Results for Second Mortgages

Are you interested in getting a second mortgage, home equity loan or home equity line of credit? Read on to learn about the pros and cons of this line of credit.

A home equity loan -- also known as a second mortgage -- is when a mortgage lender lets a homeowner borrow money against the equity in his home.

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Applying for a second mortgage isn’t all that different than applying for a first mortgage. The paperwork is very similar, and just as when you bought your home, your lender will look at many of the same factors when determining how much you qualify for and determining what the terms of the loan will be. […]

Whether you’re considering a second mortgage to consolidate your debt or complete some home renovations, there can be a lot that goes into making this financial decision. Because a second mortgage is a loan that goes against the equity you currently have on your property, this can be a risk to the ownership of your home. If this is an option you’re seriously considering, here are some basics to know before deciding to on this route
Be Prepared For Higher Rates
You may…

Home ownership has the benefit that it allows you to use your home as collateral and borrow money against it, by taking a second mortgage.

A second mortgage is a loan, in addition to your primary mortgage, that uses your home as collateral. Any homeowner who has 20 percent equity in their property and a decent credit score can get approved for a second mortgage in the form of a home equity loan or line of credit. While it might be easy to get approved for a new loan, it's important to understand when you should take out a second mortgage and when you should look for alternate…

Applying for a second mortgage is a great way to keep your down payment amount to a minimum and to keep more of your cash in your bank account. It can also help you to avoid making PMI paymentsR…

Traveling with a significant other is pricey. Traveling with children? That hit is downright obnoxious, and it could blast your savings into oblivion if you’re not careful. So how can you provide your family with a decent getaway without taking out a second mortgage?

Homeowners might wonder whether it's a good idea to tap their home equity, or the market value of the property minus what is still owed on it, to pay down other types of debt, especially high-interest credit card balances
One way to do this, using a home equity line of credit , is growing in popularity — more than $120 billion in HELOCs were created in 2014, an increase of about 22% over the previous year.
How a HELOC works
A HELOC, or…

The average rate for a 30-year fixed-rate mortgage inched up to 4.16%, but buyers shouldn't panic -- rates are still low by historical standards.

If you have been spending a lot of time at home recently, then you might be getting tired of staring at the same four walls. Fortunately, there are plenty of ways for you to switch it up by financing a home improvement project. At the same time, home improvement projects can be expensive, particularly if you are targeting the kitchen. Therefore, you might be wondering how you are going to be able to pay for them. There are plenty of ways that you…

Piggyback Loans – Combo Loans When most home buyers are purchasing a home without a 20% down payment, they usually find themselves in a situation where they are paying PMI until the loan balance drops below 80% of the home value. However, the PMI payments can be avoided if the piggyback loan option is used instead. What is a piggyback loan? Piggyback loans or “combo loans”, are really a second mortgage on top of a primary mortgage to void paying PMI when the…

Mortgage interest rates are at historical lows right now, but they’re expected to start rising soon. That’s why savvy buyers are taking steps to ensure they get the best possible interest rates on the market and then lock those rates in for the long term. But even if interest rates are already low, that doesn’t mean you can’t reduce them further
So how can you save even more money on your monthly interest payments? Here’s what you need to know.
Buy Down Your…

Two new forms aim to make the home loan process a lot more transparent. Here's your guide on what buyers need to know.

One of the major benefits to purchasing a home with a mortgage are the tax credits that can be taken advantage of when April 15 comes around
Many homeowners are unaware of what mortgage related expenses can be deducted and, more importantly, which ones can no longer be deducted.
Receive A Tax Deduction For Interest Paid On The Mortgage
The most common tax credit associated with mortgages is the interest paid credit. This allows borrowers to deduct the cost of the interest paid…

From mortgage to equity to debt-to-income ratio, there are many terms associated with home ownership that can be quite confusing if you’ve never been on the market for a home before. ‘Conforming loan limit’ may be a less familiar real estate term than the rest, but here are some things you’ll need to know about it and what it could mean for your biggest investment
What Is The ‘Conforming Loan Limit’?
The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan…

Mortgage interest rates have come up off their bottoms and more increases are bound to come.

Watch out for these common pitfalls, which could cause you to miss out on a great rate or even lose your deposit.

Bankrate.com offers some tips for your home buyers on securing a mortgage, getting the best rate, and more.