SECOND MORTGAGES

When you need extra money, a second mortgage may be just the place to get it


If you find yourself in need of some extra money for a large expenditure, consider taking out a second mortgage on your home. A Second Mortgage is secured by your home equity, but will be another loan in addition to your first mortgage. As with your primary mortgage, there are fixed rate loans as well as adjustable-rate loans. Second mortgages allow the borrower to access their home equity without tapping into the first mortgage. If you are in need of a large sum of money to pay for college education, consolidate your debt, remodel or repair your home, or if you have unexpected bills, a second mortgage is one way to get the extra cash you need. Closing costs are usually lower on these mortgages, and the interest is generally tax deductible, as long as the two mortgages combined do not exceed the value of your home.


Where To Go For More Information And To Apply

Since you already have a first mortgage, consider talking to the same company you are already dealing with. See what they are willing to do for you, after all, you are already a customer and they should be willing to give you a fair deal. Don't feel obligated to accept the first deal they offer, as rarely will the first deal be the best one. And you should shop around to see what you can find elsewhere. We have some suggestions to offer you, read on:


Get the latest mortgage and refinance rates

  • E-LOAN offers a variety of loans and information on obtaining loans.
  • LendingTree: Online loan marketplace connecting you to a network of lenders who compete for your business – mortgage loans, home equity loans, and more
  • Ditech.com offers several fixed rate mortgage options for you to choose from
  • HomeLoanCenter.com offers mortgage loans, home purchase loans, debt consolidation loans, home equity loans and bad credit loans all with the industry’s best customer service.
  • US Savings Network: Compare mortgage and loan rates. Bad credit OK. Mortgage refinance loans, debt consolidation loans, home equity loans, mortgage rates, ARM.


  • Some Things To Consider

    What is the length of a second mortgage? It can be as short as one year, or as long as twenty years. If you are borrowing $20,000 for home repairs, you probably won't want a one or two year loan, as the payments may be higher than you can afford.
    What will a second mortgage cost me? Costs and fees are generally lower than on a first mortgage, as they are based on the amount of the loan. Typical fees include an appraisal fee, sub escrow fee, title insurance policy, credit fees, administrative fees, and other miscellaneous fees such as notary, payoff, recording. Be sure to ask what the fees will be as you shop for your loan.

    Second Mortgage rates can be variable or fixed-rate. The economic situation in your area, coupled with whether you want to risk the rates falling or rising, will probably determine your choice. Fixed rates remain the same for the life of your loan; adjustable rates (ARM) can rise or fall. Be sure you understand how often the rates are adjusted if you choose this rate. Your lender should give you a schedule.
    Are there third or fourth mortgages? Yes, but they are very rare. Mortgages are paid off in order; first mortgage, followed by second, etc. The risk of loss of money to the lender is greater after the second mortgage, so there are very few lenders willing to take that risk.


    Before signing on the dotted line, be sure you have shopped carefully for the best rates, and have considered whether or not this is the best way for you to go. Understand that you have taken on an additonal financial burden, so check your budget to be sure you can afford the extra payments. As you shop around for a loan, do not accept the first offer that comes along. You may end up taking that offer, but it's wise to check with other lenders first, before committing yourself. And don't be afraid to haggle over the fees--many lenders will be willing to work with you to get the rates down and save a little more money.

    With so many options open to you, finding a second mortgage just got easier!

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