Why Second Mortgage

Why Second Mortgage



Why Second Mortgage?
Second Mortgage Overview?
Second mortgage is​ great and easy way to​ raise money for any purpose .​
a​ second mortgage simply means that the​ amount you​ borrow is​ secured by your property,​ in​ second preference to​ your first mortgage .​
Some lenders call it​ secured loan.
Second Mortgage and Home Equity Loan
The amount you​ can borrow is​ depends on​ the​ difference between the​ value of​ the​ property and the​ amount of​ your first mortgage .​
Better known as​ the​ equity you​ have on​ your property.
Second Mortgage Interest Rate
The second mortgage interest rate are a​ bit higher than 1st mortgage rate .​
But the​ interest paid on​ the​ second mortgage may be tax deductible .​
In most cases the​ accumulated interest is​ 100% fully deductible as​ long as​ the​ combined loan to​ value of​ the​ first and second mortgage does not exceed the​ price of​ the​ home.
Typically the​ terms of​ the​ loans are for 5; 10 or​ 15 years,​ which means that you​ can choose monthly repayment in​ accordance with your circumstances.
Debt Consolidation,​ Home Improvements
Since the​ loan is​ secured the​ interest charged is​ very competitive compared to​ other loans,​ especially credit card loans .​
Generally,​ there are no restrictions on​ the​ way you​ use the​ money .​
You are free to​ use it​ as​ you​ please - from debt consolidation to​ home improvements,​ from college education to​ buy a​ second home or​ even a​ dream holiday.
Usually,​ lenders are eager to​ lend money to​ home owners because the​ loan is​ secured and the​ borrower has already passed a​ stringent credit worthiness when he applied for the​ first mortgage.
One more things,​ freedom and speed .​
Second mortgage put you​ in​ the​ driving seat and in​ charge of​ your own finance affairs in​ the​ fastest way possible .​
Come on,​ you​ can do it.
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