How do second mortgages work?

Answer A second mortgage is a type of secured loan taken out against the equity in real estate. Typically a person takes out a second mortgage using her home as collateral.FunctionA second mortgage permit... Read More »

Top Q&A For: How do second mortgages work

Can you refinance second mortgages?

Technically, any loan not used to purchase the property is a refinance. Many lenders and banks will refinance a second mortgage as long the borrower’s finances and the loan meet their guidelines.... Read More »

Are mortgages on second homes tax deductible?

Home mortgage interest, the interest you pay on a loan secured by your home, is tax deductible for second homes as well as for your main home. File Form 1040, itemizing deductions on Schedule A. Yo... Read More »

How to Buy Second Mortgages From Banks?

If you've got a first mortgage, then buying a second mortgage from a bank is fairly easy, providing your finances stack up and you've maintained your first mortgage properly. You may want a second ... Read More »

Can second mortgages improve credit score?

On One Hand: Second Mortgages Can Improve Credit scoresIf a borrower uses a second mortgage properly, its impact on the credit score can be a positive one. If the borrower pays on the debt on time ... Read More »