|
|
| *Loan,banking and credit>>>mortgage loan |
What is 2nd home loan mortgage? |
I want to know the advantage of 2nd mortgage versus home equity line of credit. A second mortgage is a long term loan using the existing equity in the property as shared collateral with the primary mortgage lender. The financing company that issues the second mortgage almost always is subordinate to the prime lender. Typically, the interest charged is less than that on a home equity line of credit. The other issue is the repayment schedule; usually, a junior mortgage is stretched out over years while a line of credit will accept a minimal payment virtually forever. However, there is really no difference between the two animals. Either way you are borrowing money on the increased value of your property. Its when you buy a second house and need to borrow loan ffor that house , but you have to mention that you have a first house on mortage. They are basically the same except a home equity loan has no closing cost and usually has a shorter payback period. If you don't need to borrow a lot of money, I would go with the equity loan that are simple and fast. |
| Tags |
| mortgage loan consolidation loan commercial loan auto loan fha loan payday loan |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |