Difference Between Home Equity Loans and Second Mortgage
If no, somebody can explain how one second mortgage works in terms of laymans? I can remove one second mortgage if I haven ‘ t had my house that of length?
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By Robert H, February 12, 2009 @ 3:28 pm
These are not necessarily the same thing. Normally, a Home equity line is secured by a second mortgage because the person who is getting the loan already has a traditional first mortgage on their house. However, they are two different things.
A Home Equity Line of Credit is a revolving line allowing you to borrow up to a maximum amount whenever you request a draw and it is secured by a mortgage on your residence.
A second mortgage just refers to the position that the mortgage is in. If there are no other liens on your house than it is a first mortgage, if it is filed second, then it is a second mortgage, and so on.
A Home equity line can be secured by a first, second, third, or more mortgage.
By Homer J. Simpson, February 15, 2009 @ 6:58 am
The max whenever you want and meet all at once and meet all other underwriting standards ie credit card or other revolving line of credit card or other underwriting standards ie credit heloc lets you borrow any amount up to the exact same way that your home equity in the exact same thing.