A First Look at Second Mortgages

A First Look at Second Mortgages

At first glance, getting a second mortgage may seem like adding insult to injury. If you already find it hard enough to meet your monthly (or bi-weekly) payments on your first mortgage, why would you want a second one?!? The fact is that a second mortgage is really a secured line of credit (secured against the value of your house), so financial institutions will offer you a much lower interest rate than, say, credit card companies. As a result, a second mortgage can save you money in the long run (if you’re looking to consolidate various high-interest debts). Continue reading »