What is a Second Mortgage?

Many people consider getting a second mortgage on their home when they need extra money, or to consolidate bills.

What exactly is a Second Mortgage?

A borrower can mortgage a home more than once. In fact, a person can mortgage a home or property as many times as a lender is willing to take the property as security for a loan. Please note this can be done unless prohibited by the terms of your original mortgage loan. In today's world it is not uncommon to have a second or even third mortgage.

Be prepared to pay closing cost as well as a possible higher interest rate.