage, your second mortgage is secured by your home, meaning that if you don’t pay the loan, the bank can take your home.

How to Get a Second Mortgage on Your Home: 11 Steps –  · Understand the risk of a second mortgage. A second mortgage adds to your monthly bills. It comes at a high interest rate because it is a risky investment for lenders, since they would be paid off after the primary mortgage company in the event of foreclosure.

A second mortgage allows a homeowner to borrow against his or her home equity. Homeowners usually take out second mortgages to pay for big-ticket expenses such as: home improvements. medical bills..

why do people get second mortgages? | Yahoo Answers – Basically a second mortgage occurs when you take out another mortgage on top of the existing mortgage on your home. This type of loan is secured with the property for collateral. Of course, the first mortgage takes precedence in the event that you default on the loan.

Second mortgage – Wikipedia – A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan. Called lien holders positioning, the second mortgage falls behind the first mortgage.

When a homeowner takes out a second mortgage after owning the house for a while, the mortgage typically takes the form of a home equity loan or a home equity line of credit (HELOC).

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Why Take Out A Second Mortgage | Cardinal Financial Company – The main advantage of a second mortgage is that it could potentially give you a lot of money that you can spend on basically whatever you want. This makes second mortgages popular among people who want to undertake home improvement projects, send kids to college, pay debts, or make other large purchases like buying a second home.

Is a Second Mortgage a Good Idea? | Total Mortgage Blog – Is a Second Mortgage a Good Idea? October 29, 2015. Steve Cook . October 29, 2015 by Steve Cook Leave a comment. To many home buyers the idea of taking out two mortgages on the same house sounds frightening. However, a second mortgage-also known as a second trust junior lien-makes good sense.

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