Second Mortgage
A second mortgage is another name for a . A second mortgage is a loan backed by the in a home. Second mortgages, also called second liens, are an attractive option for homeowners who want to borrow additional cash for a variety of purposes - , , auto purchases or even family vacations.
The main advantage of a second mortage over or is the interest is usually , depending on the borrower's financial situation. However, it's always a good idea for a borrower review the tax implications of their individual situation with a qualified tax advisor.
How It Works
With a traditional second mortgage, the borrower receives a lump sum of cash that is paid back to the lender in payments of plus interest over the life of the . The borrower is in complete control over the funds and how they are spent.
Getting the Best Deal
Obtaining a second mortgage is a simple and quick process, but there are many lenders and competitive offers to choose from. With free, no obligation service, you can get up to four second mortgage loan offers, and then choose the one that's best for you. Or you can speak with one of ALP's experienced Mortgage Planners, and find out how a second mortgage fits with your long-term financial goals.
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