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

Answer 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 »

Top Q&A For: What is better, a second mortgage or a home equ...

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 »

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 »

Is a home equity loan considered a second home loan?

A home equity loan is a secondary mortgage against the equity in your home. The terms of the loan, such as the interest rate and the length of the loan, are normally different from your primary hom... 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 »