How much equity do you need to get a second mortgage?

Answer When you need access to a lump sum of cash, you may consider a second mortgage, also known as a "home equity loan." How much equity you need for each type varies.Pulling Out EquityThis the most co... Read More »

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Is a home equity mortgage the same as a second mortgage?

Yes, a home equity loan IS a 2nd mortgage.Some people however, consider a "2nd mortgage" to be a closed-end fixed rate lump sum loan. While a "line of credit" is revolving and can be used over and... Read More »

Is a home equity loan a mortgage?

A home equity loan is considered a second mortgage. Home equity represents the difference between what your house is worth and what you actually owe on your initial mortgage. With a $20,000 differe... Read More »

Can I borrow money from my equity if I am behind in the mortgage?

If a borrower has an open equity line of credit on his house and there is room to add additional debt, he can borrow funds from it to pay his mortgage. However, he cannot open a new or additional l... Read More »

What is better, a second mortgage or a home equity loan?

On One Hand: A Second Mortgage Is BetterA second mortgage is typically arranged at the closing of a first mortgage. It is either a line of credit or an installment loan. By taking out the second mo... Read More »