The Benefits and Risks of a Second Mortgage By Bethany Lape myHorizon – June 25th, 2015 Taking a second mortgage will allow you to either receive a lump sum of money or open a new home equity line of credit (HELOC).
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Advantages of a Commercial Second Mortgage Or Equity Loan By Wade Henderson | Submitted On February 26, 2009 The second commercial mortgage is an important commercial real estate instrument.
A loan to purchase a home is usually the first mortgage lien recorded on a property; subsequent loans depend on the amount of owners’ equity in the home and generally require a new appraisal. Homeowners may use the money from these second mortgages – available as a lump sum home equity loan or as a home equity line of credit – for any purpose.
The home equity loan or second mortgage has a slightly higher interest rate than the interest rate on a first mortgage. The interest rate is higher because the lender’s claim to the property is considered to be riskier than that of the mortgage lender with a primary claim to the collateral property.
Your second mortgage will be much lower than your first mortgage, so if the current mortgage loan interest rates are high, a second mortgage may be better. Let’s say that your current mortgage has a 5% fixed interest rate, but right now the mortgage market is offering loans closer to 8% interest rates.
Gay: We’re pretty late in the real estate cycle and the economic cycle, and there’s a bit of safety to commercial mortgages.
Home-Equity Loan: A home-equity loan , also known as an "equity loan," a home-equity installment loan , or a second mortgage , is a type of consumer debt. It allows home owners to borrow against.
Mortgages and home equity loans are both loans in which you pledge your home as collateral. The bank lends up to 80% of the home’s appraised value or the purchase price, whichever is less.
A home equity loan is a type of second mortgage.Your first mortgage is the one you used to purchase the property, but you can place additional loans against the home as well if you’ve built up enough equity.Home equity loans allow you to borrow against your home’s value minus the amount of any outstanding mortgages on the property.