A second mortgage, the second loan secured against the home, and second in importance to the first, means that should the borrower not be able to pay off the loan in full and the bank or money lender repossessed the home to recoup their losses, the first loan would be paid off first and the […]
Comparing a Home Equity Loan to a Second Mortgage
Comparing a Home Equity Loan to a Second Mortgage A home-equity loan and a second mortgage are very similar. Both use the equity you have in your existing property as collateral for a new debt. The main differences between the two options are in the structures of the liens and the payment schedules. Lien Structure […]