Second Mortgage Articles

Should I Get a Second Mortgage or Refinance?
You have options when doing a cash-out refinance to get cash from your current home mortgage or extracting some of the equity through a home equity loan (HEL) or home equity line of credit (HELOC). . While both options have advantages and disadvantages, you will...

How Do I Refinance a Second Mortgage With HARP 2.0?
Borrowers with second mortgages who are attempting to secure a refinance through the Home Affordable Refinance Program (HARP) may run into obstacles. . With traditional refinance loans, a first and second mortgage can be consolidated into the new loan.  HARP...

What to Know Before You Buy a Vacation Home or Second Home
Benefits of owning a vacation home.A vacation home can come with many benefits other than leisure. The homeowner may discover the home is valuable as a rental if the home is in a popular vacation spot, allowing the homeowner to rent the home and earn additional income.. Choosing to...

Home Equity Loan or HELOC?
There are two methods of borrowing against the equity in a property: securing a home equity loan(HEL) and opening a home equity line of credit(HELOC). . These loan transactions are referred to as second mortgages, as they give you access to additional funds by utilizing...

Advantages & Disadvantages of A Second Mortgage
A second mortgage is a mortgage that is taken out in addition to the primary mortgage on your home. . Depending on your unique financial situation, a second mortgage has both advantages and disadvantages:. AdvantagesAccess a Large Amount of Money.Because you're not...

What is a Home Equity Loan?
A home equity loan, also called a second mortgage, is an attractive option for homeowners who've paid off a portion of their mortgage and want to borrow against the equity that has already accumulated.. What is a home equity loan? When you make your mortgage payment,...