A second mortgage is a loan taken after the first mortgage secured agai t the same a ets. Its based
A second mortgage is a loan taken after the first mortgage secured agai t the same a ets. Its based upon the amount of equity or ownership you have in a property. You can use second mortgages for many purpose uch as financing home improvements, college expe es, debt co olidation, or just emergency cash. They usually have a little bit higher interest rate than a first mortgage, but positives such as low tra action costs, le time and effort required to get one, and the fact that 100% of the interest can be tax deductible make the second mortgage an a ealing option for anyone.
