A loan to purchase a home is usually the first mortgage lien recorded on a property; subsequent loans depend on the amount of owners’ equity in the home and generally require a new appraisal. Homeowners may use the money from these second mortgages – available as a lump sum home equity loan or as a home equity line of credit – for any purpose.
The pros and cons of borrowing a home equity loan. If you’re interested in getting a home equity loan, consider the following benefits and drawbacks. Pros . Home equity loan interest rates are typically lower than rates for credit cards and personal loans. This is especially important if you’re weighing whether to use a home equity loan or a personal loan to consolidate your existing debt.
The home equity loan or second mortgage has a slightly higher interest rate than the interest rate on a first mortgage. The interest rate is higher because the lender’s claim to the property is considered to be riskier than that of the mortgage lender with a primary claim to the collateral property.
Advantages of an advertisement Second Mortgage or Equity Loan The advantage of a second mortgage is that you will not have to pay these fees or worry about recouping your losses. home equity Line of Credit If you use a home equity line of credit you will have access to your equity over a period of several years.
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Unlike refinancing, the second mortgage does not supersede the first mortgage. Second mortgages are usually 15- to 30-year loans with a fixed rate of interest. Like the initial loan, the rate of interest and points (if any) will be based on your credit history, the price of the home, and the current interest rate.
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Taking out a second mortgage means you get a loan secured by your house on top of your first, or initial mortgage. This was once considered a desperate move by someone who couldn’t keep up with debt or couldn’t pay for his kids’ college. However, when real estate was a gold mine, some homeowners more proactively used.