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A 2nd mortgage is
generally a less expensive method in which to finance debt.
With a 2nd mortgage, the loan is being secured by real estate,
the interest rate is generally lower than those charged through
personal unsecured loans or credit cards. As well, with payments
being interest only or amortized over a longer period of time
the monthly payments may be lower. This would increase monthly
cash flow.
A 2nd mortgage is an additional loan taken out by the borrower
secured by real estate. From the borrower's point of view it is
very similar to the first mortgage on the same piece of real
estate. As the name indicates, the 2nd mortgage is behind the
first and is second in priority. Find a 2nd mortgage
company and compare competitive rates with no obligation.
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