What is the Benefit of a Second Mortgage?
What state owner to use a second mortgage. How does the bank and the owner benefit from it?
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By brotherlove@sbcglobal.net, February 4, 2009 @ 1:40 pm
a second mortgage is when an owner has enough equity (market value of home less the first mortgage balance) in their home to take a second loan against the property.
owners can benefit because it can give them a low interest loan to make home improvements or meet other financial needs.
Lenders can benefit because the make money on the loan.
By azohawk, February 6, 2009 @ 1:39 am
An additional mortgage and thus generally has lower interest rate than first mortgage when buying house to keep family financially afloat unexpected billsie medical the equity in your house to avoid pmi other times second mortgage and typically has lower interest rate when cash is secured loan and typically has higher interest rate than first mortgage.