The difference between a first and second mortgage is simple. A first mortgage is taken out for the purchase of the residence, while a second mortgage is taken out on any residual value between the outstanding loan balance and the value of the house.

As a rule, a homeowner will get a second mortgage for home renovations, but there other reasons to do a second mortgage, and one of the most increasingly popular reasons is to pay down high interest credit cards.

A home renovation is a good reason to take out a second mortgage, but you should make sure that the improvements you make are going to perform are worth the additional payments you will be making.

If a home renovation you are considering is really nothing more than a luxury, for example a pool, you probably won’t get you money back on it.

Many credit advisors recommend using a second mortgage to those homeowners who are paying high interest rates on consumer debt. Replacing 16 to 20% debt on your credit cards with 5-9% debt on a second mortgage certainly does make a lot of sense.

But to take out a second mortgage that it not going to give you either of these ends-add value to the home, or save money on consumer debt- is not a good choice.
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Second mortgages are just that in actuality as well as in name, because they are paid off after the first home loan is paid, and the bank has to hope there is equity to cover it.

This is the reason that rates on second mortgages are higher than on first. The bank holding the second mortgage risks that the proceeds of the home in case of default will not be enough to cover the loan. Since risk is one of the most important determinants of rates, this higher risk increases the rate.

There are closing costs with second mortgages just as there are with first mortgages. Make sure you are fully aware of all of the closing costs associated with the loan, so that you can be sure the total cost of the loan balances the increased value of the home or the savings on the credit cards!

When it comes to second mortgages, you have to shop around, both for the best mortgage rates and for the lowest closing costs, which make up a larger part of the loan in a second mortgage.

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