After much consideration, you settled on a mortgage to help buy your home. Now that you're a proud homeowner, you may eventually find yourself in the position to need or want a second mortgage. Here's what you need to know:
Reasons to Get a Second Mortgage
Although this is not a complete list of reasons to take out a second mortgage, here are some of the more common scenarios:
Types of Loans
Once you start looking into second mortgages, you'll find that they all generally fall into one of two types:
Of course, there are pros and cons to each type. So it's a good idea to talk things over with a trusted adviser to make sure your second mortgage makes sense financially.
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- Paul Barranco