What is the Difference between a
New Second Mortgage and my Existing Mortgage?

Get Professional Help When Shopping for a 2nd Mortgage Loan

The primary difference between your existing mortgage and a new second mortgage is that they are different mortgage loans. A second mortgage is a new loan that would be taken out, in addition to your existing mortgage.

It is called a "second mortgage" because it is a loan in 2nd position on the title to your property. If you were to sell your house, the first mortgage company would be the first paid, and the second mortgage company would be the second company paid.

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Answers from the Experts at Second Mortgage Quotes.com
Can I get a 2nd Mortgage without Refinancing my 1st Mortgage? Millions of people have taken out subordinate financing without touching their original mortgage.
How to Qualify for a Bad Credit Refinance Loan - There have been many 2nd lien foreclosures in the last decade, so fewer lenders are willing to extend credit to high risk borrowers.
Is there Mortgage Insurance Required for Second Mortgages? At this time there is no PMI with credit lines or 2nd loans.
What is the Difference between a Second Mortgage and a Home Equity Line? Credit lines are open-end mortgages that extend a revolving line of credit to borrowers.
How Long Does The Process Take for a Second Mortgage? In most cases the process takes 2 to 4 weeks.
What is the Difference between a New Second Mortgage and my Existing Mortgage?  A 2nd mortgage is a lien that subordinates to your current loan. It has no effect on the existing terms with your 1st mortgage.

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