Second Mortgage Loan

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Getting a Second Mortgage Loan

Taking out a second mortgage loan can give you that extra financial boost you need to send your child to college, put in the pool of your dreams or even pay off existing credit card debt. Before forging ahead, figure out how much money you need or want from a second mortgage loan and go from there. Depending on how much cash you need and what you are using it for, you might also want to look into taking out an equity line of credit.

How much does a second mortgage loan cost?

A second mortgage loan has the same typical closing costs and fees associated with a first mortgage but interest rates can be more favorable than many other types of loans. There may also be tax advantages associated with a second mortgage, but check with your accountant to see if you qualify.

What's the difference between a second mortgage loan and an equity line of credit?

A second mortgage loan is typically a set amount of money lent for a specific amount of time and the money is paid in advance at the close of escrow. An equity line of credit is more like a credit card in that you are given a maximum amount you can borrow and can access the credit at your discretion. With an equity line of credit you are only charged interest for the amount you borrow often times at an adjustable rate.

How long is a second mortgage loan for?

A traditional second mortgage carries a term of 15-20 years at a fixed interest rate. However, there are many non-traditional second mortgage loan programs available with much shorter terms or variable interest rates. Your lender can help you to determine what type of second mortgage loan is right for you.