What Is A Second Mortgage?
What Is A Second Mortgage?
Author Levetta Rivera explains: A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender’s lien, hence the term second mortgage. Since the lender will have a lien on your property, when you go to sell the house you will have to pay off the second mortgage in order to deliver a free and clear title to the buyer of the home.
The five mistakes you want to avoid when getting a home mortgage loan
Author Alan Lim explains: Your home mortgage loan is the largest debt you will carry. Your home mortgage loan is also the highest bill you will pay each month. Avoiding mistakes when looking for a home mortgage loan can make you a smart and happy homeowner with more money in your pocket each month.
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