| Why Get a 2nd Mortgage Loan | | | | you would be able to access that equity through a |
| If you're currently in the market for a 2nd mortgage, | | | | new second mortgage. |
| chances are you're looking for the solution to one of | | | | 3) The amount you're spending each month paying |
| three basic problems: | | | | down credit cards or other debt leaves you with very |
| 1) The monthly payment on your current 2nd mortgage | | | | little money left over and you need to consolidate your |
| has become unaffordable due to escalating interest | | | | debt |
| rates on your Home Equity Line of Credit or "HELOC". | | | | Mortgage Basics Before addressing each of these |
| This is because most HELOCs have floating interest | | | | scenarios separately, let's go over some mortgage |
| rates. | | | | basics. A 2nd mortgage loan generally comes in one |
| 2) You need cash--for any number of reasons--and | | | | of two flavors. 2nd Mortgage Term Loans and Home |
| you've maxed out your existing Home Equity loan. As | | | | Equity Lines of Credit. |
| long as you still have additional equity in your home, | | | | |