When is it good to take out a second mortgage?

Answer On One Hand: It can be smart moneyThe second mortgage, or piggy-back mortgage, is a small loan in second lien position to the first. It can be used as revolving credit, as in the case of a home equ... Read More »

Top Q&A For: When is it good to take out a second mortgage

Are mortgage points good or bad?

On One Hand: A Lower Rate Helps the BorrowerPoints are a fee charged to a borrower to purchase an interest rate lower than the current rate offered. These points allow a borrower to be "in charge" ... Read More »

Is a second mortgage a good idea?

On One Hand: If You Need the Money, Get that Second MortgageA second mortgage is a loan using your already mortgaged house as collateral. If you default on your loans, the lenders can repossess you... Read More »

Good & Bad Mortgage Lenders?

Buying a house and getting approved for a mortgage loan is a major accomplishment. But too often, a home buyer chooses the wrong lender and gets stuck in a bad loan. Recognizing the signs of a bad ... Read More »

Is an Early Mortgage Payoff Good or Bad?

The thought of spending 15 or 30 years paying the mortgage every month makes many homeowners uncomfortable. If you have the money to pay off the loan early, it might feel good -- but it might be a ... Read More »