Owning your own home has many benefits. One of the helpful financial benefits is that you can use it as collateral to borrow money by taking a second mortgage.

There are typically three types of second mortgages:

Traditional Second Mortgage

Home Equit Loan

Home Equity Line of Credit

The difference between them are as follows:

Traditional Second Mortgages are fixed rate programs and Home Equity Loan programs are adjustable rate programs. A Home Equity Line of Credit is a special type of Home Equity Loan where a 'Maximum Loan Amount' is set based on the value of the home and it operates as an open-ended credit line. This means you are able to borrow against it at any time so long as you are below the Maximum Loan Amount and make your monthly payments.

Second mortgages are usually taken to satisfy a variety of purposes such as financing home improvements, debt consolidation, and unexpected expenses. Keep in mind that an alternative to the second mortgage is taking Cash Out on a new 1st mortgage. Refinancing the 1st and taking cash out often times makes more sense. You should ask a loan consultant to provide information on both options in order to help you make the most appropriate decision.

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