What is the Difference between a Second Mortgage and a Home Equity Line?


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Home Refinancing Features:

  • Home Equity Lines to $500,000
  • Refinancing to 103%
  • Second Mortgages to 125%

There are many differences between second mortgages and home equity lines of credit. Second mortgage offer fixed rates for a fixed term.

Home equity lines of credit have adjustable rates that fluctuate with the prime index reported by the Wall Street Journal. Home equity lines are revolving credit lines that only require an interest only payment each month.

Fixed rate second mortgages have a payment due each month with a portion going to pay down both principle and interest of the loan.

There are many differences between second mortgages and home equity lines of credit. Second mortgage offer fixed rates for a fixed term.

Home equity lines of credit have adjustable rates that fluctuate with the prime index reported by the Wall Street Journal. Home equity lines are revolving credit lines that only require an interest only payment each month.

Fixed rate second mortgages have a payment due each month with a portion going to pay down both principle and interest of the loan.

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Can I get a Second Mortgage without Refinancing my 1st Mortgage?

Is there Mortgage Insurance Required for Second Mortgages?
What is the Difference between a Second Mortgage and a Home Equity Line?
How Long Does The Process Take for a Second Mortgage?

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