Occasions Where a Second Mortgage Is the Greatest Resolution

**donstone** · 08-01-2011, 10:38 PM

• You may have an existing first mortgage with a very attractive interest rate and you do not want to get the possibility of losing that low rate by discussing your current first mortgage again.
• Where a Home Equity Line of Credit (HELOC) would provide you the right to use funds for emergencies and unexpected expenses.
• A Second Mortgage may present for improved interest rates than a Personal Loan
• Where due to credit and/or income issues the only way to secure the money you need is by using the equity in your home.

**Magic69** · 08-09-2011, 05:22 PM

These are harder to come by these days, aren't they? I agree they can be a good option, but 2nds are still higher risk and usually represent maxing out debt on the equity in your home. I still think if you can avoid it, don't do it.

**Alfie** · 09-03-2011, 08:02 AM

A second mortgage is a secured loan usually on your own house. Meaning that if your finances arent stable and may miss payments mortgage lenders have first charge on your home and if you cant pay at all then the lenders could seize your home. First mortgages and second mortgages can have detrimental effects if you cant make repayments so inless you no you can repay the first theres no point considering a second..

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