What is a Second Mortgage? - Should I Get a Second Mortgage?

should i get mortgage insurance

Should I Get a SecondMortgage?

Definition:

A second mortgage is an additional loan against your home. There are many reasons people take out second mortgages. Some people will do this to avoid paying PMI (Private Mortgage Insurance) when they do not have a large down payment on their home. Other people will take out a second mortgage to cash out the equity on their home. They will use that money to pay off debt, or to do home improvements. They may also take out a home equity loan to make home repairs .

A second mortgage is similar to a first mortgage. It is a loan that is secured by your home. It is for a set amount and you will receive a one time payment for the amount of the loan. Then the payments are for a set amount each month for the set term of the loan. The interest rates on second mortgages tend to be a little bit higher because the ... http://motor-insurance.ucoz.com/news/should_i_get_mortgage_insurance/2013-06-28-4174