2nd Mortgages

2nd Mortgage

Welcome to my 2nd Mortgage Blog. Today we will discuss very simple information that you should know about a 2nd Mortgage.

A 2nd mortgage refers to a secured loan taken on a property, which has already been used as a security in a loan once before. It refers to the second loan in sequence, as it is subordinate to the first loan on the same property. The 2nd mortgage lender can exercise his rights only after those of the first have been entirely met. One can take the 2nd mortgage for several different reasons including for paying off some debt, to finance education or even to renovate ones house! If you feel that your debt repayment is pretty huge, then maybe you should consider taking a 2nd mortgage. There are generally two types of 2nd mortgage:

• Fixed Rate Loans
• Line of credit

That's it for now. Next time I post I will let you know the difference between a Fixed Rate Loan, and Line of Credit for those that do not know.

May God Bless,
Keisha

2nd Mortgage