12 Feb Considering a Second Mortgage? Here’s What You Need to Know
Posted at 20:43h
in Articles
This February, if you’re thinking of ways to tap into your home’s equity, a second mortgage might be an option worth exploring. Homeownership provides the chance to build equity, which can be used for refinancing, home improvements, or securing a second mortgage.
A second mortgage is an additional loan on a home you already have a mortgage on. It allows you to borrow a significant sum with lower interest rates than credit cards. However, these loans typically have higher rates than refinancing and can increase your monthly financial obligations.