Do You Need A Second Mortgage?

A Second Mortgage is generally the second lien on your home. Because they are second in line after the first mortgage lender in case of a default, they carry a higher interest rate. Knowing how it works and how it applies to you is very important if you are thinking of getting one.

Below is an article on Second Mortgages:

"Second Mortgage - Using Your Home As Security... Twice"
"A second mortgage is a second 'claim' to property you already used as security to pay off a previous mortgage. As such, 2nd mortgages apply higher interest rates because the lender's risk is greater..."

Always shop around.

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