Question

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

Answer 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 »
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Top Q&A For: Is a home equity mortgage the same as a second ...

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 »
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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 »
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What is the difference between a mortgage and a home equity loan?

Mortgages and home equity loans both use the value of your home to secure the loan. However, the functions of these loans differ.PurposeA mortgage is the original loan taken out to finance a home. ... Read More »
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Should you get a second mortgage or a home equity line of credit?

On One Hand: Home Equity Line of CreditA home equity line of credit allows you to access money as you need it rather than receiving it all at the start of the loan. If you plan to use the loan to ... Read More »
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