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Second mortgages can last any where from one year to 20. If your second mortgage is small, a one year term or a very short term will allow you to pay it back with minimal interest. However, if your loan is larger, be careful to get an appropriately long term so that you will not have to find another loan to pay off the second mortgage. Fill out our free short form today to contact an expert about your second mortgage.
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Types of second mortgages include:
- Home equity loans are second mortgages based on the amount of equity in
your home. This figure is calculated by subtracting the total mortgage from
the total market value of your home. Depending on the lender, you can usually
borrow 85% to 100% of this amount.
- A home equity line of credit is a second mortgage that acts much like a
credit card. For a predetermined period of time, usually five to ten years,
you can draw money from an account up to the amount the loan, which is also
based on the equity of your home. This type of loan allows you to borrow as
much or as little as you want, as the need comes along and allows you to tap
into your account conveniently using checks or a credit card.. These loans
generally have adjustable
Second mortgages are often used when a homeowner needs to borrow money because they are tax deductible and generally have lower interest rates than many other loans because the are secured by your home.
When facing large expense such as a childs college tuition, home improvement, the purchase of a new vehicle, or even the acquisition of another home, many homeowners decide to get a second mortgage. A second mortgage can provide a large quantity of money at a low interest rate. Apply online today to contact up to four lenders about your Second Mortgage.
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