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.

So why are these called second mortgages Because you are adding yet another loan payment that uses your house as collateral and adding another monthly payment. Though it may be tempting, it can cause you a lot of problems in the future.

The amount you can get depends on factors such as how much your home is worth, your income, credit score, and similar things. A closed end loan usually comes as a fixed rate type and allows you up to 15 years to pay it off.

With a second mortgage you are able to lend because of the increase in worth of your existing home. This is different from refinancing, with refinancing you negotiate the terms of your existing, first mortgage.

Be aware though, usually your regular house loan is concidered as being a lot saver than a second loan on your house. Therefore, usually you will have to pay more for this last one. This all makes sense perfectly because the risk that you can’t afford two mortgages at a given moment is bigger than when you just have to pay for one.
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If you have very good existing credit or you can secure the mortgage otherwise, you might be able to get a second mortgage for a higher percentage than your property is worth. It is no exception that lenders give out these types of mortgages when they expect the risk to be properly covered.

Even a third mortgage can be a possibility. You have to be aware of higher interest rates and tougher terms and conditions. A lot of mortgages on your house can cause a lot of financial pressure on your property. Often there are better solutions.

It is always a great idea to take a good look at your financial situation. How much debt do you have, how much money do you have on your savings account, etc. Also try to get a good picture of what you want in the future.

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