Second Mortgage Home Equity Loan - part 1

Related Second Mortgage Articles:

Second Mortgage A Good First Step
Many homeowners are taking out second mortgages to get needed cash. Even borrowers with bad credit can come out ahead by using their home equity wisely.

Refinancing Second Mortgage
Refinancing is the process of replacing an existing loan with another lower interest rate loan for the same amount. Refinancing a second mortgage can help borrowers to regain control of their personal debt.

A Second Mortgage Vs. A Home Equity Loan
Informational article to help you decide whether a second mortgage or home equity loan is for you.

Considering A Second Mortgage?
Explanatory article for those considering a second mortgage.

Second Mortgage Loan
The second mortgage loan is a fixed rate subordinate loan of the first mortgage. The first mortgage must be paid off first before the Second Mortgage. The lenders usually lend up to seventy five percent to ninety five percent of the home equity.

Related Second Mortgage Questions:

Other resources for Second Mortgage

Second mortgage?
i want to borrow 120000 for a second property is it posable when i already have a morgage
read answers...

Second mortgage?
This sex researcher phones one of the participants in a recent survey of his to check on a discrepancy. He asks the bloke, "In response to the question on frequency of intercourse you answered 'twice weekly'. Your wife, on the other hand, answered 'several times a night'." "That's right," replies the bloke, "And that's how it's going to stay until our second mortgage is paid off."
read answers...

Second Mortgage Lender re: Collateral?
If a house has first and second mortgages and the first mortgage lender accepts a short sale offer that does not leave any money for the second mortgage holder can the second lender recover money beyond the house that was listed as collateral? Otherwise, can they obtain a judgement for the rest of the debt that remains after the first is paid?
read answers...

Cash-Out Refinance or Second Mortgage? If Second Mortgage...home equity loan or HELOC?
My 2-family home is valued at 375K. I have 12 years and 88K on it left. My current loan is at a 4.9 interest rate. I need to borrow 220K and need it in lump sum. With todays rates being around 6.5 for a 30 year, I know refinancing is out of the question. Which would be better for me, a HEL or a HELOC? What would my payments be for 30 years, 15 years? Thanks
read answers...

Second mortgage refi or consolidate 1st and 2nd (UPDATE)?
MORTAGE RATES ARE DOWN SO I AM THINKING TO REFINANCE: we have 2 mortgages - 1st - @ 6.375% remaining 201,000 for 355 mnths no mortgage insurance - total monthly pmnt 1272.70$ + 410.2$ to the escrow account. 2nd - @ 10.75% remaining 36,000 for 225 mnths - monthly pmnt 386.8$ we plan to stay in this house for 30 years when we bought the house was appraised @ 250k now - 300k our income bracket is 31% credit score 740. my question is should we combine these 2 @ 6.625 for 30 yrs with closing costs being apprx 2500.? HOW ABOUT CONSOLIDATE @ 6.25% FOR 30 YRS + CLOSING COSTS 2500? also i was given an option to refi just the 2nd one @ 8.5% for 20 yrs with closing costs apprx 250 THERE WOULD BE NO MORTAGE INSURANCE PMNTS AND WE ACN AFFORD THE MORTGAGES EASILY - JUST LOOKING TO GET A BETTER DEAL. PLEASE EXPLAIN YOUR ANSWERS WITH SOME MATH IF POSSIBLE any advice would be greatly appreciated
read answers...