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What is the difference between an equity loan and a 2nd mortgage? Do they both have closing costs? |
What is the difference between an equity loan and a 2nd mortgage? Do they both have closing costs? A second mortgage is similar to your first mortgage in that it is tied to the value of your home, has closing cost, but is paid off in a shorter time. It has a fixed payment every month, where as an equity loan does not have a fixed payment and is based on the current balance of the loan, normally there are no closing cost and is also based on the value of your home. yes they both have coasts and prices to pay A Home Equity Line of Credit (HELOC) is money that you have that you can write checks or borrow off of! A second mortgage you borrow a certain amount and get it all at once! Yes, there are closing costs depending on what kind of loan you get. Talk to a mortgage consultant. Depending on what your situation is, a second loan is not a bad cboice. Refinancing is not a bad idea either! Should've done that when the rates were a little lower though! Modified 1 year ago 2nd mortgage equals bad news...unless of course you really do want to be in debt for the rest of your life. Go with the loan. I do mortgages. best advise is to refinance your home. If you have enough equity you can get enough cash out of your refi. to pay for home improvements, or pay off debt or anything else you want to do with the money. This would most likely be the least expensive way to get the money you need. With 1% interest only loans with good or bad credit, you can't lose!! |
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