Homeowners often apply for a second mortgage in order to consolidate credit card bills or make home improvements. This type of mortgage involves using the equity in the home and taking out a loan against it. These loans carry more risk for lenders so they usually have higher interest rates than first mortgages. How A Second Mortgage Can Benefit You4 Jul, 2010 in Realestate tagged Home mortgage in Calgary / Realestate / second mortgage by Desiree Britton
A second mortgage is an additional loan taken against a property. The first mortgage must be paid off first, thats why lenders consider second mortgages riskier. Therefore they typically charge higher interest rates and points for the transaction. There Are Some Things About Second Mortgages You Should Know9 Sep, 2009 in Realestate tagged finance / house / loan / mortgage / real estate / Realestate / second mortgage by Iestar Yrlzunp