Second Mortgage Article Archive 2006

Four ways to Save Money on Second Mortgages

By:

Greg Mischio - MortgageLoan.com | November 29, 2006

If you like to clip coupons, you may be hard-pressed to find any discounts in the Sunday paper when it comes to second mortgages. But even if you can't find a money-saving coupon, there are other ways to save money on your 2nd mortgage.

Jumping on the 2nd Mortgage Refinance Bandwagon

By:

Greg Mischio - MortgageLoan.com | November 20, 2006

Are you making payments on both a first and second mortgage? If so, it may be a good time to do a mortgage refinance and combine both payments into one. With interest rates rising, adjustable-rate second mortgages are looking less desirable.

Manifesting Cash with a Second Mortgage

By:

Greg Mischio - MortgageLoan.com | November 16, 2006

It's easy to understand why people are attracted to the lottery: Instant money, and usually lots of it. If that's your motivation, then you may be overlooking a source of cash that has a much higher likelihood of paying off than your weekly lottery ticket. The equity in your home is a great source of money, and can be tapped rather easily with a second mortgage.

Are all Second Mortgages Created Equal?

By:

Greg Mischio - MortgageLoan.com | November 13, 2006

If necessity is the mother of invention, we can thank her for giving birth to two types of second mortgages. While both the home equity line of credit and the fixed-rate home mortgage loan are second liens on a property, each has different attributes. Unlike the men and women who they were intended for, these two financial instruments were not created equal. Their differences are the lending industry's attempt to provide loans that are attractive to a wide range of borrowers.

Appraisals for Second Mortgages

By:

Jan Lindsey - MortgageLoan.com | November 08, 2006

Real estate prices have soared in many areas in recent years. If you're thinking about pulling some of the equity out of your home with a second mortgage, consider having your home appraised. You'll get a solid idea of the amount of money that's available for borrowing.

Introduction to Second Mortgages

By:

Anders Bylund - MortgageLoan.com | October 09, 2006

A second mortgage is a versatile financial instrument. It can look like a loan or a huge credit card, and it can help you overcome many of life's little surprises. Learn how they work so you can take full advantage of them.

Interest-Only Second Mortgages

By:

Tom Kerr - MortgageLoan.com | October 02, 2006

Securing a second mortgage is a convenient way to arrange a loan for extra buying power. By choosing an interest-only option, homeowners can maximize their monthly cash flow, by postponing payments of principal. Interest-only loans can be found as a home equity line of credit, more commonly known as a HELOC.

Is a Second Mortgage Right for You?

By:

MortgageLoan.com | July 28, 2006

Knowing your mortgage options can only help your decision-making. When it comes to mortgage loans, understanding how the products work not only makes deciding on a loan easier, it can save you thousands of dollars. This article will provide you with an in-depth look at one popular lending option-the second mortgage.

Top Three Reasons to Take a Second Mortgage

By:

MortgageLoan.com | July 28, 2006

There are plenty of ways to tap the equity of your home, but not every one is the right option for you. The choice may automatically be made for you once you take a careful look at your borrowing options. Why should you take a second mortgage? Let's count the ways. Here are three reasons why a second mortgage would be your ideal choice.

Finding Funds: Second Mortgage or 401(k)

By:

MortgageLoan.com | July 28, 2006

If you're on the prowl for cash, you may have considered borrowing from your 401(k) plan. Many financial planners would encourage you not to touch your nest egg, and for good reason. If you crunch the numbers and consider the costs of borrowing from your 401(k), a second mortgage proves to be a much better option.

Is it Time to Refinance Your Second Mortgage?

By:

MortgageLoan.com | July 28, 2006

Refinancing fever hit its peak a few years ago because of rock-bottom rates. Now, the fever is back; but this time, it's because rates are rising steadily. Many people have already refinanced their first mortgages. Even so, now may be the right time to refinance a second mortgage or home equity loan, and consolidate junior loans into a single first mortgage.

Need Money? Take a Second Mortgage

By:

MortgageLoan.com | June 30, 2006

Life costs money. Kids, the mortgage, cars, food, that darn cable bill-expenses are a part of everyone's lives. Unfortunately, there will be times when those expenses tend to outweigh the income, and a short-term cash crunch may be a problem. While every household needs to be careful to keep its spending under control, a second mortgage can be an ideal method for freeing up some much needed money.

Which to Pay First - First or Second Mortgage?

By:

MortgageLoan.com | June 30, 2006

When you receive an unexpected windfall or bonus, it makes sense to pay off a major debt, such as a first or second mortgage. Some borrowers automatically elect to pay off the second, because it's smaller. Others pay the first, because it came first and has been around the longest. But there is a mathematical answer to the question of which has priority, and it depends on the rate of interest and the terms of the loan payback.

Avoid High Jumbo Loan Rates with a Second Mortgage

By:

MortgageLoan.com | May 26, 2006

High-ticket purchases of real estate usually require loans that are so large, they don't conform to the federal guidelines for conventional loans. These are called Jumbo Loans. Mortgage interest rates are normally a quarter of a percentage point higher for Jumbo Loans than they are for conventional loans. One way to avoid the Jumbo Mortgage is to divide your loan into two parts: a first and a second mortgage.

Second Mortgage to Acquire Investment Property

By:

MortgageLoan.com | May 26, 2006

Using a second mortgage to buy investment property can be a smart and direct route toward the creation of an income-producing real estate portfolio. By using the unrealized cash value of your first home, you can purchase other real estate. This technique is especially useful during sluggish real estate markets, when interest rates are high and sellers' expectations-and asking prices-are low.

College Tuition Challenges? Try a 2nd Mortgage!

By:

MortgageLoan.com | May 17, 2006

If you're a parent who's ready to send your child off to college, you may be in for a rude awakening. All those nickels, dimes and hundred dollar bills you've saved over the years may not be enough to afford today's astronomical college tuitions. A second mortgage loan, however, could be the answer.

Pros and Cons of Second Mortgages

By:

MortgageLoan.com | May 11, 2006

Second mortgages have become an invaluable source of funds for borrowers who have used their home equity for debt consolidation or to pay for college tuition. However, second mortgages are still borrowed money, and the pros have an equal number of cons.

Second Mortgage - Some clarity please

By:

MortgageLoan.com | May 09, 2006

What are the different types of loans that are grouped under the term second mortgage? Understand the home equity loans and HELOCs and what they are 2nd to...

2nd mortgages are specific to borrowers needs

By:

MortgageLoan.com | May 04, 2006

A 2nd mortgage is titled as such because it is a loan separate from your primary mortgage.

Home Equity Loans versus Second Mortgages

By:

MortgageLoan.com | May 02, 2006

One of your greatest sources of funds, your home, may be an asset only on paper. If a time comes, however, when you need money, it can be conveniently tapped for cash by taking out an equity loan or a second mortgage.

Financing a Second Home with a Second Mortgage Loan

By:

MortgageLoan.com | April 28, 2006

Many of us dream of owning a second home, perhaps as a vacation or income-producing property. Is financing a second home with a second mortgage an option?

Second Mortgage Loans for Home Improvements

By:

MortgageLoan.com | April 21, 2006

A second mortgage is often used to add value to your home. When you have equity in your property, you can borrow against it through a second mortgage. Then, you can spend the money on home improvements, which add even more equity to your property.